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8 Cards in this Set
- Front
- Back
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Acceleration Clause |
The clause in a mortgage or deed of trust that can be enforced to make the entire debt due immediately if the borrower defaults on an installment payment or another covenant. |
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Alienation Clause |
The clause prevents cthr borrower from letting someone else assume the debt without lenders approval. |
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Coinsurance Clause |
A clause in insurance policies covering real property that requires that the policyholder maintain fire insurance coverage generally equal to at least 80% of the property's actual replacement cost. |
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Defeasance Clause |
A clause used in leases and mortgages that cancels a specified right upon the occurrence of a certain conditon, such as cancellation of a mortgage upon repayment of the mortgage loan. |
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Due-on-Sale Clause |
A provision in a mortgage that states that the entire balance of the note is immediately due and payable if the mortgage transfers (sells) the property, |
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Extender Clause |
A carry-on er or protection vise in a listing contract that says the listing broker is entitles to commission for a time period after the expiration of the listing term if the property is transferred to a prospect that the broker introduced to the property during the listing term; override clause. This clause is void if the property is listed with another broker. |
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Granting Clause |
Words in a deed of conveyance that state the grantors intentions to convey the property at the present time. This clause is generally worded as convey and warrant, grant, bargain and sell, or the like. |
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Subrogation Clause |
Any rights the insured had to sue the person who caused the damage are assigned to the insurance company that has already paid the insured for damages. |
