Posted on January 4, 2010 01:15 by
Sam LiAcceleration Clause – included to protect the lender, an acceleration clause is a common provision within a mortgage loan contract. The clause grants the lender the right to demand full and immediate payment of the remaining balance of the loan in the event the borrower violates any of the conditions of the mortgage agreement. Such violations can include the sale or destruction of the property, refinancing of the mortgage loan, or failure to make a payment or payments, in timely manner.
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