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Due on Sale Clause |
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Due on sale clauseA mortgage contract clause stipulating that the borrower to pay off the full remaining principal on a mortgage if the mortgaged property is sold before the mortgage is paid off.Due on sale clauseStandard language in a mortgage which states that the loan must be paid when a house is sold.Due on Sale ClauseA clause in a mortgage loan which gives the lender the right to demand payment in full when the property changes ownership. Not applicable to FHA or VA loans.Due on Sale Clause Similar MatchesS Safety ClauseS Safety ClauseA clause in a listing protecting the broker from having buyer and seller wait until the listing expires to make a deal, thereby avoiding the payment of commission. The clause states that if the property is sold during a specified period after the expiration of the listing (or any extension thereof) to a buyer provided during the listing period by the broker, the commission shall be paid. Cancellation ClauseCancellation ClauseA clause in a lease or other contract, setting forth the conditions under which each party may cancel or terminate the agreement. The conditions may be as simple as giving notice or complex and require payment by the party desiring to cancel. Claused Bill of LadingClaused Bill of LadingA bill of lading whit a notation that indicates damage or shortage. Also called foul bill of lading and are the opposite of clean bills of lading. Incontestability clauseIncontestability clauseClause in a life insurance contract preventing the insurer from revoking the policy after it has been in force for a year or two if the life insurance company discovers any important facts that the policyholder may have concealed, such as experiencing a stroke. Non forfeiture clauseNon forfeiture clauseA clause in a life insurance policy which lays out the conditions under which the policy may remain in force for a limited period if the premium remains unpaid after the expiry of the days of grace. Further SuggestionsEnabling ClauseAcceleration clause Negative pledge clause Valuation Clause Penalty clause Multicurrency clause Alienation clause No Bonus Clause After acquired clause "Subject To" Clause Grandfather clause Hedge clause Grandfather clause Release clause Escape clause Acceleration clause Acceleration Clause Assumption clause Market out clause Escalation Clause Inflation escalator clause Safeguards Clause Sunset clause Escalator clause |
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