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Difference between revisions of "Acceleration Clause"

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''The provision in a credit agreement, such as a [[Mortgage|mortgage]], [[Note|note]], [[Bond|bond]], or [[Deed of Trust|deed of trust]], that allows the lender to require immediate payment of all'' ''money due if certain conditions occur before the time that payment would otherwise be due.''  
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''The provision in a credit agreement, such as a [[Mortgage|mortgage]], [[Note|note]], bond, or [[Deed of Trust|deed of trust]], that allows the lender to require immediate payment of all'' ''money due if certain conditions occur before the time that payment would otherwise be due.''  
  
 
The agreement may call for acceleration whenever there is a default of any important obligation, such as nonpayment of principal or interest, or the failure to pay insurance premiums.  
 
The agreement may call for acceleration whenever there is a default of any important obligation, such as nonpayment of principal or interest, or the failure to pay insurance premiums.  

Latest revision as of 15:50, 29 April 2010

The provision in a credit agreement, such as a mortgage, note, bond, or deed of trust, that allows the lender to require immediate payment of all money due if certain conditions occur before the time that payment would otherwise be due.

The agreement may call for acceleration whenever there is a default of any important obligation, such as nonpayment of principal or interest, or the failure to pay insurance premiums.


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