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A loss payee clause (or loss payable clause) is a clause in a contract of insurance that provides, in the event of payment being made under the policy in relation to the insured risk, that payment will be made to a third party rather than to the insured beneficiary of the policy. Such clauses are common where the insured property is subject to ...
The mortgagor is the person or entity who borrows and pays back a mortgage loan. If you're getting a mortgage to buy a home, you're the mortgagor. The mortgagee is the lender, such as a bank ...
Many mortgage lenders require borrowers to have a homeowners insurance policy with a mortgagee clause. The mortgagee clause is a provision that protects the lender from financial loss if the ...
An acceleration clause is a section of a mortgage contract that can have big consequences: Namely, it can require you to pay off your entire mortgage at once. Even if you miss only one payment.
In a ship mortgage (common law) or ship hypothec (civil law term, covering also a maritime lien), a shipowner gives a lender (or mortgagee) a security interest in a ship as collateral for a mortgage loan. [1] Similar to other types of mortgages, a ship mortgage legally consists of three parts: the mortgage loan, the mortgage document (deed) and ...
Loan agreements are documented via their commitment letters, agreements that reflect the understandings reached between the involved parties, a promissory note, and a collateral agreement (such as a mortgage or a personal guarantee). Loan agreements offered by regulated banks are different from those that are offered by finance companies in ...
Due-on-sale clause. A due-on-sale clause is a clause in a loan or promissory note that stipulates that the full balance of the loan may be called due (repaid in full) upon sale or transfer of ownership of the property used to secure the note. The lender has the right, but not the obligation, to call the note due in such a circumstance.
The mortgagor can be a single person or a group of people, depending on who is applying for the loan. Whereas the mortgagee is the institution lending the funds to the mortgagor to finance the ...