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| ACCELERATION CLAUSE |
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Related Terminology: PREPAYMENT CLAUSE
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| a loan provision giving the lender the right to declare the entire amount immediately due and payable upon the violation of a specific loan provision, such as failure to make payments on time. |
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| Example Collins sells her house to Baker, who assumes the existing 8% interest rate mortgage. They do not notify the lender of the sale. Clause 17 in the mortgage states that the full principal accelerates unless the lender approves of the sale. Collins must now pay the balance of the principal. |
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