Mortgage Clause - Law Dictionary Search Results
Home Dictionary Name: mortgage clausemortgage clause
mortgage clause : a clause in an insurance contract (as for fire insurance) that entitles a named mortgagee to be paid for damage or loss to the property see also open mortgage clause, standard mortgage clause ...
open mortgage clause
open mortgage clause : a mortgage clause which provides that payments go first to the mortgagee to the extent of its interest and which makes the mortgagee's right to receive payment dependent on the mortgagor's right to recover under the policy called also simple mortgage clause ...
standard mortgage clause
standard mortgage clause : a mortgage clause that is usually considered to form a separate contract between the insurer and mortgagee under which the mortgagee can collect payment even if the policy is void or voidable with regard to the insured (as because of fraud or nonpayment) called also union mortgage clause ...
simple mortgage clause
simple mortgage clause : open mortgage clause ...
union mortgage clause
union mortgage clause : standard mortgage clause ...
mortgage acceleration clause
mortgage acceleration clause a clause allowing a lender, under certain circumstances, demand the entire balance of a loan is repaid in a lump sum. The acceleration clause is usually triggered if the home is sold, title to the property is changed, the loan is refinanced or the borrower defaults on a scheduled payment. Source: U.S. Department of Housing and Urban Development ...
assumable mortgage
assumable mortgage when a home is sold, the seller may be able to transfer the mortgage to the new buyer. This means the mortgage is assumable. Lenders generally require a credit review of the new borrower and may charge a fee for the assumption. Some mortgages contain a due-on-sale clause, which means that the mortgage may not be transferable to a new buyer. Instead, the lender may make you pay the entire balance that is due when you sell the home. An assumable mortgage can help you attract buyers if you sell your home. Source: U.S. Department of Housing and Urban Development ...
Attornment
Attornment [fr. tourner, Fr., to turn], the acknowledgement of a new lord on the alienation of land, and the assent or agreement of the tenant to attorn, as 'I become tenant to the purchaser.'-Co. Litt. 309. By s. 151 of the (English) Law of Property Act, 1925, replacing 4 Anne, c. 16, ss. 9, 10, all grants and conveyances of lands, rents, reversions, etc., are good without the attornment of the tenants, but notice of the grants must be given to the tenants, before which they are not prejudiced by the payment of any rent to the grantor, or breach of the condition for non-payment, and by the same section of the (English) Act of 1925, replacing the (English) Distress for Rent Act, 1737 (11 Geo. 2, c. 19), s. 11, attornments made by tenants to strangers claiming title to the estate of their landlord are null and void, and their landlord's possession is not affected thereby, except as provided by s. 151, ibid.The 'Attornment Clause' in a deed of mortgage is a clause whereby, for better sec...
Assumption clause
Assumption clause, means a mortgage provision that prohibits another from assuming the mortgage without the permission of the mortgagee. A provision by which the transferee of an instrument agrees to assume an obligation of the transferor, Black Law Dictionary 7th Edn., p. 121....
Debenture
Debenture [fr. debeo, Lat., to owe] may be defined generally as a charge in writing [not necessarily sealed, see British India, etc., Co. v. Commissioners of Inland Revenue, (1881) 7 QBD 165] of certain pro-perty with the repayment at a time fixed of money lent by person therein named at a given interest, but the term is a very elastic one. The word 'debenture' is of ancient origin and appears to have been in use five centuries ago (Palmer's Company Precedents, Pt. III., p. 1); and a document which, though it mentions to security and is only a promise to pay, is properly described as a debentures, and as a marketable security will require to be stamped as such, Spenyer v. Inland Revenue Commissioners, (1907)1 KB 246. By the (English) Companies Act, 1929, s. 380, a debenture is defined as including debenture stock, bonds or other securities of a company whether constituting a charge on the assets of the company or not. The charge created by debentures as a rule is fixed on the company's...
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