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| what are the important clauses in the promissory note and deed of trust |
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Definition
| prepayment clause, acceleration clause, due-on-sale clause |
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| what does the prepayment clause state |
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| borrower has the right to repay any or all of the principal any time before it is due without penalty |
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| what does the acceleration clause state |
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| clause in a promissory note that permits the lender to demand payment in full of any unpaid principal and any interest due in the event of default |
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| what does the due-on-sale clause state |
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| in the borrower sells or transfers all or any part of the property secured by the mortgage association with this note, the lender may, at its option, require immediate payment of all amounts owed |
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| what is the traditional form of concurrent ownership |
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| cotenants agree how to divide the property |
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| unable to agree; court may order |
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| does joint tenancy or tenancy in common carry the right of survivorship? |
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| quitclaim deed, bargain and sale deed, special warranty deed, warranty deed |
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