Concepts Definitions
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- Acceleration Clause: A contractual provision in a loan agreement giving the lender the right to declare the entire unpaid balance of the loan immediately due and payable if the borrower defaults on specific terms, such as missing payments. nnnn
- Exculpatory Clause: A clause that relieves one party from liability for certain actions or events, typically absolving them from responsibility for damages or losses. nnnn
- Escalator Clause (Escalation Clause): A provision, often in a lease or loan, that allows for an increase in payments or interest rates based on predetermined factors or an index. nnnn
- Release Clause: A provision in a blanket mortgage that allows for the partial release of specific collateral (e.g., individual parcels of land) from the mortgage lien as portions of the loan are repaid. n