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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.
For lease contracts, without the inclusion of an acceleration clause in a lease, a landlord's right to sue for damages for breach of a lease may accrue on the date the termination date of the lease. With an acceleration clause a landlord may be able to sue for damages when a breach of the lease agreement occurs. [5]
In 'Bank of New York Mellon v. Dieudonne', the Appellate Division, Second Department determined that a mortgage is accelerated by the filing of a complaint to foreclose the mortgage with an ...
This article argues that because the acceleration provision of the Fannie Mae Form mortgage note does not conform with NY-UCC §1-309 (formerly NY-UCC §1-208), said mortgage note is not a time ...
A demand letter, letter of demand, [1] (of payment), or letter before claim, [2] is a letter stating a legal claim (usually drafted by a lawyer) which makes a demand for restitution or performance of some obligation, owing to the recipients' alleged breach of contract, or for a legal wrong.
Modern implementation of the paperless office concept has two main focuses: creating documents and managing documents. Since major systems have already displaced paper altogether (e.g., enterprise resource planning, customer relationship management, accounting software, etc.), paper that remains in use is largely generated by processes that capture data, generate reports, and distribute ...
A form letter is a letter written from a template, rather than being specially composed for a specific recipient.The most general kind of form letter consists of one or more regions of boilerplate text interspersed with one or more substitution placeholders.
The letters sought to create a false sense of urgency, with phrases like 'final notice,' and 'immediate response requested.'" These types of phrases could cause any consumer to stop in their tracks.
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