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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.
An acceleration clause, also known as an acceleration covenant, may be included within a contract, so as to fully mature the performance due from a party upon a breach of the contract, such as by requiring payment in full upon the contract if a borrower materially breaches a loan agreement. [1] [2] Acceleration clauses are most prevalent in ...
An automatic renewal clause is used in the insurance and healthcare industries . An automatic renewal clause (also referred to as an evergreen clause), is activated towards the end of the contractual period whereby it automatically renews the terms of an agreement except when the contract is terminated (through mutual agreement or contract breach), or one of the contracting parties has sent a ...
In insurance, an adjustment clause in a contract specifies how the amount of a claim (particularly a claim against an insurance company) will be determined for the purposes of a settlement, giving consideration to objections made by the debtor or insurance company, as well as the allegations of the claimant in support of his claim. For example:
Ask about a grace period: Some insurance providers offer grace periods after the payment due date that allow you to make your payment several days later without losing coverage. Contact your ...
Dieudonne', the Appellate Division, Second Department determined that a mortgage is accelerated by the filing of a complaint to foreclose the mortgage with an election to accelerate.
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
A goodwill letter is a formal letter sent to a creditor, lender or collection agency to request forgiveness for a late payment or other negative item on your credit report. In the letter, you ...