Due-on-sale clause. The clause in a Security Instrument requiring the payment of the Unpaid Principal Balance of the related Mortgage Loan upon the sale of, or the transfer of an interest in, the related Mortgaged Property.
Due-on-sale clause means a contract provision which authorizes the lender, at its option, to declare due and payable sums secured by the lender's security instrument if all or any part of the property, or an interest in the property, securing the real property loan is sold or transferred without the lender's prior written consent.
Due-on-sale clause means any clause that gives the lender or any as- signee or transferee of the lender the power to declare the entire debt pay- able if all or part of the legal or equi- table title or an equivalent contractual interest in the property securing the loan is transferred to another person, whether by deed, contract, or other- wise.
Examples of Due-on-sale clause in a sentence
The parties agree and understand that if said Due on Sale Clause is enforced by the Holder(s) of said Mortgage(s)/Deed(s) of Trust, the entire balance then due under said Mortgage(s) must be paid in full.
More Definitions of Due-on-sale clause
Due-on-sale clause means a con- tract provision which authorizes the lender, at its option, to declare imme- diately due and payable sums secured by the lender’s security instrument upon a sale of transfer of all or any part of the real property securing the loan without the lender’s prior written consent. For purposes of this defini- tion, a sale or transfer means the con- veyance of real property of any right, title or interest therein, whether legal or equitable, whether voluntary or in- voluntary, by outright sale, deed, in- stallment sale contract, land contract, contract for deed, leasehold interest with a term greater than three years, lease-option contract or any other method of conveyance of real property interests.
Due-on-sale clause. As more fully set forth in SECTION 6.4 of the Loan Agreement, the transfer or encumbrance of the Property, or any interest therein, or the transfer of an interest in Mortgagor, except for the permitted transfers set forth in SECTION 6.5 of the Loan Agreement, without prior written consent of Mortgagee, shall constitute an Event of Default.
Due-on-sale clause means any clause that gives the lender or anyassignee or transferee of the lender the power to declare the entire debt payableif all or part of the legal or equitable title or an equivalent contractual interest inthe property securing the loan istransferred to another person, whether by deed, contract, or otherwise.
Due-on-sale clause means a contractual provision granting to you the right to accelerate the maturity of the Loan upon a transfer of title to, or an interest in, the Property.
Due-on-sale clause. The Co-Manager agrees no commission is earned if the Owner sales the property. Any such agreements must be in a separate written agreement. The Co-Manager acknowledges and agrees this agreement does not guarantee or require the Owner to hire the Co-Manager for any service to sell the Property. OWNER AND CO-MANAGER LIMIATIONS Federal, State and Local Laws: The Owner and Co-Manager recognizes and agrees both Owner and Co-Manager must comply with all Federal, State and Local laws.
Due-on-sale clause. The Deed of Trust shall provide that prior to September 1, 2000, the property may be conveyed to any other party, provided the three promissory notes are current and the principal balances are reduced to $500,000.00 collectively at time of transfer of the Property.
Due-on-sale clause means a provision in the Debtor Note ------------------ and the Tanner Note where the entire dxxx xxcomes immediately due and payable without demand or notice in the event that either (a) fifty-one percent (51%) or more of the Common Stock of POC is transferred by Persons who, as of the date hereof, own issued and outstanding Common Stock of POC to any Person who is not a Permitted Transferee or (b) fifty-one percent (51%) or more of the Acquired Assets are transferred to any Person, excepting (i) sales or transfers of items of the Acquired Assets which have become obsolete or have been replaced by adequate substitutes having a suitability, function or value equal to or greater than the replaced items and (ii) sales or transfers of items of the Acquired Assets which are made to one or more Affiliates of POC provided that the holder of such note shall have given its prior consent to such sale or transfer, which consent may not be unreasonably withheld or delayed by the holder of such note. Notwithstanding anything herein to the contrary, CPSC's or Tanner's refusal to consent to xxx xuch sale or transfer of the Acquired Assets or any portion thereof on the grounds that the proposed buyer is a non-U.S. Person or controlled or owned by a non-U.S. Person shall be deemed a reasonable