Acceleration Clause In Promissory Note
Description
How to fill out Installment Promissory Note With Acceleration Clause And Collection Fees?
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FAQ
An accelerated clause is a term in a loan agreement that requires the borrower to pay off the loan immediately under certain conditions.
For example, assume a borrower with a five year mortgage loan fails to make a payment in the third year. The terms of the loan include an acceleration clause which states the borrower must repay the remaining balance if one payment is missed.
In the event of default in the payment of any of the said installments or said interest, when due as herein provided, time being of the essence hereof, the holder of this note may, without notice or demand, declare the entire principal sum then unpaid immediately due and payable.
An acceleration clause (also called an acceleration covenant) is a provision, often written into loan agreements and promissory notes, that gives the lender, under certain circumstances, the right to require the borrower to pay off the entire loan amount immediately.
In a mortgage contract, an "acceleration clause" is a provision that permits the lender to demand that the borrower repay the entire loan after a default. An "acceleration clause" in a mortgage or deed of trust allows the lender, or current loan holder, to demand repayment in full if the borrower defaults on the loan.
