This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Acceleration Clause In Loan Agreement
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Multi-State
Control #:
US-01392BG
Format:
Word;
Rich Text
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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.
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.
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.