"Construction Loan Agreements and Variations" is a American Lawyer Media form. This form is to be used as a construction loan agreement.
Massachusetts Construction Loan Agreements and Variations
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US-CLA198
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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. An accelerated clause is typically invoked when the borrower materially breaches the loan agreement.
In most cases, if you don't pay the full amount back in 30 days then the lender will begin the foreclosure process.
What is an acceleration clause? An acceleration clause in real estate is a provision in the loan documents that allows the lender to demand full and immediate repayment of the outstanding mortgage balance (in addition to any accrued interest since the most recent payment) when a borrower breaches the loan agreement.
If the default isn't cleared, the lender can invoke accelerated payments by sending an acceleration letter. The borrower is required to pay the entire balance in full, agree to a short sale or home transfer, or enter the foreclosure process. The borrower may also have options to reinstate the loan after acceleration.
An acceleration letter is a document that your lender will send to you if an acceleration clause in your mortgage is triggered. It will outline what triggered the acceleration clause and include details on the amount you must pay and the deadline for making payment.
When the loan will be paid off and a new permanent mortgage initiated, RESPA isn't involved. However, if the loan is a construction-to-permanent loan in one package, it is subject to RESPA.
Also known as seller financing, a purchase-money mortgage is a loan the property seller provides to the home buyer. This type of mortgage is common in situations when the buyer doesn't qualify for standard bank financing, much like other nonconforming loans.