In general, an exculpatory clause is a clause that eliminates a partys liability for damages caused by a breach of contract. A common type of exculpatory clause involves limiting liability on a loan to the collateral. In other words, if there is a default, the contract says that the damages will be limited to execution on the collateral (i.e., foreclosure on the property covered by the mortgage or deed of trust).
Exculpatory
State:
Multi-State
Control #:
US-02763BG
Format:
Word;
Rich Text
Instant download
Description Exculpatory Clause Real Estate
How to fill out What Does A Mortgage Clause Look Like?
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