A clause in a mortgage which gives the lender the right to require immediate repayment of a mortgage balance if the property changes hands. E Earnest Money The deposit money given to seller or his agent by the potential buyer at the time of the purchase offer. If the offer is accepted, ...
For example, while a mortgage (or deed of trust) is valid between the lender and the borrower, whether or not it is recorded, the mortgagee might lose out against another creditor (for example, a good-faith purchaser for value with no knowledge of the mortgage/deed of trust), unless the...
operating agreement. As for selling the aircraft, the UCC allows the mortgagee to sell the aircraft following a default subject to satisfying certain requirements under the UCC (in addition to any requirements under the mortgage).First, the mortgagee must provide at least 10 days’ notice to the...