The Acceleration Clause Says Notice of All, but Which of the Following

question 25

Multiple Choice

The Acceleration Clause says notice of all, but which of the following must be given to the mortgager?

• A) Acceleration of debt secured by the mortgage has taken place because of default
• B) Action required to cure default
• C) Time by which default must be cured
• D) Default

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Definitions:

Contractual Obligation

A legally binding agreement between parties that specifies actions or non-actions that are required to be completed.

Pay Cash

The act of making a payment for goods or services with physical currency or through a cash equivalent transaction.

Harmonized Sales Tax

A combined tax that merges a country's federal tax system with that of its states or provinces, used in some countries including Canada.

HST

Harmonized Sales Tax, a combined tax that includes both federal and provincial sales taxes in some Canadian provinces.