A Due on Sale Clause Which Specifies That the Mortgage

question 30

True/False

A due on sale clause which specifies that the mortgage can accelerate the debt if the property is sold without the mortgagee's permissions is a typical clause in a mortgage document.

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Definitions:

Merchantability

A warranty that a product will meet reasonable expectations of quality and perform as generally expected by consumers.

Basis-of-the-Bargain

A legal concept that refers to the conditions and terms that are regarded as crucial in a contractual agreement between parties.

Tort Cases

Legal disputes where one party alleges harm caused by another's wrongful act, seeking compensation for suffered damages.

Written Warranty

A guarantee, in written form, regarding the condition of a product and the maker's commitment to repair or replace defective parts within a certain period.