Examlex
The LARGEST of the terrestrial planets is:
Prepayment Penalty Clause
A provision in a contract that imposes a penalty on a borrower for paying off a loan before its maturity date.
Mortgage Loan
A mortgage is a loan that is secured by tangible real estate property, evidenced through a mortgage note that demonstrates both the loan's existence and the property's lien.
Penalty
A sum inserted into a contract not as a measure of compensation for its breach but rather as punishment for a default. The agreement as to the amount will not be enforced, and recovery will be limited to actual damages.
Lien
A legal right or claim against a property by a creditor to secure the payment of a debt or obligation.
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