Due-on-sale clause definition

Due-on-sale clause means a contract provision which authorizes the lender, at its option, to declare due and payable sums secured by the lender's security instrument if all or any part of the property, or an interest in the property, securing the real property loan is sold or transferred without the lender's prior written consent.

Due-on-sale clause. The clause in a Security Instrument requiring the payment of the Unpaid Principal Balance of the related Mortgage Loan upon the sale of, or the transfer of an interest in, the related Mortgaged Property.

Due-on-sale clause means any clause that gives the lender or any as- signee or transferee of the lender the power to declare the entire debt pay- able if all or part of the legal or equi- table title or an equivalent contractual interest in the property securing the loan is transferred to another person, whether by deed, contract, or other- wise.

More Definitions of Due-on-sale clause

Due-on-sale clause means a con- tract provision which authorizes the lender, at its option, to declare imme- diately due and payable sums secured by the lender’s security instrument upon a sale of transfer of all or any part of the real property securing the loan without the lender’s prior written consent. For purposes of this defini- tion, a sale or transfer means the con- veyance of real property of any right, title or interest therein, whether legal or equitable, whether voluntary or in- voluntary, by outright sale, deed, in- stallment sale contract, land contract, contract for deed, leasehold interest with a term greater than three years, lease-option contract or any other method of conveyance of real property interests.

Due-on-sale clause. As more fully set forth in SECTION 6.4 of the Loan Agreement, the transfer or encumbrance of the Property, or any interest therein, or the transfer of an interest in Mortgagor, except for the permitted transfers set forth in SECTION 6.5 of the Loan Agreement, without prior written consent of Mortgagee, shall constitute an Event of Default.

Due-on-sale clause means any clause that gives the lender or anyassignee or transferee of the lender the power to declare the entire debt payableif all or part of the legal or equitable title or an equivalent contractual interest inthe property securing the loan istransferred to another person, whether by deed, contract, or otherwise.

Due-on-sale clause means a contractual provision granting to you the right to accelerate the maturity of the Loan upon a transfer of title to, or an interest in, the Property.

Due-on-sale clause. The Co-Manager agrees no commission is earned if the Owner sales the property. Any such agreements must be in a separate written agreement. The Co-Manager acknowledges and agrees this agreement does not guarantee or require the Owner to hire the Co-Manager for any service to sell the Property. Federal, State and Local Laws: The Owner and Co-Manager recognizes and agrees both Owner and Co-Manager must comply with all Federal, State and Local laws.

Due-on-sale clause. The Deed of Trust shall provide that prior to September 1, 2000, the property may be conveyed to any other party, provided the three promissory notes are current and the principal balances are reduced to $500,000.00 collectively at time of transfer of the Property.

Due-on-sale clause means and include (1) the spouse or a descendant of the transferor, (2) the guardian of the transferor, the spouse or a descendant of the transferor, (3) any trust the beneficiary of which is the transferor, the spouse or a descendant of the transferor, and/or (4) any Person who is an executive or director of POC. The term "descendant" or "descendants" for purposes of this definition of "Due on Sale Clause" shall mean lawful lineal blood descendants of the first, second or any other degree of the ancestor designated; provided, however, that an adopted child and such adopted child's lawful lineal descendants by blood or adoption shall be considered under this Agreement as lawful lineal blood descendants of the adopted parent or parents and of anyone who is by blood or adoption a lineal ancestor of the adopting parent or of either of the adopting parents as of the Closing Date of the Agreement. Notwithstanding anything herein to the contrary, "Permitted Transferee" shall not include a non-U.S. Person or an entity that is controlled or owned by a non-U.S. Person.