What is an additional clause in a sales contract where the seller warrants that there are no undisclosed building codes or zonin

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timurjin [86]

2 years ago

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What is an additional clause in a sales contract where the seller warrants that there are no undisclosed building codes or zonin

g violations

Business

1 answer:

lbvjy [14] · Answer 1 · 2023-10-28T18:46:01+03:00

Due on sale provision. Loans that remain outstanding after the Closing may be declared due at any time by the Lender, as acknowledged by the Parties. There will be no liability for any adverse effects of acceleration on any party. This is further explained below.

<h3>What is a clause in a sales?</h3>

Generally, A clause defines the scope of the contract and the circumstances under which it may be enforced.

In conclusion, It's a "due on sale" clause. The parties acknowledge that any debts that remain outstanding after the closing date may be declared due by the lender at any time. Acceleration will not be held against either party, and both parties promise to protect the other from any damage that may result.