All of the following types of clauses are intended to protect a lender's interests if the borrower defaults on a loan EXCEPT exculpatory clause.
What is a lenders interest?
This is the clause that is done in order to take care of the payment that the borrowers has to make back to the lender based on the loan that they collected.
This clause is done with the interest of the person that gave out the money in mind. This is in order to avoid issues that may arise when payment is due.
<h3>What is the exculpatory clause?</h3>
This is the idea that a person is not going to be responsible for or held for damages if there happens to be issues with the contract, that may appear in the form of damages.
If the other party is inured, the other party would be free totally from all forms of damages.
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