Answer and Explanation:
A due on sale clause is simply a stipulation in the mortagage agreement that the
"borrower if he wants to sell the property to some other person, first of all he (borrower) shall repay the entire outstanding mortagage amount and then only it is possible to sell the property which is secured under Mortagage agreement.
Hence in essence, the borrower must repay before selling it to some other person which will result in paying the sale proceeds of house to the lender first and the Borrower again has to take loan sometimes from the same lender.
Hence it is imperative that the mortagage obligation cannot be transferred to any other person. That is any subsequent buyer cannot ASSUME the mortagage. Therefore due on sale
Clause prevents assuming of mortagages.
Answer
The answer and procedures of the exercise are attached in the following archives.
Explanation
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
Answer:
$10,000
Explanation:
The National Flood Insurance Program (NFIP) allows property owners to buy insurance that protects them from damage caused by floods. But the NFIP is available only in participating communities.
In this case, the owner will receive up to $10,000 because it is covered under the Emergency Plan.
Answer:
Gross pay= $20,000
Explanation:
She takes $ 13,400.
the company deducted $200 as voluntary deductions.
She had $13600 after paying tax 32%which is equivalent to 68%
$ %
13600 68
x 100
x= 13600*100/68= 1360000/100= $20,000
Her gross pay is $ 20,000
