The clause in a mortgage instrument that would prevent the assumption of the mortgage by a new purchaser is a
A) due-on-sale clause.
B) power of sale clause.
C) defeasance clause.
D) certificate of sale clause.
Answer: A) due-on-sale clause.
Business
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Notes to financial statements may be used to
a. Describe the nature and type of auditing procedures applied to the financial statements b. Make an unsubstantiated claim that related party transactions were consummated on terms equivalent to those that prevail in arm's length transactions c. Correct an improper financial statement presentation d. Indicate bases for valuing assets
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An entity type on which a strong entity is dependent is called a covariant entity
Indicate whether the statement is true or false
Business