Notary Public for I-9 Authorization on Behalf of Convergenz, LLC. of McLean VA

An  I-9 Authorization was completed on behalf of a remote Convergenz employee on this 31st day of August, 2015 at approximately 11:45am. Many notaries public in the State of South Carolina either can not, will not or know not how … Continue reading

Notary for I-9 Authorization Form at Panera Bread on Augusta St, Greenville

A newly-hired local resident scheduled to work for a company located in another state (remote work from home or locally) called on GreenvilleNotary.com to assist with an I-9 Authorization.  An I-9 Authorization is an Identity Verification process that many bank … Continue reading

Definition of the Day – Brought to you by 123Notary.com – Acceleration Clause

Acceleration Clause

Phonetics: ac·cel·er·a·tion clause \ik-ˌse-lə-rā-shən \ ‘klȯz\

Function: Noun

Acceleration clauses help to define the terms of the loan. Many terms can be included in an acceleration clause such as the prohibiting of the buyer from reselling the property without the written permission of the lender. Another common term is the prohibiting of the sale of the collateral used to secure the loan. An acceleration clause can penalize a borrower for late payments or failure to pay at all. Most loans with acceleration clauses have very reasonable terms, but there is always the chance that some of the terms may be very unfavorable to the borrower.

Definition 1:

This clause allows the lender to speed up the rate at which your loan comes due or even to demand immediate payment of the entire outstanding balance of the loan should you default on your loan.

Definition 2:

A clause that is a statement or series of statements that describes a number of reasons which would allow the lender to demand the outstanding balance of the loan.

Thesaurus / Related Terms

Testimonium Clause

Convertibility Clause

via 123notary.com Glossary – Acceleration Clause definition and information.