Notary Public Blog of Sonita M. Leak, CNSA | What Does the Weekend Really Mean to You?

notary-weekend

If I spent every waking hour of the day working and not getting my much needed rest, I would be a ball of nerves, tired all the time and just plain unhealthy. There’s just no way I could let that happen dealing with multiple children and multiple responsibilities. My advice for the day? Continue reading

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

Notary Public Definition of the Day –  123notary.com Glossary – Acceleration Clause CLICK HERE for definition and information.

Happy Labor Day, Folks! Take a Seat, Barbecue and Get Married with Us…

LaborDayWeekendWere you planning on getting married in September?  Well, you picked NO BETTER DAY in the month than today.  Getting married on Labor Day is a HUGE event all across the country for many…  When you’re ready, have license? We travel! 864.214.6447

Need some barbecuing tips?  Head on over to YardDay.com and pick up some JUST AWESOME Labor Day grilled chicken recipes. You can check it out here: http://yardday.com/grills/best-grilled-chicken-recipes.  You can also enjoy the Yard Day Twitter feed by clicking HERE. Enjoy.

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.