Contracts
In Montana, an 'acceleration clause' in a deed of trust allows the lender to:
AIncrease the interest rate during the loan term
BDemand the entire loan balance be paid immediately upon default or other triggering events✓ Correct
CAccelerate the amortization schedule
DSpeed up the foreclosure timeline by 30 days
Explanation
An acceleration clause allows the lender to declare the entire remaining loan balance immediately due and payable upon default or other specified triggering events, such as failing to maintain insurance or pay property taxes.
Related Montana Contracts Questions
- In Montana, a 'purchase agreement' and a 'sales contract' for real estate are:
- In Montana, a buyer who wishes to withdraw an offer before the seller accepts it may:
- In Montana, which of the following would make a real estate contract voidable rather than void?
- In Montana, an addendum to a purchase contract must:
- In Montana, a purchase agreement may be voided by mutual consent of both parties through a:
- In Montana, a purchase contract provision stating that the offer expires at 5:00 PM on a specific date means:
- In Montana, 'earnest money' in a real estate transaction serves primarily as:
- A real estate purchase contract typically specifies which party pays transfer taxes and recording fees. In the absence of a specific agreement in Montana:
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