Contracts
A release clause in an Oklahoma blanket mortgage allows the borrower to:
ARelease the lender from its obligations
BObtain the release of individual parcels from the blanket mortgage upon payment of a specified amount✓ Correct
CTerminate the entire mortgage early without penalty
DRelease co-borrowers from personal liability
Explanation
A release clause in a blanket mortgage allows the borrower (typically a developer) to have individual lots released from the mortgage lien upon payment of a specific release price, enabling the sale of individual lots while the overall project is still being financed.
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