Finance
In South Carolina, the 'acceleration clause' in a mortgage allows the lender to:
AIncrease the interest rate if the borrower pays late
BDemand the entire loan balance immediately upon borrower default✓ Correct
CSpeed up the amortization schedule
DAccelerate the closing date
Explanation
An acceleration clause gives the lender the right to declare the entire outstanding loan balance immediately due and payable if the borrower defaults. This is typically a precursor to foreclosure proceedings.
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