In today's seller/buyer term definition, "addendum" to a sales contract is explained.
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Also known as an "acceleration covenant," an acceleration clause is a contract provision that requires a borrower to repay all of an outstanding loan if specific requirements (outlined by the lender) are not met, such as not maintaining a certain credit score. They help to mitigate the risk of default for the lender.
Real Estate Term: Addendum
Jun 24, 2021
Real Estate