Alienation Clause: A provision sometimes found in a promissory note or mortgage that provides that the balance of the secured debt becomes immediately due and payable at the option of the mortgagee upon the alienation of the property by the mortgagor. Alienation is usually broadly defined to include any transfer of ownership, title, interest, or estate in real property, including a sale by way of a contract for deed. Also called a due-on-sale clause.

 

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Alienation Clause: A provision sometimes found in a promissory note or mortgage that provides that the balance of the secured debt becomes immediately due and payable at the option of the mortgagee upon the al . . . View Full Definition

Market Out Clause: A clause that may appear in an underwriting firm commitment that releases it from its purchase requirement if there are negative securities market developments.

Multicurrency Clause: An agreement in the case of a Euro loan that permits the borrower to switch from one currency to another currency on a rollover date.

Multiple-Listing Clause: A provision in an exclusive listing for the authority and obligation on the part of the listing broker to distribute the listing to other brokers in the multiple-listing organization.