Nonassumption Clause
Barron's Banking Dictionary:
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Nonassumption Clause
Clause in a mortgage contract prohibiting Assumption of the mortgage by a third party, at the same rate and payment terms, without the prior approval of the lender. Also known as a Due on Sale Clause.
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Barron's Banking Dictionary
Dictionary of Banking Terms. Copyright © 2006 by Barron's Educational Series, Inc. All rights reserved.
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