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Acceleration
Clause.
A
provision in a loan, giving the lender the right to declare
the balance of the loan due immediately upon the violation of
a specific loan provision, as would be the case when there is
failure to make payment.
For
instance, John sells a property to Alice, who assumes the
current loan at the existing interest rate. The lender
is inadvertently not notified of the sale. Twelve months
after the purchase, Alice stops making payments. The
original loan documents state that unless the sale is approved
by the lender, the full principal accelerates. Thus,
upon non-payment by Alice, the lender can hold John
responsible for the balance of the principal.
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