Default Conditions

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January 1, 1 6 min read Definitions

Loan Contract Debt Repayment Terms Default Conditions Mortgage Collateral Borrower Lender

A loan contract is a document that acknowledges the debt of the borrower and establishes the terms by which that debt is to be discharged. It outlines the payment schedule, prepayment conditions, and what constitutes a default. In cases of mortgage loans, it also includes pledges of real property as collateral.