Long Beach California Exculpatory Clause or Nonrecourse Provision in Mortgage regarding Deficiency Judgment

State:
Multi-State
City:
Long Beach
Control #:
US-02763BG
Format:
Word; 
Rich Text
Instant download

Description

In general, an exculpatory clause is a clause that eliminates a partys liability for damages caused by a breach of contract. A common type of exculpatory clause involves limiting liability on a loan to the collateral. In other words, if there is a default, the contract says that the damages will be limited to execution on the collateral (i.e., foreclosure on the property covered by the mortgage or deed of trust).

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Long Beach California Exculpatory Clause or Nonrecourse Provision in Mortgage regarding Deficiency Judgment