Recognition Clause

Business / Real Estate / Recognition Clause: A clause found in some blanket mortgages used to purchase a tract of land for subdivision development providing for protection of the rights of the ultimate buyers of individual lots in case of default by the developer.

Other Words for Recognition

Recognition Verb Synonyms: identification, detection
Recognition Noun Synonyms: acknowledgement, notice, attention, cognizance, acceptance, awareness, perception, admission, honor, appreciation
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Negative Pledge Clause

Business / Finance / Negative Pledge Clause: A bond covenant that requires the borrower to grant lenders a lien equivalent to any liens that may be granted in the future to any other currently unsecured lenders. MORE

Multiple-Listing Clause

Business / Real Estate / 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. MORE

Nondisturbance Clause

Business / Real Estate / Nondisturbance Clause: An agreement where the mortgagee agrees to honor a tenants lease in the event that the mortgage is foreclosed. MORE

Nonforfeiture Clause

Business / Taxes / Nonforfeiture Clause: If there is a nonforfeiture clause in your insurance policy contract, and you have let the policy lapse because you haven’t paid a premium that’s due, you may qualify for the benefit named in the MORE

Partial Release Clause

Business / Real Estate / Partial Release Clause: A mortgage provision under which the mortgagee agrees to release certain parcels from the lien of the blanket mortgage upon payment of a certain sum of money by the mortgagor. The clause is frequently MORE

Multicurrency Clause

Business / Finance / 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. MORE

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