Exculpatory Clause

Definition of "Exculpatory clause"

Jill & Herb Levitt real estate agent
Jill & Herb Levitt, Real Estate Agent Lang Realty

Contractual clause freeing a party from personal liability. Foe example, an exculpatory clause in a mortgage agreement provides a mortgagor the ability to surrender a mortgage property in the event of a default without risking personal liability.

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