Future Advance Clause


Definition of "Future advance clause"

Shon McGuire real estate agent
Shon McGuire, Real Estate Agent Adams Cameron & Co. Realtors

Clause in an open-ended mortgage permitting the mortgagor to borrow additional sums of money in the future pledging than same real property collateral. A construction loan has a future advance clause providing additional loan guarantees as the building project progresses.

 

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