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Simple English definitions for legal terms

future-advance clause

Read a random definition: vetus jus

A quick definition of future-advance clause:

A future-advance clause is a part of a contract that allows for additional loans to be made in the future, even if the lender is not obligated to do so. This clause is often found in agreements that involve collateral, such as a mortgage or deed of trust. It means that the borrower can borrow more money in the future without needing to create a new agreement or provide additional collateral.

A more thorough explanation:

A future-advance clause is a term in a security agreement that covers additional loaned amounts on present collateral or collateral to be acquired in the future. This clause is included in the agreement regardless of whether the secured party is obliged to make the advances. It is commonly found in an open-end mortgage or deed of trust, which allows the borrower to borrow additional sums in the future, secured under the same instrument and by the same security.

For example, let's say John takes out a mortgage on his house. The mortgage includes a future-advance clause, which allows him to borrow additional sums in the future, secured under the same mortgage. Later on, John decides to take out a home equity loan to pay for some renovations. Because of the future-advance clause, John doesn't need to sign a new security agreement for the home equity loan. The home equity loan is secured under the same mortgage as the original loan.

Another example is a business taking out a line of credit with a bank. The line of credit includes a future-advance clause, which allows the business to borrow additional sums in the future, secured under the same line of credit. This can be useful for businesses that need to borrow money periodically to cover expenses or invest in growth.

These examples illustrate how a future-advance clause can simplify the borrowing process and make it easier for borrowers to access additional funds without having to sign a new security agreement.

futhwite | future-advances mortgage

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im distracting myself by schizo-scrolling r/lawschoolamissions and every conceivable data point on this godforsaken website
it is not working
Haaa I naturally want to do that too. I’m trying to stop. They need a surgeon general’s warning on this site for perspective law students
i spend more time on here then anything else trying to rationalize that the waves from last year will match waves for this year (they won't) and that the stats of people with the same stats are indicative of my own (they aren't)
There aren't many people in my stat range so I pretty much know every result in my range after being on here for a few years
9:28
congrats on the 172 bruce
go dawgs fr
9:29
roll tide
do we foresee a fordham election day wave today (i'm delusional)
WorthlessAttractiveZombie
9:31
I think so, Jack
9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
WorthlessAttractiveZombie
9:34
I mean if Fordham doesn't release today I will purposefully get on a train, go to new york, and then take the stinkiest shit inside the admission office's toilet (potentially clogging it and forcing them to get a plumber)
IS IT ONLY ON MY END WHY DID THAT SEND TEN MILLION TIMES
HELLO
WorthlessAttractiveZombie
9:35
it sent a million times lol
WHAT HAPPENED
yeah i thought you were tweaking for a second
i'm so sorry everyone what the actual fuck this website hates me
WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
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