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Simple English definitions for legal terms

New York standard clause

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A quick definition of New York standard clause:

New York Standard Clause: This is a term used to refer to a specific type of clause in a mortgage agreement. It is also known as the Mortgage-Loss Clause. This clause outlines the conditions under which the lender can take possession of the property if the borrower defaults on the loan. It is a standard clause used in mortgage agreements in New York.

A more thorough explanation:

The New York Standard Clause is a term used in the insurance industry. It refers to a specific clause that is included in insurance policies, particularly in mortgage insurance policies. This clause is also known as the Mortgage-Loss Clause.

The New York Standard Clause is a provision that allows the insurer to pay the mortgage lender directly in case of a loss. This means that if the property covered by the insurance policy is damaged or destroyed, the insurer will pay the lender the amount owed on the mortgage, rather than paying the policyholder directly.

For example, let's say that John has a mortgage on his house, and he also has a mortgage insurance policy that includes the New York Standard Clause. If his house is damaged in a fire, the insurer will pay the lender the amount owed on the mortgage, rather than paying John directly. This ensures that the lender is protected and that the mortgage is paid off, even if the property is damaged or destroyed.

The New York Standard Clause is a common provision in mortgage insurance policies, particularly in the United States. It is designed to protect the lender and ensure that the mortgage is paid off in case of a loss.

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almost all of my apps have been UR for 6 weeks at this point I feel exhausted waiting for them to finish
Irvine is being snobby and wont start any review until end of Nov.
Yeah, it’s tough. I’m distracting myself by playing good video games after work :)
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
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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)
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