DEED OF TRUST USE OF WORDS

[CRABBMAN]

Borrower may repay the principal amount outstanding under this note, in whole or part,at any time without penalty except with consent of note holder,who may require compensation for adverse income tax consequences of such early payments. What does this who may require compensation for adverse income tax consequences mean to the borrower?

 

[quincy]

What is the name of your state?

The lender can have adverse tax consequences if the loan is paid off early.

 

[CRABBMAN]

EAGLE COLORADO THANK YOU QUINCY. I AM TRYING TO UNDERSTAND AS A BORROWER HOW THE WORDS OF THE LENDER SAYING WHO MAY REQUIRE COMPENSATION FOR INCOME TAX CONSEQUENCES LEGALLY MEANS TO ME AS A BORROWER. IF ASKED IF I GET A NEW MORTGAGE AND PAY OFF OUTSTANDING BALANCE-LENDER CAN ASK ME TO PAY HIS ADVERSE TAX CONSEQUENCES,OR IS IT SOMETHING ELSE?

 

[Zigner]

EAGLE COLORADO THANK YOU QUINCY. I AM TRYING TO UNDERSTAND AS A BORROWER HOW THE WORDS OF THE LENDER SAYING WHO MAY REQUIRE COMPENSATION FOR INCOME TAX CONSEQUENCES LEGALLY MEANS TO ME AS A BORROWER. IF ASKED IF I GET A NEW MORTGAGE AND PAY OFF OUTSTANDING BALANCE-LENDER CAN ASK ME TO PAY HIS ADVERSE TAX CONSEQUENCES,OR IS IT SOMETHING ELSE?

Honestly, contract review is beyond the scope of this forum, as it would amount to the unlawful practice of law. You should take the contract to an attorney who can review it in its entirety and advise you based on that thorough review.

 

[CRABBMAN]

thank you Zigner i will do this. good day