Terms Used In Michigan Laws 445.1626

• Due-on-sale clause: means a contract provision which authorizes the lender, at its option, to declare due and payable sums secured by the lender's security instrument if all or any part of the property, or an interest in the property, securing the real property loan is sold or transferred without the lender's prior written consent. See Michigan Laws 445.1621
• Lender: means a person or governmental agency, other than the Michigan state housing development authority, making real property loans, including, but not limited to, an individual, a federal or state chartered savings and loan association or savings bank, a state or national bank, a federal or state chartered credit union, an insurance company, or other lender approved as a mortgagee under the national housing act, 12 U. See Michigan Laws 445.1621
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.