The exculpatory clause is the clause which is sometimes inserted in a mortgage note in which the lender waives the right to a deficiency judgment.
What is the exculpatory clause ?
This is the term that refers to the clause that would prevent one party in a business venture to hold the other party liable for any forms of damages that may happen in the business. This is what is added in the mortgage note.
Hence we can say that The exculpatory clause is the clause which is sometimes inserted in a mortgage note in which the lender waives the right to a deficiency judgment.
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