Common use of Right to Recall Clause in Contracts

Right to Recall. The Non-Bank Financial Institution may at any time, in its sole discretion, without providing any reason or being required to provide any reason, ask for closure of the loan account along with the linked current account of the Borrower after giving a prior notice of at least thirty (30)days to the Borrower. In case of a closure of the account of the Borrower in accordance with this Clause, the Borrower shall be required to pay to the Lender the Loan along with all other outstanding amount under this Agreement on such date as specified by the Lender.

Appears in 2 contracts

Sources: Mortgage Loan Agreement, Mortgage Loan Agreement