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Resources > Glossary > Family Rider

Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Common Terms 1   Common Terms 2

Family Rider

Function: noun

The Family Rider transfers the owner's right to collect rents to the lender. One common clause in the family rider is that the borrower would not make any changes to the use of the property or to its zoning classification. Another common clause states that the borrower shall maintain insurance against rent loss in addition to the other hazards for which insurance is required based on some stipulations in another document that would be included in the loan package. A clause regarding default in the family rider might state that the borrower's default or breach under any note or agreement in which the Lender has an interest shall be a breach under the Security Instrument and Lender may invoke any of the remedies permitted by the Security Instrument.

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