lifting clause

lifting clause

A provision in a second,third,or other junior mortgage that allows the liens ahead of it to be paid off and refinanced for the same or a lesser amount,without sacrificing their priority in lien positions.Without this clause,investors with second mortgages could never refinance the first ones because,the instant the first mortgage was paid off,the second lienholder would immediately advance to first position.
References in periodicals archive ?
We are also considering whether lifting clauses intended to prevent duplication of stalls could support footfall.