Soak time. The length of time you marinate food depends on both the food and the marinade. Delicate fish, shellfish, and fruit usually soak for a shorter period of time (from 20 minutes to a few hours), while meats can go longer (up to a day or two).
Having your taxes and insurance included in your mortgage payment is actually very convenient. Instead of having to pay an annual insurance premium and half of your annual taxes on April 30th and the second half on October 31st, the lender establishes an automatic savings plan for you.
No lender will give you money unless you buy an insurance policy to pay for the loss in case the property gets damaged. A hazard insurance or homeowners insurance can offer adequate coverage to your lender a.k.a. mortgagee. Thus, a mortgagee clause is nothing but a separate contract between the insurer and the lender. As a borrower, you only need to tell the name of your lender when you buy an insurance policy. The insurer will contact your lender for the correct name and address of the financial institution that holds a lien on your property. The legal description of the entity that has financial interest in the property that you have bought with its money is what is referred to as a mortgagee clause in insurance papers. Is a Mortgagee Clause the same as a Loss Payee Clause (or Loss Payable Clause)? Technically, the two are not the same, but they are often used interchangeably. In real estate transaction, the term âmortgagee clauseâ has become almost a standard as it ensures complete protection for the lender in case of a loss. Take an example of a property damage done by the owner, also known as arson.