Definition: a provision in a mortgage, related to income-producing property, that is designed to require that income derived shall be used to make mortgage payments in the event the borrower defaults.
Pronunciation: \ri-ˈsē-vər-ˌship\ \ˈklȯz\
Used in a Sentence: The receivership clause in the mortgage allowed the bank to continue to receive payments from the property even though the borrower had stopped making payments.
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