This is part of a case study two part question

Grayson is a private investor who is willing to lend a second mortgage to your borrower. In preparing the commitment letter Grayson advises you that he wishes to make the mortgage partially open. Grayson wants the borrower to pay a penalty equal to the difference between the rate that Grayson is charging and, if rates go down, the rate at which Grayson will be able to relend his money. He tells you that because he doesn't know how to word this he needs your help. Given this scenario what type of clause will you tell the private investor to include in the commitment letter? Select one a. 3 month interest clause b. Portability clause c. Fully open clause d. Interest rate differential clause Which of the following requirements must be met before a lender may begin the power of sale process? Select one: a. The borrower defaults on the regularly scheduled mortgage payment b. The power of sale process can be started immediately if the borrower breaches the standard charge terms c. At most fifteen days pass after a borrower defaults on a regularly scheduled mortgage payment d. At least fifteen days pass after a borrower defaults on a regularly scheduled mortgage payment