Mortgage

A conditional conveyance of property as security for the payment of a debt or the fulfillment of some obligation. Upon payment of the debt or performance of the obligation the mortgage becomes void. As instrument recognized by law by which, property is hypothecated to secure the payment of a debt or obligation. The procedure for foreclosure of a mortgage in event of default is established by statute. A lien upon real property similar to a Deed of Trust; but upon final payment of the debt, the mortgage (secure party) releases the mortgage with a “satisfaction of mortgage.” An instrument used to encumber land as security for a debt.

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