Question
A mortgage is a loan contract where the debtor (mortgagor) uses his land as security for the debt. Which of the following are contractual aspects
A mortgage is a loan contract where the debtor (mortgagor) uses his land as security for the debt. Which of the following are contractual aspects of a mortgage?
1. | all of the above. | |
2. | It contains terms that require the debtor to repay the loan with interest and default in any single payment will trigger a reminder letter only. | |
3. | Other important terms in a mortgage contract establish the interest rate, the term and maturity date, the amortization period. | |
4. | They do not obligate the mortgagor to pay the taxes, insure and keep the property in a good state of repair. | |
5. | an acceleration clause that makes the entire cash advance due and owing. |
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