Any residential mortgage must contain two elements, one of which is the "mortgage document" and the other the promissory note." The promissory note: lists the terms of repayment and serves as legal evidence that a debt exists between a mortgage borrower and lender allows the borrower to release the lender's lien on the mortgaged property at will if he is current on his payments legally pledges a real property of the botrower as collateral to a lender obligates the lender to maintain an escrow fund for the mortgaged property which is financed through the borrower's monthly coupon payments requires the lender to obtain and maintain insurance against damages to the mortgaged property