Mortgage

The lien (www.practicallaw.com/8-382-3581) an owner of property gives to a lender as security (www.practicallaw.com/1-382-3810) for the payment and performance of loan obligations. The owner is the mortgagor and the lender is the mortgagee. The owner retains use of the property and the lien is removed when the loan is repaid. Commonly used to take a lien over real property.

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