Business / Real Estate / Mortgagor: In a mortgage transaction, the buyer/borrower is the mortgagor. The mortgagor is required to sign a promissory note for the amount borrowed and to execute a mortgage to secure the debt. The mortgage note creates a personal liability for payment on the part of the mortgagor.
Business / Real Estate / Alienation Clause: A provision sometimes found in a promissory note or mortgage that provides that the balance of the secured debt becomes immediately due and payable at the option of the mortgagee upon the alienation o MORE
Business / Real Estate / Due-On-Sale-Clause: A form of acceleration clause found in some mortgages, especially savings and loan mortgages, requiring the mortgagor to pay off the mortgage debt when the property is sold, resulting in automatic mat MORE
Business / Real Estate / Privity Of Contract: The relationship between contracting parties (mortgagor-mortgagee or assignee-assignor). MORE
Business / Finance / Release Clause: A mortgage provision that releases a pledged asset after a certain portion of the total payments has been made. MORE
Business / Real Estate / Mortgage Lien: A lien or charge on the property of a mortgagor that secures the underlying debt obligations. MORE