Mortgages and Notes

Question 2-1 Distinguish between a mortgage and a ______.

A note admits the debt and generally makes the borrower personally liable for the obligation. A ______ is usually a separate document which pledges the designated property as security for the debt.

Question 2-2 What does it mean when a lender ______.

What is meant by ______.

The acceleration clause gives the lender the right or option to demand the loan balance owed if a default occurs. ______ by the lender allows the borrower time to cure a deficiency without the lender giving up the right to foreclose at a future time.