MGMT 3100 Lecture Notes - Lecture 10: Mortgage Loan, Accrued Interest, Eviction
27 Dec 2015
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Document Summary
Mortgage: loan contract that gives lender interest in borrower"s land as. Mortgagor: borrower who gives lender an interest in his land has security for security for a debt repayment for a debt. Mortgagee: lender who accepts interest in land as security for a loan. Promises of mortgagor: pay principal and accrued interest as agreed by parties, keep property adequately insured in name of the mortgagee, pay taxes on land and buildings, keep premises in reasonable state of repair. Calculation period: stages at which accrued interest is added to principal. Amortization period: length of time it should take to repay an entire debt with specified payment schedule. Term: time period during which interest rate is fixed and principal lent. Mortgage commitment: document where parties to a mortgage agree to borrow and lend. Promises of mortgagee: execute necessary discharge of mortgage upon full repayment, leave mortgagor in possession and not interfere with his use/enjoyment of mortgaged premises.
