Florida Real Estate Chapter 12 Unsurpassed Wisdom.

The legal instrument that represents the evidence of a debt is known as the promissory note The instrument that pledges the property as security for a debt is known as the mortgage What are the two parties to a mortgage mortgagor (borrower) mortgagee (lender) The standard mortgage instrument that contains certain uniform covenants is known as the Fannie Mae Freddie Mac single family uniform In title theory, the clause that requires the lender to convey legal title to the borrower once the debt is repaid is known as the defeasance clause In lien theory, the clause that requires the lender to release the mortgage lien when the debt is repaid is known as the defeasance clause Upon default, this clause accelerates the entire debt due and payable acceleration clause Upon sale, this clause is due and payable due on sale clause The clause that has conditions to repay debt in advance of due date is known as the