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Figure 1.2
Using the figure above, identify the labeled part.
-Label EE: ______________________________
Mortgages
Legal agreements in which a lender lends money at interest in exchange for taking title of the borrower's property, with the condition that the conveyance of title becomes void upon the payment of the debt.
Mortgage
A legal agreement by which a bank, credit union, or other lender lends money at interest in exchange for taking title of the borrower's property, with the condition that the conveyance of title becomes void upon the payment of the debt.
Default
The failure to fulfill a legal obligation, such as not making a scheduled payment on a loan.
Public Restrictions
Legal limitations placed by government entities on how properties can be used, often to designate zoning and land use.
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