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LSDefine

Simple English definitions for legal terms

indemnity mortgage

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A quick definition of indemnity mortgage:

An indemnity mortgage is a type of legal document that is used to secure a loan for a property. It is similar to a mortgage, but it involves a third party who acts as a trustee to hold the property until the loan is repaid. If the borrower fails to repay the loan, the trustee can sell the property to recover the debt. This type of mortgage provides extra protection for the lender, as they are guaranteed to receive their money back even if the borrower defaults on the loan.

A more thorough explanation:

Definition: An indemnity mortgage is a type of mortgage where the borrower is responsible for repaying the loan, but the lender has the right to take possession of the property if the borrower fails to repay the loan. The borrower is also required to indemnify the lender against any losses that may occur if the property is sold for less than the amount owed on the loan.

Example: John wants to buy a house but doesn't have enough money to pay for it outright. He takes out an indemnity mortgage with a bank, which means that he is responsible for repaying the loan, but the bank has the right to take possession of the house if John fails to repay the loan. If the bank sells the house for less than the amount owed on the loan, John is required to indemnify the bank for any losses.

Explanation: This example illustrates how an indemnity mortgage works. The borrower is responsible for repaying the loan, but the lender has the right to take possession of the property if the borrower fails to repay the loan. The borrower is also required to indemnify the lender against any losses that may occur if the property is sold for less than the amount owed on the loan.

indemnity land | indemnity principle

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@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
soyalmondoatmilk
8:38
good morning! hoping waves will come our wave today
8:42
GW wave today?
8:57
There’s someone I found on here with the username threeoutchange and if my understanding is correct that’s a reference to the debut album by a pretty cool 90s-00s Japanese band called Supercar. I geeked a little
8:57
It could just be a baseball reference I don’t get though lol
Dkk
9:00
@renard99: also, the same band that does a song in the anime Eureka 7 which I watched when I was like idk, 12
9:00
Yeah! They are pretty good. Three Out Change is an awesome J-rock record
Dkk
9:01
I will probably not listen to them more but fun fact. Really random to start the day. An omen that the waves will be very random today.
Dkk
9:03
Fuck, reading the wikipedia now. Literal last song they did before they broke up was Storywriter. Wow.
9:05
That one is a masterpiece
9:05
My favorite song by them is Recreation
glovediedthisishismom
9:05
snowing
Dkk
9:07
@renard99: man, hard to find.
Dkk
9:07
@glovediedthisishismom: Congrats on the snow.
Dkk
9:16
@renard99: Poetic and nice.
9:42
My name is renard99 and I just sent @babycat feet pics
glovediedthisishismom
9:42
nobody is at the office today they should let little glovey go home and watch harry potter
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