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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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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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