The equitable mortgage should contain an undertaking by the mortgagor to execute a legal mortgage or charge when called upon to do so1. Upon the execution of such a legal mortgage or charge, it seems that the equitable mortgage continues in existence notwithstanding the usual rule of merger of a lower in a higher security2. The agreement should state expressly that the property is equitably charged with the repayment of the money advanced and interest, although an equitable mortgage carries interest without such reference
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