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
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