181. Main provisions of a legal mortgage.

The main provisions of a legal mortgage are:

  1.  

    (1)     a covenant to pay the principal debt and interest on a given date1;

  2.  

    (2)     a covenant to pay interest in the event of default in payment of the principal on the day named2;

  3.  

    (3)     the demise or sub-demise of, or the charge by way of legal mortgage on, the mortgaged property

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