181. Main provisions of a legal mortgage.

e.     Provisions of Legal Mortgage as to Principal and Interest

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 property3;

  4.  

    (4)     the proviso for cesser4; and

  5.  

    (5)     such