Incident to every mortgage is the right of the mortgagor to redeem1, a right which is called his equity of redemption, and which continues notwithstanding that he fails to pay the debt in accordance with the proviso for redemption2. This right arises from the transaction being considered as a mere loan of money secured by a pledge of the estate3. Any provision inserted in the mortgage to prevent redemption on payment of the debt or performance of the obligation for which the security was given is termed a clog or fetter on the equity of redemption, and is void4.
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