Third persons may be made parties to mortgages in order to guarantee1 the payment of principal and interest or interest alone, the performance of covenants, or the maintenance of the security. Where co-owners grant a charge to secure the debts of one of them, the other is a surety2. Although a surety undertakes only for the default of another, the practice in mortgage deeds is to make him contract and become bound as a principal so far as concerns the mortgagee, but to let him remain a surety so far as concerns the mortgagor. A mortgagee is entitled to
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This Practice Note examines:•why negative pledge clauses are used in commercial transactions •the consequences of breaching negative pledge provisions•how negative pledges are viewed in the context of security and quasi-security, and•key considerations when drafting a negative pledge clauseWhere
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