Chapter 7: Unit 2: Mortgages, The Deed of Trust, and Georgia's Security Deed Lesson 3-14 : How Finance Instruments Affect Borrowers and Lenders in Georgia

acceleration clause

"If any monthly installment under this Note is not paid when due and remains unpaid after a date specified by a notice to Mortgagor, the entire principal amount outstanding and accrued interest thereon shall at once become due and payable at the option of the Note holder."

a power of sale clause, defeasance clause, acceleration clause, alienation clause, and late charge provisions.

A security instrument may include several standard provisions, including;

True

Georgia doesn't use the mortgage as a security instrument. True or False?

judicial foreclosure

One main difference between the mortgage and security deed or deed of trust is that the mortgage requires ______________ _______________.

power of sale

The ______ clause in a deed of trust allows the lender to foreclose non-judicially.

non judicial foreclosure

The security deed contains a power-of-sale clause and provides for what type of foreclosure.

the lender and the borrower

The security deed is a two-party security instrument between what two people?

borrower

The signature lines on the multi-state Fannie Mae promissory note are set up for ______ to sign.

the lender

Who's the mortgagee in a mortgage?

the borrower

Who's the mortgagor in a mortgage?