Ohio Code 5302.13 – Mortgage covenants meaning and effect
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In a mortgage of real estate, or any interest therein, the words “mortgage covenants” have the full force, meaning, and effect of the following words, and shall be applied and construed accordingly:
Terms Used In Ohio Code 5302.13
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
“The mortgagor covenants with the mortgagee and his heirs, assigns, and successors, that he is lawfully seized in fee simple of the granted premises; that they are free from all encumbrances; that the mortgagor has good right to sell and convey the same; and that he does warrant and will defend the same to the mortgagee and his heirs, assigns, and successors, forever, against the lawful claims and demands of all persons.”