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MECHANICS
LIEN:
A lien created by statute for the purpose of securing priority
of payment for the price or value of work performed and
materials furnished in construction or repair of improvements
to land, and which attaches to the land as well as the improvements.
MORTGAGE:
(1) To hypothecate as security, real property for the payment
of a debt. The borrower (mortgagor) retains possession and
use of the property. (2) The instrument by which real estate
is hypothecated as security for the repayment of a loan.
MORTGAGEE:
The party lending the money and receiving the mortgage (Lender).
MORTGAGOR:
The party who borrows the money and gives the mortgage (Borrower).
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