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Term Definition
Market ValueThe price at which a property will sell, assuming a knowledgeable buyer and seller, both operating without undue pressure.
 
MortgageA contract in which a borrower's property is pledged as security for a loan which is to be repaid on an installment basis.
 
Mortgage NoteA written promise to pay a debt at a stated interest rate during a specified term. The agreement is secured by a mortgage.
 
MortgageeThe lender in a mortgage contract.
 
MortgagorThe borrower in a mortgage contract.
 


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