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
(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.
The party lending the money and receiving the mortgage (Lender).
The party who borrows the money and gives the mortgage (Borrower).