this.

PAYMENTS

Often a life insurance policy is used as security for the payment
of a mortgage.

The mortgagee, if there be buildings on the property, should see
that the buildings are insured and that the policy or policies are
made out in his name.

If the insurance policy is in the mortgagor's name he may collect
and keep the insurance money.

The mortgagor must meet, as stipulated, every payment of the
principal and interest.

Failure to meet one payment can result in a legal foreclosure.

When a payment is made, the date and the amount must be entered on
the back of the note. This should be done in the presence of the
mortgagor.

If possible always pay the obligation by check.

If a payment is accepted on a mortgage and the amount is not
sufficient to meet the sum required, the interest is first settled
in full, the rest is credited to the principal.

When the full amount, with interest, is paid in, it becomes the