If the mortgagor failed to pay the debt, even by only one day, the mortgagee's title became an estate in fee simple absolute, which gave the mortgagee absolute ownership of the property. A defeasance clause embodies these common-law principles that govern this type of mortgage agreement. Defeasance clauses are not found in mortgages based upon the lien theory, observed in most states. The mortgage creates a lien for the mortgagee on the mortgaged property, which gives the mortgagee the right to its possession only after the mortgage has been foreclosed.
Water Treatment Operator Salary A Water Treatment Operator earns an average wage of $18.56 per hour. Most people with this job move on to other positions after 20 years in this career. A skill in Operations Management is associated with high pay for this job.
Big Cities. Salaries vary for mayors of large cities in the United States. Pittsburgh Mayor Luke Ravenstahl earns $96,500 a year as of June 2012. New York Mayor Michael Bloomberg, a billionaire businessman, is entitled to a $195,000 annual salary, but refuses his pay, collecting only $1 per year.