As security for the performance of the obligation just stated, "the mortgagor hereby mortgages to the mortgagee" the realty pledged as security. Here should be set forth a description of the property. It should be described with just as much particularity as in a deed. By legal construction the quoted words at the beginning of this paragraph, mean substantially that the mortgagor conditionally transfers a right in the property to the mortgagee, of such nature that if the loan be not paid in accordance with the bond, the property may be sold to satisfy the claim. In many States the mortgage actually states that the borrower "grants and releases" the property to the mortgagee. Where such form is used the description is followed by a "defeasance" clause which states that if the loan and interest is paid in due course, the rights of the lender are defeated and his interest in the property ceases. (Appendix form 45.)