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Question
Charles sold a house to Darla with Charles holding a recorded mortgage. Darla wants to sell the house and her purchaser, Cindi, obtains a financing commitment from Small Bank, provided Small Bank is able to hold a first mortgage on the house. How will Small Bank obtain the first mortgage?
A. By paying off Darla's mortgage.
B. Small Bank mortgages take priority over private mortgages.
C. Charles may give oral consent that Small Bank will have priority.
D. By paying off Charles' mortgage.
Answer
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