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of its loan through these properties in the event that the debtor fails to pay his debt arisingfrom a prior principal obligation.The principal virtue of the mortgage contract is that it gives the debtor the possibilityof acquiring financing and guaranteeing payment with property (generally real estate)that is not transferred to the lender, and therefore the mortgagor will be able to use andenjoy the property in the development of its commercial or industrial activities.The above is possible because the mortgage applies to certain types of property, suchas real estate, maritime vessels, or industrial plants that cannot be hidden, as can occurwith moveable property, which is why the mortgage constitutes a reliable guarantee,in spite of the fact that the property remains in the hands of the debtor, and eventhough the debtor may use, enjoy, or even alienate the mortgaged goods because, aspreviously mentioned, the mortgage is a right in rem over the mortgaged property bywhich the mortgagee can enforce the credit regardless of whose hands the property isfound in.5.1.1. General characteristicsa) Only someone with the right to alienate property can mortgage that property,whether that person is the property’s owner or someone that has been grantedpowers of an owner or has judicial authorization to do so, this being an act of ownershipand not of administration;b) Equally, only alienable property can be mortgaged, and it must also be specificallyidentified;c) Although a mortgage is an accessory contract that is extinguished with the terminationof the principal contract, if the guaranteed obligation is only reduced, theoriginal mortgage will still remain in full force;d) A mortgage can be validly formed over two or more pieces of real property, but inthis case it is obligatory to establish in the contract what portion of the credit willcorrespond to each of the properties. Moreover, the same property can be mortgagedtwice, which would invalidate any pact not to make any subsequent mortgages;e) There are certain types of property that cannot be mortgaged and others that areunderstood to be included in the mortgage, although such inclusion is not express,and other types that are understood to be excluded unless otherwise agreed. Propertythat cannot be mortgaged includes the rents and profits yet to be obtained,moveable objects permanently located in buildings, property subject to a lawsuit, etc.Property that is understood as included is the natural accretions to the mortgagedproperty, improvements made by the owner on the property, new buildings constructedon the mortgaged property, etc. Unless otherwise agreed, industrial profitsstemming from the mortgaged property and any outstanding rents at the time ofenforcement of the secured obligation will not be considered part of the mortgage.199Financing Guarantees