The defaults described in a mortgage, to a great extent, are the same as the defaults in the promissory note. For example, a mortgagor will be in default of the mortgage, as well as the promissory note, if the mortgagor fails to make a payment on the loan when due. However, mortgages and deeds of trust usually also have defaults relating to the property that may not be found in the related promissory notes. For example, it is almost always a default of a mortgage if the property owner fails to maintain the property, fails to pay real estate taxes on the property or allows hazardous waste to contaminate the property. These defaults are all events that make the property, and therefore the bank's security, less valuable.
Banks assume and require that the owners take care of the property.
It is almost always a default of a mortgage or deed of trust if the owner sells the property. This default ensures that the bank gets paid if the owner no longer owns the property. Owners may not realize that it is often a default if the owner puts a subsequent mortgage or deed of trust on the property with another lender. It may seem that the bank holding the first mortgage shouldn't care about a second mortgage, because the holder of the first mortgage still gets paid first in a foreclosure. If you are considering getting a loan from another lender secured by a second mortgage or deed of trust on the same property, check your first mortgage to verify whether you need the consent of your first lender.