Agreement for mortgage of Patent

A mortgage can be defined as a debt instrument, secured by the collateral of specified property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgage of patent is when a Patentee transfers his or her patent rights wholly or partly to Assignee in return for a sum of money. It is a kind of Assignment of patent and the Assignee acquires the right to prevent others from making, using, exercising or vending the invention.