Statutory Mortgage Condition Clause Samples
Statutory Mortgage Condition. This Security Instrument will be subject to the “statutory mortgage condition” as set out in NMSA 1978, § 47-1-41 (“Statute”). This Security Instrument is the same as a mortgage under the Statute. The Statute states that if Borrower does not pay and perform all obligations in this Security Instrument, ▇▇▇▇▇▇ has the right to foreclose on the Property.
Statutory Mortgage Condition. The grants in Article II of this Mortgage are made with mortgage covenants and upon the statutory mortgage condition for breach of which this Mortgage is subject to foreclosure as provided by law; provided, however, that in the event of a conflict between the provisions of this Mortgage and the statutory mortgage conditions, the provisions of this Mortgage shall prevail.