Common use of Statutory Mortgage Condition Clause in Contracts

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, Xxxxxx has the right to foreclose on the Property.

Statutory Mortgage Condition. This Security Instrument will shall 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, Xxxxxx has the right to foreclose on the Property.