Pope agreed to sell certain land to Pelz and retained a mortgage on the property to secure

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Pope agreed to sell certain land to Pelz and retained a mortgage on the property to secure payment of the purchase price. The mortgage contained a clause providing that if Pelz defaulted, Pope had the “right to enter upon the above-described premises and sell the same at public sale” to pay the purchase price, accounting to Pelz for any surplus. What type of foreclosure does this provision contemplate: 

(1) strict foreclosure,

(2) judicial sale,

(3) private power of sale?

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Law for Business

ISBN: 978-1259722325

13th edition

Authors: A. James Barnes, Terry M. Dworkin, Eric L. Richards

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