1. An agreement concluded at the time or after the establishment of a mortgage shall be null and void, and shall vest in the mortgagee, in the event that the debtor fails not repay the debt on the maturity date, the right to acquire or sell the mortgaged property, with no need to comply with the provisions and procedures set forth in Article (170) above. 2. Nevertheless, after the maturity of the whole debt or an installment thereof, the debtor may assign to the creditor the whole or part of the mortgaged property, so as to repay the debt or part thereof.
Interpretation and application must be checked against the official text and current version.