Section 4th(iv) in The Punjab Legislative Assembly (Grant of Advance to Members) Rules, 1979
(iv)And it hereby expressly agreed and declared that if there shall be any breach by the Mortgagor of the covenants on his part therein contained and to be observed and performed by him or if the Mortgagor shall become insolvent or be disqualified to be the member of the Punjab Vidhan Sabha for any reason or if he dies before all the dues payable to the Mortgagee under these present together with interest thereon shall have been [(subject to the provision of sub-section (3-A) of Section 4-C of the Act] [Legislative Supplement Part III dated 1.9.1983.] fully paid off or if the said advance or any part thereof become payable forthwith under these presents or otherwise, then and in any of such cases it shall be lawful for the Mortgagee to sell without intervention of the Court the said mortgaged property or any part thereof either together or in parcels and either by Public auction or by Private contract with power to buy in or rescind any contract for sale and to resell without being responsible for any loss which may be occasioned thereby and to do and execute all such acts and assurances for effectuating any such sale as the Mortgagee shall think fit and it is hereby declared that the receipt of the Mortgagee for the purchase money of the premises sold or any part thereof shall effectually discharge the purchaser or purchasers therefrom and it is hereby declared that the Mortgagee shall hold the moneys to arise from any such sale in pursuance of the aforesaid power upon trust in the first place thereout to pay all the expenses incurred on such sale and then to pay moneys in or towards the satisfaction of the moneys for the time being owing on the security of these presents and the balance if any to be paid to the Mortgagor.
