Sec. 15-1601. Waiver of Rights of reinstatement and Redemption.

360 words·~2 min read·/il/chapter-735/act-5/15-1601

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(a)Residential and Certain Agricultural Real Estate. Except as otherwise provided in this Article, no mortgagor of real estate which is residential real estate at the time of such attempted waiver may waive the mortgagor's rights of reinstatement and redemption, or either of them, and any such waiver shall be void. Except as otherwise provided in subsection

(b)of this Section, no mortgagor of real estate which is agricultural real estate at the time of such attempted waiver may waive the mortgagor's rights of reinstatement and redemption, or either of them, and any such waiver shall be void.

(b)Other Real Estate. Any corporation or any corporate trustee of any express trust who is a mortgagor of agricultural real estate may waive the mortgagor's right of redemption

(i)by express waiver stated in the mortgage or

(ii)by any other waiver in writing which has been acknowledged by the mortgagor and recorded. A mortgagor of real estate other than a mortgagor of residential real estate or other mortgagor who is not otherwise so prohibited by this Article may waive the mortgagor's right of redemption

(i)by express waiver stated in the mortgage or

(ii)by any other waiver in writing which has been acknowledged by the mortgagor and recorded.

(c)Waiver After Commencement of Foreclosure. After commencement of a foreclosure proceeding under this Article a mortgagor of residential real estate or other mortgagor who is otherwise so prohibited may waive the mortgagor's rights of reinstatement and redemption, or either of them, if

(i)the mortgagor expressly consents in writing to the entry of a judgment without such right of reinstatement or redemption,

(ii)such written consent is filed with the clerk of the court, and

(iii)the mortgagee consents and agrees to waive any and all rights to a deficiency judgment.

(d)Prior Waivers. Nothing contained in this Section shall invalidate any waiver of any right of redemption made pursuant to Section 12-124 or Section 12-125 of the Code of Civil Procedure in effect prior to July 1, 1987 which is contained in any instrument executed prior to July 1, 1987.