Powers of Land Development Bank in case the mortgaged property is wholly or partially destroyed or the security is rendered insufficient

Where any property mortgaged to the Land Development Bank is wholly or partially destroyed or for any reason the security is rendered insufficient and the mortgager, having been given a reasonable opportunity by the committee of the Land Development Bank, to provide further security enough to render the whole security sufficient or to repay such portion of the loan as may be determined by the committee, has failed to provide such security or to repay such portion of the loan, the whole of the loan shall be deemed to fall due at once and the committee shall be entitled to take action against the mortgager under section 101 or section 103 for the recovery thereof.

Explanation: A security shall be deemed insufficient within the meaning of this section unless the value of the mortgage property including improvements made thereon exceeds the amount for the time being due on the mortgage by such proportion as may be specified in the by-laws of the Land Development Bank.