A woman owned Woodsedge, a tract used for commercial purposes, in fee simple and thereafter mortgaged it to a bank. She signed a promissory note secured by a duly executed and recorded mortgage. There was no "due on sale" clause, that is, no provision that, upon sale, the whole balance then owing would become due and owing. The woman conveyed Woodsedge to a friend "subject to a mortgage to the bank, which the grantee assumes and agrees to pay." The friend conveyed Woodsedge to his son "subject to an existing mortgage to the bank." A copy of the note and the mortgage that secured it had been exhibited to each grantee. After the son made three timely payments, no further payments were made by any party. In fact, the real estate had depreciated to a point where it was worth less than the debt. There is no applicable statute or regulation. In an appropriate foreclosure action, the bank joined the woman, her friend, and the son as defendants. At the foreclosure sale, although the fair market value for Woodsedge in its depreciated state was obtained, a deficiency resulted. The bank is entitled to collect a deficiency judgment againstthe woman and the friend only. (Real Property-Mortgages)