If the debt for which the mortgage, lien or encumbrance is held is not all due, but is payable in instalments, whether such debt be evidenced by one (1) or more principal notes or otherwise, such mortgage, lien or encumbrance may be foreclosed, at the election of the holder thereof, for the instalment or instalments due, or for taxes or other charges or obligations which the mortgage provides shall be paid by the mortgagor, and the court may by its judgment direct a sale of the encumbered property or of the equity of defendants therein, or so much thereof as may be necessary, to satisfy the amount due for such instalment, charge or obligation, which sale shall be subject to the unpaid balance of said mortgage, lien or encumbrance not reduced to judgment, and such mortgage, lien or encumbrance shall otherwise remain in full force and effect, and the holder thereof shall have the right to foreclose for the balance of the same or any part thereof, notwithstanding the provisions of section 6-101. The remedy herein provided shall be cumulative and not exclusive. Provided, that no deficiency judgment shall be taken under the second or any subsequent foreclosure under any such mortgage, lien or encumbrance.