70Sum to be paid when mortgage exceeds value of land

70 Sum to be paid when mortgage exceeds value of land (1) If any mortgaged interest in land acquired or proposed to be acquired pursuant to this Act for the purposes of the special Act appears to the Authority to be of less value than the principal interest and expenses secured thereon, the value of the interest or the compensation to be paid by the Authority in respect of the interest is to be settled by agreement between— (a) the mortgagee and the person entitled to the equity of redemption of the land on the one part; and (b) the Authority on the other part. (2) If an agreement is not reached under subsection (1) with respect to the amount of the value of the interest in land or of the compensation that amount is to be determined under this Act in the same manner as a disputed claim for compensation. (3) The amount of the value of the interest in land or of the compensation so agreed upon or determined pursuant to this section must be paid by the Authority to the mortgagee in satisfaction of the mortgage debt so far as the amount will extend. (4) Upon payment or tender of the amount under subsection (3), the mortgagee must convey or release all the interest in the land comprised in the mortgage to the Authority or as the Authority directs.