sec.348Disposal of proceeds of sale

### sec.348 Disposal of proceeds of sale The mortgagee must apply the proceeds of sale as follows— firstly, to the payment of all costs, charges and expenses properly incurred by the mortgagee for the sale or any attempted sale; secondly, to payment of charges on the lease, including all debts owing to the State under section 438 ; thirdly, to payment of any amount owing to a mortgagee or, if more than 1 mortgagee, according to their priorities; fourthly, if the mortgagee is selling in possession under section 240F , to payment of expenses incurred by the State to rectify any damage caused to the land by the lessee; lastly, to the lessee. s 348 amd 2013 No. 23 s 352 sch 1 pt 1 ; 2014 No. 29 s 81 - (a) firstly, to the payment of all costs, charges and expenses properly incurred by the mortgagee for the sale or any attempted sale; - (b) secondly, to payment of charges on the lease, including all debts owing to the State under section 438 ; - (c) thirdly, to payment of any amount owing to a mortgagee or, if more than 1 mortgagee, according to their priorities; - (d) fourthly, if the mortgagee is selling in possession under section 240F , to payment of expenses incurred by the State to rectify any damage caused to the land by the lessee; - (e) lastly, to the lessee.