101Co-existing rights of mortgagee under prior mortgage

101 Co-existing rights of mortgagee under prior mortgage (1) In this section, prior mortgagee means a mortgagee who is entitled to the benefit of a mortgage that has priority over the mortgage in respect of which the mortgagee exercises his or her right of foreclosure. (2) Until an order for foreclosure is registered, a prior mortgagee of the property the subject of the order has the same rights and remedies at law and in equity that the prior mortgagee would have had if the legal estate in the property was vested in the prior mortgagee and the mortgagor had a right of quiet enjoyment of the property for as long as the mortgagor does not default in the payment of an amount of principal money or interest or in the observance or fulfilment of another provision contained in the mortgage document or implied by this or another Act. (3) Nothing in this section: (a) affects the right of a prior mortgagee to exercise the mortgagee's right of foreclosure in accordance with this Division; (b) until the registration of an order for foreclosure – has the effect of making a prior mortgagee of property the subject of the order that is leased land liable for the payment of rent under the lease or the observance or fulfilment of any other term of the lease; and (c) affects the rights or liabilities of a prior mortgagee after the registration of the order for foreclosure.