454. Restrictions on exercise of statutory powers of sale.

(vi)     Conditions of Exercise of the Power of Sale

454.     Restrictions on exercise of statutory powers of sale.

The time when the power of sale arises is fixed in the manner already stated1, but restrictions are placed on the time when it is exercisable. The statutory power of sale is not exercisable until:

  1.  

    (1)     notice2 requiring payment of the mortgage money3 has been served on the mortgagor4 or one of two or more mortgagors, and default has been made in payment of it, or of part of it, for three months5 after such service6;

  2.  

    (2)     some interest under