The mortgagee may not exercise the power of sale until the notice, where notice is required1, has expired, or until such other event as makes it immediately exercisable; but he may enter into a conditional contract to sell on the power becoming exercisable, and may carry that contract into effect provided that the price is then proper2. The acceptance of a bill of exchange for the amount due only suspends the notice, and on the dishonour of the bill the notice revives and the mortgagee may sell
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