The proceeds of a sale
by a mortgagee in accordance with section 76 are to be applied —
(a)
first, in payment of the amount referred to in section 75(4)(b)(i) or (ii) if
payment of that amount has not already been made under section 76; and
(b)
second, in payment of any amount owed by the mortgagor under the mortgage; and
(c)
third, in payment of the expenses of and incidental to that sale; and
(d)
fourth, in payment of amounts outstanding in respect of all subsequent
encumbrances in respect of the land concerned; and
(e)
fifth, in payment of any remaining surplus to the beneficial holder of the
freehold.