Clearing of encumbrances on seizure and sale of land

(1) Where land is seized and sold for non-payment of any legal charge or encumbrance, any encumbrance of the nature described in section 103 (1) (a), (c) or (e) of this section, if it is prior in date to the mortgage or encumbrance in regard to which the sale is prosecuted, may be cleared from the title with the consent of the encumbrancee, and any such encumbrance which is of later date, shall be cleared from the title without such consent. (2) In order that the land may be cleared with the consent of the encumbrancee, the encumbrance shall be valued at its then present value, and shall be paid off in its order out of the proceeds of the sale, if the purchase money is sufficient for the purpose, unless the encumbrance should remain a burden upon the land.