Sale for breach of conditions of encumbrance

(1) When an encumbrancer has failed to perform the conditions of the encumbrance, or when the encumbrancee may lawfully demand the amount or right secured by the encumbrance, the encumbrancee may, after such notice as may be prescribed, apply to the court for an order that, (a) the land charged with the encumbrance be sold to recover the amount thereby secured; or (b) the encumbrancee exercise such right as he may be entitled to by reason of the failure of the encumbrancer. (2) Every sale of land for failure to pay the amount secured by an encumbrance shall be effected in the same manner and form, and have the same consequences, as a sale made in pursuance of an order for sale in realisation of a mortgage charge under this Act.