Mini-Case Problems 1. B mortgages "Blackacre\" to A for $100.000. Some time later, B defaults on payment. and A begins foreclosure proceedings. If Blackacre has a value of $500,000, what should B do? 2. If B did nothing in the above case until after foreclosure proceedings were completed, then wished to pay the amount owing, could B still do so to re-acquire the property? Would vour answer be any different if A had sold the land to C? 3. Rosa gives a mortgage on Green Acres to Shelley. and it is duly registered. Rosa later gives a mortgage to Tina. and it is registered. Rosa. a year later, defaults on the mortgage to Shelley. What is the position of Tina and Rosa? 4, William owns a house and lot, and gives a mortgage on the property to Wallace. William later sells the house and lot to Black, with Black assuming the mortgage. A year later, Black defaults on the mortgage. Advise Wallace. 5. Sunset Financing Corporation assigned its first mortgage rights to a major Canadian bank for 10 parcels of land being developed for industrial/commercial purposes by Urban Developers Limited. Due to a postal service disruption, the written notice of Sunset's assignment to the bank was not received by Urban Developers until after the next scheduled payment was sent by Urban to Sunset. The bank has contacted Urban Developers claiming it is in default under its mortgage financing agreement and is seeking accelerated payment in full of the entire mortgage debt. Advise the parties