Y6

45. John is the owner of a property containing land and an apartment building. The total value is $300,000.00. John obtained a mortgage from the Royal Bank of Canada on December 1, 2022 in the amount of $150,000.00. The mortgage was registered at the Queens County registry office on December 2nd, 2022. He obtained another mortgage from the Bank of Nova Scotia also dated December 1", 2022, which was registered on December 4", 2019 in the amount of $50,000.00. Please indicate which mortgage is the first mortgage and which is the second mortgage and describe the legal differences between the two mortgages. Also, assume that John defaults on repayment of the Bank of Nova Scotia mortgage. Please describe the legal procedure necessary for the Bank of Nova Scotia to enforce its mortgage security and the effect, if any, on the Royal Bank mortgage