Which of the following is untrue regarding the rights or risks of a second mortgagee, in the case of a mortgagor’s default on the first mortgage to be registered?
O If the first mortgagee sells the mortgaged land, the second mortgagee must wait for any surplus proceeds, after the first mortgagee's mortgage debt is satisfied and their court and sales expenses are paid
O If the first mortgagee registers a final order of foreclosure, the second mortgagee retains their security in the land
O If the first mortgagee goes to court and begins the process of a foreclosure, the second mortgagee can redeem the mortgage and receive an assignment of it
O If only the second mortgagee forecloses, they become the owner of the property, but must now make payments to the first mortgagee and assume the responsibilities of the original mortgagor
O A default on the first mortgage is also an immediate default on the second mortgage, so the second mortgagee may immediately sue the mortgagor, start a foreclosure process, or sell the property