(1) Subject to section 110(4), the receiver shall apply all money received in the following order -
(a) in discharge of all rates, rents, taxes and other outgoings affecting the mortgaged property,
(b) in discharge of all annual sums or other payments, and the interest on all principal sums, which have priority to the mortgage under which the receiver is appointed,
(c) in payment of the receiver's commission,
(d) in payment of premiums on insurance, if any, payable under this Chapter or the mortgage,
(e) in defraying the cost of repairs as directed in writing by the mortgagee,
(f) in payment of interest accruing due in respect of any principal sum due under the mortgage,
(g) in or towards discharge of the principal sum, if so directed in writing by the mortgagee.
(2) The residue (if any) of any money so received after making the payments specified in subsection (1) shall be paid by the receiver to the person who, but for the possession of the receiver, would have been entitled to recei
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