The procedure laid down in rule 94 shall mutatis mutandis apply for the distraint and sale of the produce of the mortgaged land and the sale of mortgaged property under section 88 and 89:
Provided that, in the case of sale of mortgaged property, the notice of demand for the payment of mortgaged money or part thereof, as the case may be, as also the notice for the sale of the mortgaged property in the event of the payment not being made within the time allowed, shall be served upon the mortgagor or each of the mortgagors and also upon the following persons, namely:-
(i) Any person who has any interest in or charge upon, the property mortgaged, or in or upon the right to redeem the same, so far as is known to the Bank;
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(ii) Any surety for the payment of the mortgaged debt or any part thereof; and
(iii) Any creditor of the mortgagor who has in a suit for administration of his estate obtained decree for sale or mortgaged property.
The time allowed for payment of the mortgage money or part thereof in the demand notice referred to above, shall be not less than three months after the service of the notice.