(1) Any person entitled to redeem mortgaged property may redeem by-

(a) performing all of the acts secured by the mortgage which have yet to be performed; and

(b) compensating the mortgagee by payment of interest, costs and other expenses due in respect of any failure to have timely performance of the acts secured by the mortgage.

(2) A tender of performance and compensation sufficient to redeem the mortgaged property shall, if refused by the mortgagee, have the effect of relieving the person offering to redeem from any obligation to pay compensation for any further delay in performance of the acts secured by the mortgage.

(3) Redemption may, but need not, be by an action for redemption.