Loss of right of pre-emption on foreclosure

When the right of pre-emption accrues in respect of the foreclosure of a mortgage, any person entitled to such right shall lose the same unless within two months from the date of service of the notice given under section 8, he pays or tenders to the mortgagee or his successor in title the amount specified in such notice; Provided that the right of pre-emption shall not be so lost if the amount claimed by the mortgagee was not really due on the footing of the mortgage or was not claimed in good faith.