34 (1) A security interest in goods that attached, (a)  before the goods became a fixture, has priority as to the fixture over the claim of any person who has an interest in the real property; or (b)  after the goods became a fixture, has priority as to the fixture over the claim of any person who subsequently acquired an interest in the real property, but not over any person who had a registered interest in the real property at the time the security interest in the goods attached and who has not consented in writing to the security interest or disclaimed an interest in the fixture. Exceptions (2) A security interest mentioned in subsection (1) is subordinate to the interest of, (a)  a subsequent purchaser for value of an interest in the real property; or (b)  a creditor with a prior encumbrance of record on the real property to the extent that the creditor makes subsequent advances, if the subsequent purchase or subsequent advance under a prior encumbrance of record is made or contracted for without knowledge of the security interest and before notice of it is registered in accordance with section 54. Removal of collateral (3) If a secured party has an interest in a fixture that has priority over the claim of a person having an interest in the real property, the secured party may, on default and subject to the provisions of this Act respecting default, remove the fixture from the real property if, unless otherwise agreed, the secured party reimburses any encumbrancer or owner of the real property who is not the debtor for the cost of repairing any physical injury but excluding diminution in the value of the real property caused by the absence of the fixture or by the necessity for replacement. Security (4) A person entitled to reimbursement under subsection (3) may refuse permission to remove the fixture until the secured party has given adequate security for the reimbursement. Notice (5) A secured party who has the right to remove a fixture from real property shall serve, on each person who appears by the records of the proper land registry office to have an interest in the real property, a notice in writing of the secured party’s intention to remove the fixture containing, (a)  the name and address of the secured party; (b)  a description of the fixture to be removed sufficient to enable it to be identified; (c)  the amount required to satisfy the obligation secured by the security interest of the secured party; (d)  a description of the real property to which the fixture is affixed sufficient to enable the real property to be identified; and (e)  a statement of intention to remove the fixture unless the amount secured is paid on or before a specified day that is not less than ten days after service of the notice. Idem (6) The notice mentioned in subsection (5) shall be served in accordance with section 68 or by registered mail addressed to the person to whom notice is to be given at the address furnished under section 168 of the Land Titles Act or section 42 of the Registry Act, or where no such address has been furnished, addressed to the solicitor whose name appears on the registered instrument by which the person appears to have an interest. Retention of collateral (7) A person having an interest in real property that is subordinate to a security interest in a fixture may, before the fixture has been removed from the real property by the secured party in accordance with subsection (3), retain the fixture upon payment to the secured party of the amount owing in respect of the security interest having priority over the person’s interest.  R.S.O. 1990, c. P.10, s. 34.