To entitle a party to foreclose by advertisement, it is requisite:
1. That default in a condition of the mortgage has occurred by which the power of sale has become operative;
2. That no action or proceeding has been instituted at law to recover the debt then remaining secured by the mortgage, or any part thereof, or if any action or proceeding has been instituted, that the same has been discontinued or that an execution upon the judgment rendered therein has been returned unsatisfied in whole or in part; and
3. That the mortgage containing the power of sale has been recorded and, if it has been assigned, that all the assignments thereof have been recorded.