(1) Minimum Fractional Interest Required. Except when the lien instrument is a deed of trust, a power of sale may not be exercised, and the court may not enter an order for a sale under an assent to a decree, unless the power is exercised or application for an order is made or consented to by the holders of 25% or more of the entire debt due under the lien instrument.

(2) Priority of Actions Involving Fractional Interests. If more than one party is authorized under these Rules to file an action to foreclose a lien, the first such party to file an action acquires the exclusive right to proceed on behalf of all fractional interest holders of the lien instrument being foreclosed.