Clarification: 60 minutes engage -> FFA

[Kileras]

Can i get rule clarification on the proper etiquette for guilds going for mobs that have passed the 60 minutes for an attempt rule? I received different information from top guilds/Staff alike and just want a solid answer out in the open.

Once the footrace FTE has been decided, and 60 minutes goes by and the mob is still up..

1) I assume that new FTE does not need to be determined by Footrace
2) I had assumed that "FFA" meant that a tag did NOT get you another 60 minutes
3) A yellow text post that 60 minutes is treated as any old world dragon, it must come to camp and be killed as soon as FTE.

are my assumptions correct? Nit picky i know, Sorry, but when dealing with players time i am very sensitive to wasting their time because I don't understand a rule and losing a mob.