1 Interpretation | Land Title Practice Manual

1 (1) In these mortgage terms:

“borrower” means the person or persons named in the mortgage form as a borrower;

“borrower mailing address” means the postal address of the borrower set out in the mortgage form or the most recent postal address provided in a written notice given by the borrower to the lender under these mortgage terms;

“borrower’s promises and agreements” means any one or more of the borrower’s obligations, promises and agreements contained in this mortgage;

“court” means a court or judge having jurisdiction in any matter arising out of this mortgage;

“covenantor” means a person who signs the mortgage form as a covenantor;

“default” includes each of the events of default listed in section 7 (1);

“interest” means interest at the interest rate shown on the mortgage form;

“interest adjustment date” means the interest adjustment date shown on the mortgage form;

“interest calculation period” means the period or periods for the calculation of interest shown on the mortgage form;

“interest rate” means the interest rate shown on the mortgage form;

“land” means all the borrower’s present and future interest in the land described in the mortgage form including every incidental right, benefit or privilege attaching to that land or running with it and all buildings and improvements that are now or later constructed on or made to that land;

“lease” means the leasehold interest, if any, of the borrower referred to in the mortgage form;

“lender” means the person or persons named in the mortgage form as a lender and includes any person to whom the lender transfers this mortgage;

“lender mailing address” means the postal address shown on the mortgage form or the most recent postal address provided in a written notice given by the lender to the borrower under these mortgage terms;

“loan payment” means the amount of each periodic payment shown on the mortgage form;

“maturity date” means the balance due date shown on the mortgage form and is the date on which all unpaid mortgage money becomes due and payable, or such earlier date on which the lender can lawfully require payment of the mortgage money;

“mortgage form” means the instrument in the form approved as a mortgage by the Director of Land Titles under the Land Title Act and all schedules and addenda to the instrument;

“mortgage money” means the principal amount, interest and any other money owed by the borrower under this mortgage, the payment of which is secured by this mortgage;

“payment date” means each payment date commencing on the first payment date shown on the mortgage form;

“place of payment” means the place of payment shown on the mortgage form or any other place specified in a written notice given by the lender to the borrower under these mortgage terms;

“principal amount” means the amount of money shown as the principal amount on the mortgage form as reduced by payments made by the borrower from time to time, or increased by the advance or readvance of money to the borrower by the lender from time to time, and includes all money that is later added to the principal amount under these mortgage terms;

“receiver” means a receiver or receiver manager appointed by the lender under this mortgage;

“taxes” means all taxes, rates and assessments of every kind which are payable by any person in connection with this mortgage, the land or its use and occupation, or arising out of any transaction between the borrower and the lender, but does not include the lender’s income tax;

“this mortgage” means the combination of the mortgage form and these mortgage terms.

(2) In this mortgage the singular includes the plural and vice versa.

In This Volume