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In This Volume

  • 12 (1) This section applies if the land described in the mortgage form is or becomes a strata lot created under the Condominium Act.
  • (2) The borrower will fulfill all of the borrower’s obligations as a strata lot owner under the Condominium Act and the bylaws, rules and regulations of the strata corporation and will pay all money owed by the borrower to the strata corporation.
  • (3) The borrower gives to the lender the right to vote for the borrower under the bylaws of the strata corporation, but the lender is not required to do so or to attend or vote at any meeting or to protect the borrower’s interest.
  • (4) At the request of the lender, the borrower will give the lender copies of all notices, financial statements and other documents given by the strata corporation to the borrower.
  • (5) The borrower appoints the lender to be the borrower’s agent to inspect or obtain copies of any records or other documents of the strata corporation that the borrower is entitled to inspect or obtain.
  • (6) If the strata corporation transfers, charges or adds to the common property, or amends its bylaws without the consent of the lender, and if, in the lender’s opinion, the value of the land is reduced, the mortgage money shall, at the lender’s option, immediately become due and payable to the lender on demand.
  • (7) Nothing done by the lender under this section will make the lender a mortgagee in possession.