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In This Volume

  • 13 (1) If the land is subdivided
  • (a) this mortgage will charge each subdivided lot as security for payment of all the mortgage money, and
  • (b) the lender is not required to discharge this mortgage as a charge on any of the subdivided lots unless all the mortgage money is paid.
  • (2) Even though the lender is not required to discharge any subdivided lot from this mortgage, the lender may agree to do so in return for payment of all or a part of the mortgage money. If the lender discharges a subdivided lot, this mortgage will continue to charge the subdivided lot or lots that have not been discharged.