Skip to main content

In This Volume

  • 15 (1) As the lender would not have agreed to lend the principal amount to the borrower without the promises of the covenantor and in consideration of the lender advancing all or part of the principal amount to the borrower at the request of the covenantor, the covenantor promises
  • (a) to pay all the mortgage money when due, and
  • (b) to keep and perform all the borrower’s promises and agreements.
  • (2) The covenantor agrees that, with or without notice, the following shall in no way affect any of the promises of the covenantor or the liability of the covenantor to the lender:
  • (a) a discharge of the land or any part of the land from this mortgage;
  • (b) any disregard or waiver of a default;
  • (c) the giving of extra time to the borrower to
    • (i) do something that the borrower has agreed to do, or
    • (ii) cure a default;
  • (d) any other dealing between the borrower and the lender that concerns this mortgage or the land.
  • (3) All the covenantor’s promises shall be binding on the covenantor until all the mortgage money is fully paid to the lender.
  • (4) The covenantor is a primary debtor to the same extent as if the covenantor had signed this mortgage as a borrower and is not merely a guarantor or a surety, and the covenantor’s promises and agreements are joint and several with the borrower’s promises and agreements. This means that the covenantor and the borrower are both liable to perform all the borrower’s promises and agreements.
  • (5) If more than one person signs the mortgage form as covenantor, the promises are both joint and several.