Skip to main content

In This Volume

  • 2 (1) In return for the lender agreeing to lend the principal amount to the borrower, the borrower grants and mortgages the land to the lender as security for repayment of the mortgage money and for performance of all the borrower’s promises and agreements.
  • (2) If the interest mortgaged is described in the mortgage form as a leasehold interest, the grant in subsection (1) shall be construed as a charge of the unexpired term of the lease less the last month of that term.
  • (3) This means that
  • (a) this mortgage shall be a charge on the land, and
  • (b) the borrower releases to the lender all the borrower’s claim to the land until the borrower has paid the mortgage money to the lender, in accordance with these mortgage terms, and has performed all of the borrower’s promises and agreements.
  • (4) The borrower may continue to remain in possession of the land as long as the borrower performs all of the borrower’s promises and agreements.
  • (5) When the borrower has paid the mortgage money and performed all the borrower’s promises and agreements under this mortgage and the lender has no obligation to make any further advances or readvances, the lender will no longer be entitled to enforce any rights under this mortgage and the borrower will be entitled, at the borrower’s cost, to receive a discharge of this mortgage. The discharge must be signed by the lender and must be registered by the borrower in the land title office to cancel the registration of this mortgage against the land.