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In This Volume

  • 6 (1) The lender will use the money paid to the lender under section 5(1)(b) to pay taxes unless there is a default in which case the lender may apply the money in payment of the mortgage money.
  • (2) By this mortgage the borrower grants and mortgages any additional or greater interest in the land that the borrower may later acquire.
  • (3) Any money paid to the lender under this mortgage shall,
  • (a) prior to a default, be applied first in payment of interest, secondly in payment of the principal amount and thirdly in payment of all other money owed by the borrower under this mortgage, and
  • (b) after a default, be applied in any manner the lender chooses.
  • (4) The lender may at any reasonable time inspect the land and any buildings and improvements which form part of it.
  • (5) If the lender takes possession of the land the lender will not be responsible for maintaining and preserving the land and need only account to the borrower for any money which the lender actually receives in connection with this mortgage or the land.
  • (6) The lender may spend money to perform any of the borrower’s promises and agreements which the borrower has not performed and any money so spent shall be added to the principal amount, bear interest from the date that the money was so spent, and be immediately due and payable to the lender.
  • (7) If the borrower wants to give any notice to the lender, the borrower must do so by having it delivered to the lender personally or by sending it by registered or certified mail to the lender mailing address or to any other address later specified in writing by the lender to the borrower.
  • (8) If the lender wants to give any notice to the borrower, the lender must do so by having it delivered to the borrower personally or by sending it by registered or certified mail to the borrower mailing address or to any other address later specified in writing by the borrower to the lender.
  • (9) Any notice sent by mail is considered to have been received 5 days after it is mailed.
  • (10) Any notice to be given by the borrower to the lender or vice versa during a mail strike or disruption must be delivered rather than sent by mail.
  • (11) The borrower is not released from the borrower’s promises and agreements only because the borrower sells the land.
  • (12) If the borrower has mortgaged anything else to the lender better to secure payment of the mortgage money, the lender may take all lawful proceedings under any of the mortgages in any order that the lender chooses.
  • (13) The lender does not have to advance or readvance the principal amount or the rest or any further part of the principal amount to the borrower unless the lender wants to even though
  • (a) the borrower has signed this mortgage,
  • (b) this mortgage is registered in the land title office, or
  • (c) the lender has advanced to the borrower part of the principal amount.
  • (14) The lender may deduct from any advance of the principal amount
  • (a) any taxes that are due,
  • (b) any interest that is due and payable to the date of the advance,
  • (c) the legal fees and disbursements to prepare and register this mortgage including other necessary steps to advance and secure the mortgage money and to report to the lender, and
  • (d) any insurance premium.
  • (15) The lender’s right of consolidation applies to this mortgage and to any other mortgages given by the borrower to the lender. This means that if the borrower has mortgaged other property to the lender the borrower will not have the right, after default, to pay off this mortgage or any mortgage of other property unless the borrower pays the lender all money owed by the borrower under this mortgage and all of the mortgages of other property.