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In This Volume

  • 7 (1) A default occurs under this mortgage if
  • (a) the borrower breaks any of the borrower’s promises and agreements,
  • (b) the borrower breaks any promise or agreement which the borrower has made to the lender in a mortgage of any other land or other property or in any other agreement the borrower has made with the lender even though the borrower may not have broken any of the borrower’s promises and agreements,
  • (c) the borrower becomes bankrupt,
  • (d) the land is abandoned or is left unoccupied for 30 or more consecutive days,
  • (e) the land or any part of it is expropriated,
  • (f) the borrower sells or agrees to sell all or any part of the land or if the borrower leases it or any part of it without the prior written consent of the lender,
  • (g) the borrower gives another mortgage of the land to someone other than the lender without the prior written consent of the lender,
  • (h) the borrower does not discharge any judgment registered in the land title office against the land within 30 days after receiving notice of its registration, or
  • (i) the borrower allows any claim of builders lien to remain undischarged on title to the land for more than 30 days unless the borrower
    • (i) diligently disputes the validity of the claim by taking all necessary legal steps to do so,
    • (ii) gives reasonable security to the lender to pay the claim in full if it is found to be valid, and
    • (iii) authorizes the lender to use the security to pay the lien in full.
  • (2) If a default occurs under this mortgage, it will have the same effect as though a default had occurred under any other mortgage or agreement between the borrower and the lender.