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Set of Standard Charge Terms that is registered at the Land Registry Office

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This page shows the set of standard charge terms that is registered at the registry office in Ontario. This particular set of standard charge terms is for CIBC and is public information.  As a matter of fact all mortgage information that is registered at the registry office is public information and accessible to anyone who wishes to search the title for a particular property.

When CIBC registers a new mortgage on a property there will also be a reference in the mortgage to the standard set of charge terms registered at the registry office under a particular registration number and this will be the reference number to the set of standard charge terms below.

LAND REGISTRATION REFORM ACT, 1990

SET OF STANDARD CHARGE TERMS

CIBC CONSUMER GENERAL COLLATERAL CHARGE/MORTGAGE

The following set of standard charge terms shall be deemed to be included in every charge in which the set is referred to by its filing number, as provided in section 9 of the Act, except to the extent that the provisions of this set of standard charge terms are modified by additions, amendments or deletions. 

1. Definitions

   In this set of standard charge terms:

Act means the Land Registration Reform Act (Ontario), as amended or replaced from time to time;

Agreement(s) means any one or all present and future agreements, notes, guarantees, indemnities and other documents between you and us which relate to the Indebtedness and includes any agreement which replaces or supplements any such agreement;

Amount Secured means the total of (i) the Principal Amount, (ii) interest on the Principal Amount at the Interest Rate, (iii) interest on unpaid interest and unpaid Costs at the Interest Rate, and (iv) Costs;

Condominium Act means the Condominium Act (Ontario), as amended or replaced from time to time;

Condominium Corporation means the condominium corporation created by the registration of a Declaration in respect of the Property under the Condominium Act;

Costs means all amounts (other than the Principal Amount and interest) that you must pay under this Mortgage or under any of the Agreements, including, without limitation, interest at the Interest Rate on such amounts;

Declaration means the declaration (as amended or replaced from time to time) which, together with a description, was registered under the Condominium Act to create the Condominium Corporation;

Event of Default means any of the events or circumstances listed in section 15;

Hazardous Substances means any substance or mixture of substances which are or may be detrimental to the environment or human health including without limitation all substances, chemicals or materials, declared to be hazardous or toxic under any law, by-law, regulation or ordinance enacted or promulgated by any legislative, governmental or regulatory body having jurisdiction over the Property;

Indebtedness means the amount you owe us and includes the aggregate of all your present and future indebtedness and liabilities to us (direct or indirect, absolute or contingent, matured or not, wheresoever and howsoever incurred, whether incurred as principal or surety, whether incurred alone or with another or others, and whether arising from dealings between us and you or from other dealings or proceedings by which we may become your creditor) including without limitation the outstanding balance of the Principal Amount advanced to you from time to time, interest thereon at the Interest Rate and all your other present and future indebtedness and liabilities to us payable under or in connection with one or more of the Agreements and this Mortgage;

Interest Adjustment Date means the interest adjustment date specified in the Registered Document, and if none is specified, then the date this Mortgage is signed; 

Interest Rate means the interest rate specified in the Registered Document;

Lien means any mortgage, charge, lien, assignment, security interest, execution, attachment or other encumbrance (whether given by statute or otherwise);

Mortgage means the Registered Document and this set of standard charge terms;

Prime Rate means the variable reference rate of interest per year declared by us from time to time to be our prime rate for Canadian dollar loans made by us in Canada;

Principal Amount means the principal amount set out in the Registered Document;

Property means the land described in the Registered Document, as well as all buildings and structures now on the land or later added, and anything now or later attached to or fixed to the building or the land, including additions, alterations, substitutions and improvements.  If the Property is a condominium unit, "Property" includes the common elements and any other interest that you may have in the assets of the Condominium Corporation, and references to the "Property" mean all or any part of it;

Registered Document means for the non-electronic paper based registration system, the Form 2 Charge/Mortgage of Land that you sign to give this Mortgage, and any Schedules attached to it, or, for the electronic registration system, the Mortgage prepared in the electronic format and registered electronically pursuant to the provisions of Part III of the Act;

Schedule means any schedule attached to the Form 2 Charge/Mortgage of Land;

Taxes means all taxes, rates and assessments of any nature or kind, including, without limitation, real property taxes, local improvement rates, school taxes, development charges and levies and any taxes or duties levied in lieu of or in substitution for any of the foregoing and interest and penalties on any of them;

we, our and us mean Canadian Imperial Bank of Commerce as mortgagee; and

you and your mean each person who signs the Mortgage as mortgagor(s). 

2. Giving This Mortgage

By signing the Registered Document you have charged your entire interest (both present and future) in the Property to us as collateral security for payment of the Indebtedness and performance of all of your obligations under this Mortgage and the Agreements. 

3. Interest Rate 

The Interest Rate you will pay on any part of the Indebtedness will be the interest rate specified in the relevant Agreement which relates to that part of the Indebtedness.  Interest will be calculated as set out in the relevant Agreement or, if not set out, will be calculated and compounded monthly, with interest on overdue interest at the same rate.  If no interest rate is specified in the relevant Agreement, you will pay interest on such part of the Indebtedness at the Interest Rate.  Interest is payable both before and after demand and both before and after default and judgment. 

This Mortgage may secure two or more different obligations to us.  The interest rates and the other terms of each of the obligations set out in the Agreements are not changed or otherwise affected as a result of you giving us this Mortgage. 

4. Maximum Amount Secured

The maximum amount secured under this Mortgage is the Amount Secured, even if the Indebtedness exceeds that amount. 

5. Payment

a) Demand

You will pay us the Indebtedness on demand.  Unless we have a right to demand repayment under any of the Agreements or under this Mortgage or an Event of Default has occurred, we will not demand repayment. 

A demand for repayment will be made either by delivering the demand to you personally or mailing it (by first class mail) to what our records show to be your most recent address.  You will be considered to have received our demand letter on the earlier of date of delivery or the fifth day after mailing. 

b) Application of Monies Received

We may apply any money that we receive to reduce your Indebtedness as we see fit (unless you and we sign an Agreement to the contrary). If the Indebtedness exceeds the Amount Secured, we may decide what part of the Indebtedness is secured by this Mortgage.

c)  Prepayment

You may only prepay a part of the Indebtedness if permitted and then only in the manner contemplated by the Agreement which relates to that part of the Indebtedness. 

6. Continuing Security

This Mortgage is continuing collateral security for the Indebtedness.  This Mortgage is not affected by: (a) any change in the amount, nature or form of the Indebtedness; (b) any change in any accounts relating to the Indebtedness; (c) any change in any of the Agreements; or (d) the reduction of the Indebtedness to zero at any particular time.  This Mortgage will not be considered to have been discharged or redeemed as a result of any of the events listed above.   

7. No Obligations To Advance

We may, for any reason, decide not to advance any money (or any more money) under this Mortgage or pursuant to any of the Agreements.  This applies whether or not the Mortgage has been signed and registered and whether or not any money has previously been advanced. 

8. Additional Security, Judgments

This Mortgage is in addition to and does not replace any other security that we may hold (now or later) for any of the Indebtedness. 

If we obtain judgment against you, we will be able to rely upon our rights under both the judgment and this Mortgage. The judgment will not affect any other security we may have.  We will be entitled to interest on any judgment at the Interest Rate until we are fully paid. 

You giving us this Mortgage does not prevent us from using any other means to obtain repayment of the Indebtedness. 

9. Releasing The Property, Subdivision, Expropriation

We may, in our absolute discretion, release our interest under this Mortgage in all or any part of the Property, whether or not we receive any value for doing so, and we will be accountable to you only for money we actually receive.  If we release our interest in part of the Property for any reason, the remainder of the Property will continue to secure the Indebtedness (in an amount not exceeding the Amount Secured), and your obligations, and those of any guarantor, under this Mortgage will continue.   

If the Property is subdivided, each part of the Property will secure all of the Indebtedness. 

If the entire Property is expropriated, the Indebtedness will immediately become due and payable together with loss of interest.  If only part of the Property is expropriated, the amount you are awarded for the partial expropriation will be paid to us and we will apply it to the Indebtedness.  If, in our opinion, the remainder of the Property does not constitute adequate security for the Indebtedness, then the Indebtedness, or such part of the Indebtedness as we determine, will immediately become due and payable together with loss of interest. 

10. Changes, Extensions Of Time

We may vary your credit, grant extensions of time, take and give up any security we hold, and otherwise deal with you and others (including any guarantors) and with any security we hold as we may see fit without affecting any of our rights, whether under this Mortgage, the Agreements or otherwise, or your liability under this Mortgage or the Agreements, or your liability to pay the Indebtedness.   

We may delay in enforcing any rights under this Mortgage without affecting those rights.  We may waive any breach of your obligations without affecting our rights in connection with any other existing or subsequent breach.  Any waiver of rights by us must, however, be signed by two of our authorized signing officers. 

You will continue to be obligated under this Mortgage despite any transfer of the Property or amendment of this Mortgage or the Agreements. 

11. Certain Promises You Make To Us

a) You certify and agree with us that:

1. you will pay the Indebtedness as required by the Mortgage and the Agreements, will pay Taxes relating to or arising from the Property to us or the tax office as applicable and will comply with all other obligations under the Mortgage;
2. unless you are the tenant or lessee of the Property, you are the lawful owner of the Property in fee simple and there are no Liens or claims affecting title to the Property except ones approved by us in writing;
3. you have the right to give us the Mortgage;
4. there are no limitations affecting title to your interest in the Property except for any restrictions registered in the land registry office where the Mortgage is registered and except for building and zoning by-laws, with which you have complied;
5. to the best of your knowledge and belief, after reasonable enquiry and investigation:
1. no part of the Property or of any adjoining land is, has ever been or will in the future be used to manufacture, refine, handle, treat, store, dispose of or otherwise deal with any Hazardous Substances except in compliance with all laws, regulations and orders and only then, if you have given us prior notice of such intended use and we have approved such intended use  in writing; and
2. no part of the Property contains, has ever contained or will in the future contain any Hazardous Substances which may lower the value of or adversely affect the marketability of the Property.

We may (but are not obligated to) require you, at your expense, from time to time, to obtain an environmental audit of all or any part of the Property, which environmental audit shall be satisfactory to us, but such audit does not relieve you from your obligations under this section.  Should the Property be found to contain any Hazardous Substances howsoever caused or from any source you will, at your sole expense, immediately carry out all work required to remove the Hazardous Substances from the Property and repair the damage to the Property in accordance with plans and proposals which have been prepared in consultation with us and have received our prior written approval.  When all such work is complete you will provide us with confirmation of completion, in whatever form we request.  If you fail to comply with any of your obligations under this section 11(a)(v) you agree that we may, but are not required to, undertake all or any part of the work we feel is necessary at your sole expense.  You will indemnify us against any and all actions, claims, costs and demands relating to Hazardous Substances on the Property and any breach of your obligations under this section 11(a)(v);

6. you will, at your expense, sign any other document or take any further action which we may, in our opinion, think necessary to ensure that all your interest in the Property has been fully charged to us and that the Indebtedness is adequately secured;
7. if you default in any of your obligations under the Mortgage, we may, at our option, take possession of the Property free from all Liens and claims except for ones approved by us in writing; and
8. you will take any action necessary to protect your title to the Property, and will not in any way interfere with our interest in the Property.

b) If you are a tenant or lessee of the Property, you also certify and agree with us that:

1. the Property is leased to you under a valid lease, a copy of which you have given us, that you have good leasehold title to the Property and there are no Liens or claims affecting title to the Property except ones approved by us in writing;
2. all rents and other moneys payable under the lease have been paid and you have complied with all of your other obligations set out in the lease, in both cases up to the date you signed the Mortgage;
3. your landlord or lessor has consented to you giving us this Mortgage, or you have the right to charge your interest in the lease to us without consent;
4. there are no limitations on your interest in the lease except for any set out in the lease, except for restrictions registered in the land registry office where the Mortgage is registered and except for building and zoning by-laws, with which you and your landlord have complied;
5. you will pay rents and all other payments required by the lease as they fall due;
6. you will comply with all your other obligations set out in the lease;
7. you will not surrender the lease or cause it to be terminated;
8. you will not make any change in the lease without first obtaining our written consent;
9. you will promptly give us a copy of any notice, demand or request which you may receive or give relating to the lease;
10. you will, at your expense, sign any other document or take any further action as we may think necessary, in our opinion, to ensure that all your interest in the Property and in the lease has been fully charged to us and that the Indebtedness is adequately secured;
11. you will indemnify us against all actions, claims, costs and demands should you default under your lease;
12. you will hold the Property for the last day of the term of your lease or of any renewal term in trust for us and will only deal with it in such manner as we shall require;
13. at our request, but at your expense, you will transfer to us the last day of the term of the lease or of any renewal. If we enforce our rights under the Mortgage, particularly those referred to in section 16(a)(iv), then you will hold the last day of the term of the lease and of any renewal in trust for any person to whom we sell your interest in the Property and for that person's legal and personal representatives and successors.  We may remove you or any other person as trustee of the trust referred to herein and appoint a new trustee or trustees; and
14. you appoint us as your attorney so that we, on your behalf and in your name, may assign the lease and the last day of the term and of any renewal and convey your interest in the Property as we may require to perfect any sale we may make under section 16 and, in particular, under section 16(a)(iv).

12. The Property

1. Insurance

You must insure and keep insured all buildings, structures, fixtures and improvements on the Property for not less than their guaranteed replacement value in Canadian dollars until the Mortgage has been discharged.  The risks against which you must insure include loss or damage by or from fire with extended perils coverage and by and from such additional perils, risks or events as we may at any time require.  If a steam boiler, pressure vessel, oil or gas burner, coal blower, stoker or sprinkler system or any other comparable apparatus are operated on the Property then you must also insure and keep insured, until the Mortgage has been discharged, against loss or damage by explosion of, or caused by, any such apparatus and against loss or damage caused by the sprinkler system.

All insurance policies must be carried with a company or companies satisfactory to us and contain mortgage clauses approved by The Insurance Bureau of Canada or by us confirming that loss proceeds are payable first to us, and we will have the first right to receive and to have a lien on the loss proceeds.  You must, upon our request, let us have certified copies of every insurance policy and, not less than 30 days before any policy expires, provide evidence of its renewal.

We may, but are not required to, place and pay for any insurance policy if you fail to do so.  Any premiums or sums of money, which we pay for insurance, will be immediately payable by you to us or added to the Indebtedness if not so paid and bear interest at the Interest Rate.

If any loss or damage occurs, you will immediately, at your expense, do everything necessary to enable us to obtain the insurance proceeds.  Production of the Mortgage will be sufficient authority for the insurance company to pay any loss to us and the insurance company is hereby directed to pay the same to us.  Insurance proceeds may, at our option, in whole or in part be used to repair or rebuild the Property, be paid to you to be used by you to repair or rebuild the Property or be used to reduce any part of the Indebtedness, whether due or not, and including an amount to compensate us for loss of interest. 

2. Repair and Inspection

You must keep the Property in a good condition and state of repair and carry out all necessary repairs and must not do, or let anyone else do, anything which lowers the value of the Property.

You will comply with every present and future statute, by-law, ordinance, regulation and order affecting the condition, repair, use or occupation of the Property.

If, in our opinion, you do not keep the Property in a good condition and state of repair or do, or allow anything to be done, which lowers its value or do not comply with any of your obligations under this section, then we can make whatever repairs and replacements are, in our opinion, necessary.  The costs of such repairs and replacements and of any inspections are payable by you immediately and if not paid, will be added to the Indebtedness.

You authorize us to enter the Property at all reasonable times to inspect and repair, but this does not obligate us to make any repairs and we will not become a mortgagee in possession by exercising these rights. 

3. Demolition and Improvements

You agree not to demolish any building or structure or part of any building or structure on the Property without first obtaining our written approval and not to make any substantial alterations, additions or improvements to the Property without first obtaining our written approval to your proposed plans and specifications.  If our consent is obtained, all alterations, additions and improvements will be completed in accordance with the plans and specifications so approved.  We may make advances to you under this Mortgage based on the progress in completing the improvements.  Any improvements will form part of the Property and be charged by this Mortgage. 

The above work must be completed, as quickly as possible, in accordance with all governmental requirements and building standards that apply to the Property, at your expense, and you will provide us with proof of payment and compliance with governmental requirements and building standards when requested.  You must retain all required holdbacks unless we at our sole option elect to do so.  We may obtain an order vacating any construction lien and, if we think it necessary, provide financial guarantees or other security to obtain such order.  All our expenses, including any charges for providing financial guarantees or other security, are immediately payable by you to us and if you do not pay them, we will add them to the Indebtedness. 

4. Payment of Taxes and Claims

1. Before or on the Interest Adjustment Date, we may withhold from any advance under the Mortgage any amount we feel necessary to pay or to anticipate future payments of Taxes.
2. After the Interest Adjustment Date, you agree to pay to us, if we so request, periodic payments on account of Taxes, based on the estimated annual Taxes and anticipated future payments of Taxes (as determined by us) that will be payable for the year following.
3. If we exercise our options under subsections (i) and/or (ii) of this section 12(d) and the Taxes on the Property in any calendar year exceed our estimate, you will pay us the difference on demand.  You agree to send us all tax bills and other notices or communications relating to Taxes as soon as you receive them, failing which you will repay to us the cost of obtaining such documentation and, if not paid, we will add such cost to the Indebtedness.  We do not have to hold any moneys which you send us under this section in trust, nor pay interest on them, nor apply them to pay Taxes more than once a year.  If you do not comply with any of your obligations under the Mortgage, we may, if we wish, apply any moneys which we have received under this section to any portion of the Indebtedness.
4. Notwithstanding the provisions of this section we may, at our option, choose not to require payment of Taxes to us, in which case you will be responsible for payment of all Taxes on the Property.  You will provide us with all the receipted tax bills by the end of each calendar year, failing which you will repay to us the cost of obtaining such receipts and, if not paid, we will be add such cost to the Indebtedness.  If, for any reason, you do not pay the Taxes when required, then subsections (i) to (iii) above will apply, at our option.

5. Selling the Property

If you sell or transfer the Property then, at our option, you will immediately pay the Indebtedness to us even if one or more of the Agreements do not contemplate immediate payment.  If we do not require such payment, our rights against you or anyone else who is liable are not affected. 

13. Condominium

If the Property is a condominium unit, you must also comply with the following in addition to all other provisions of the Mortgage.  You do not, however, have to comply with section 12(a).

2. Compliance with the Condominium Act, etc. - You will comply with the Condominium Act and with the Declaration, by-laws and rules and regulations of the Condominium Corporation as they exist from time to time.
3. Payment of Amounts and Common Expenses - You will pay all amounts required by the Condominium Act and by the Declaration and by-laws of the Condominium Corporation on or before they are due and, if we request, give us proof that you have done so.  You must pay common expenses.  If you do not make any payments which you are obligated to pay, we may do so on your behalf, add such amounts to the Indebtedness and you will be in default under the Mortgage.
4. Notices and Demands - You will mail to us by prepaid registered mail, or deliver to us, copies of every notice, assessment, claim or demand for payment, rule or regulation, request or demand of us to consent to any matter, and every other communication relating to your unit or the common elements of the Condominium Corporation so that we receive them at least five days before any claim or demand is payable or, in the case of other communications, within five days of the date you receive them.
5. Voting Rights -

1. You authorize us, in your name and on your behalf, and whether or not you are in default, to exercise your rights under the Condominium Act, to vote at any meeting of the Condominium Corporation, and to consent to any matter relevant to the management, sale or other dealings with the Property or assets of the Condominium Corporation or the termination of the application of the Condominium Act to the Condominium Corporation.
2. We may wish not to use our rights to vote or consent and if we do not wish to do so, we may notify the Condominium Corporation, in which case you can vote or consent yourself.  Our wish not to vote or consent can be for a limited time only or for a particular meeting or matter.  When we do vote or consent for you, we do not then become a mortgagee in possession and are not responsible to protect your interests nor for the way we vote or consent or fail to do so.

6. Acceleration of Repayment of Indebtedness - At our option, the Indebtedness will become payable immediately if:

1. government of the property of the Condominium Corporation under the Condominium Act is terminated;
2. a vote of the unit owners authorizes the sale of the property of the Condominium Corporation or of a part of its common elements;
3. the Condominium Corporation fails to comply with the Condominium Act, Declaration, by-laws or rules and regulations;
4. the Condominium Corporation fails to insure the units and common elements against destruction or damage by fire and other perils usually insured against for full replacement cost;
5. the Condominium Corporation fails, in our opinion, to manage or cause to be managed the condominium property and assets in a careful way or to maintain its assets in good repair; or
6. the Condominium Corporation fails to insure all the condominium units and common elements according to law and any additional requirements we may have or fails to do all that is necessary to collect insurance proceeds.

7. Insurance  - Under the Condominium Act, the Condominium Corporation must obtain appropriate insurance. In addition, you must insure all improvements, which at any time have been made to the Property, against loss or damage by fire and, as well, against such additional risks as we may require.  We have the right to approve the insurance company or companies.  You and the Condominium Corporation or both, assign and transfer the policy or policies of insurance and receipts thereof to us and if you or the Condominium Corporation or both fail to keep the buildings and improvements insured or provide us at least 15 days before the termination of any insurance, evidence of renewal, we are entitled but not obligated to insure the buildings or improvements.  Any premiums or sums of money, which we pay for insurance, will be immediately payable by you to us or added to the Indebtedness if not so paid and bear interest at the Interest Rate.  You must, if we ask for them, give us certified copies of every insurance policy.  If any loss or damage occurs, you will immediately, at your expense, do everything necessary to enable us to obtain the insurance proceeds. These proceeds, as may be permitted by law, may, at our option, in whole or in part be applied to repair the damage, be paid to you to repair the damage or be applied to reduce any part of the Indebtedness whether or not yet due.

The obligation to insure may be performed by the Condominium Corporation and the proceeds of insurance may be payable in accordance with the Declaration and by-laws of the Condominium Corporation.  You promise that, in the event of loss or damage, you will fully comply with the terms of all insurance policies and with the insurance provisions of the Declaration and by-laws and that, as a member of the Condominium Corporation, you will insist that the Condominium Corporation fully complies with these terms. 

14. Expenses And Interest

You will immediately repay us on demand for all the Costs (including lawyers' fees and disbursements) that we incur relating to this Mortgage or any of the Agreements (whether or not any money is advanced under this Mortgage or any of the Agreements) including without limitation all fees incurred in:

a) investigating title to the Property, preparing, signing and registering this Mortgage and any other related documents; and

b) appraising, inspecting, protecting, repairing, insuring, enforcing any of our remedies including taking and keeping possession of the Property, preparing it for sale or lease, selling or leasing it, legal (including lawyers' fees and disbursements on a solicitor and client basis) and agents' expenses, any other expenses of exercising or protecting our rights and a reasonable allowance for the time and services of our employees.

You will pay interest, at the Interest Rate, on such amounts and expenses from the date they are paid by us until you repay them. 

15. Default

In addition to our other rights under this Mortgage and the Agreements, and without affecting our right to demand payment in any other circumstance, we will not demand payment under section 5 unless one of the following events occurs: 

(a)  you do not pay when due any of the Indebtedness or any other amount payable  to us;

(b) you do not observe or perform any provision or obligation contained in this Mortgage or in any of the Agreements;

(c) you do not pay when due any indebtedness for money borrowed from anyone other than us;

(d) any statement that you have made or given to us (or later make or give to us) relating to the Property, this Mortgage, the Agreements, the Indebtedness or your financial situation was or is untrue at the time it was or is made;

(e) any Lien or notice of Lien is registered against the Property without our prior written consent;

(f) you sell, transfer, lease or otherwise deal with the Property or allow the Property to remain or become vacant or abandon the Property or the present use of the Property changes to some other use (in whole or in part) without our prior written consent;

(g) if you are a corporation, there is a change in effective control or any order is made or resolution passed for winding-up, liquidation or other dissolution; if you are a partnership, there is a change in membership or a dissolution;

(h) you become insolvent, you declare bankruptcy, you make a proposal in bankruptcy, you make an assignment for the benefit of creditors, or any proceedings are instituted by or against you seeking to adjudicate you a bankrupt or insolvent or seeking liquidation, winding-up, dissolution, reorganization, arrangement, adjustment, protection, relief or composition of you or your debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors or other similar law or seeking the appointment of a receiver, receiver and manager, trustee, custodian or other similar official for you or for any of your property, or you are declared bankrupt, or a receiver, receiver and manager, trustee, custodian or other similar official is appointed to you or in respect of all or any part of the Property; or

1. power of sale or foreclosure proceedings are commenced against all or any part of the Property.

16. Remedies On Default

1. Remedies - If you do not make any payment when required under the Mortgage or do not comply with any of your other obligations under the Mortgage or in case of any of the events of default specified in section 15, we may enforce any one or more of the remedies listed below in any order. 
   

      Our remedies are:

1. Sue you - We may take such action as is necessary to collect the Indebtedness.
2. Foreclosure or Sale - We may take court proceedings to foreclose your right, title and equity of redemption to the Property.  If we obtain a final order of foreclosure from the court, the Property will belong to us.  We may also ask the court to order the sale of the Property under its supervision.  If the amount we receive from the sale of the Property is less than the Indebtedness, you must pay us the difference.
3. Lease the Property; Assign Rents - If your default continues for 15 days, we may, on 15 days' notice to you, enter on and lease the Property; if your default continues for 30 days we may, without notice to you, enter on and lease the Property.  You assign to us all rents from the Property, this assignment becoming effective upon the occurrence of an Event of Default.  We may cancel or amend any lease or lease again, as we think reasonable, without being responsible for any resulting loss.  We may apply the net proceeds of any lease to reduce any part of the Indebtedness.  We will only be accountable for net proceeds when we have actually received them. If the net proceeds do not pay the Indebtedness in full, you must pay us the difference.
4. Power of Sale - If your default continues for 15 days' we may, on at least 35 days' written notice to you as required by Part III of the Mortgages Act (Ontario) enter on and sell the Property or any part of the Property.  Any sale can be for cash or on credit, or partly for cash and partly on credit, by private sale or public auction and on such terms as can be obtained.  We may cancel or amend any contract of sale and sell or adjourn any such sale from time to time, all as we think reasonable, without being responsible for any resulting loss.  We may apply the net proceeds of any sale to reduce any part of the Indebtedness.  We will only be accountable for net proceeds when we have actually received them.  If the net proceeds do not pay the Indebtedness in full, you must pay us the difference.
5. Enter on the Property - We can enter on the Property at any time, without your permission, and make any necessary arrangements to inspect, collect rent, manage, repair or complete construction.  Any costs we incur will be added to the Indebtedness.  We may lease or sell the Property without actually entering into possession.  We will not be considered to be a mortgagee in possession unless we actually take possession of the Property.  While in possession, we will only be accountable for money actually received.
6. Appoint a Receiver - We can appoint, in writing, a receiver (which includes a receiver and manager) to collect any income from the Property.  The receiver will be your agent, not ours, and you alone will be responsible for any of the receiver's acts or omissions.  We are not accountable for any moneys received by the receiver except to the extent that we actually receive any such moneys.  The receiver may use every available remedy which we have under the Mortgage to collect the income from the Property, take possession of the whole or part of the Property, manage the Property and keep it in good condition.  From the income collected, the receiver will pay all rents, Taxes, insurance premiums and other expenses required to keep the Property in good condition; pay his own commission as receiver; pay all amounts required to keep any Lien ranking in priority to the Mortgage in good standing; pay interest owing under the Mortgage; and pay all or any part of the Indebtedness whether it is due or not.
7. Cure Any Defaults - We can cure any defaults under the Mortgage, at your expense, and generally take any other steps or proceedings against you as permitted by the laws of the province in which the Property is located and of Canada.

2. Non-interference - If, in enforcing our remedies, we take possession of the Property, you will not interfere with our possession, with that of any receiver we may appoint or with that of any person to whom the Property may be leased or sold, and you will not make any claim against any person to whom the Property may be leased or sold.

3. Delay in Enforcement - Our rights will not be affected if we delay in enforcing any of our rights under the Mortgage or give you or anybody else an extension of time.  We may still insist on you making all payments on time and complying with your obligations, require payment of the Indebtedness if you are in default and require any other person, including a guarantor, who has obligations to us under the Mortgage to meet those obligations.  If you do not make any payment of the principal amount as required by the Mortgage, we are not obliged to accept subsequent payment unless you also give us interest to the date of subsequent payment.

4. Judgments - If we obtain any court order or judgment against you in any action to enforce our remedies, the judgment will not prevent us from pursuing our other remedies or rights to enforce your other obligations under the Mortgage, including our right to receive interest as required by the Mortgage.

17. Discharge

After you have paid all the Indebtedness secured by this Mortgage and performed all your obligations under the Mortgage and the Agreements, you may request, in writing, that we provide you with a discharge of this Mortgage which will be prepared at your expense. 

You will pay our usual administration fee for preparing, reviewing and/or signing any such discharge as well as all legal and other expenses, whether the discharge is prepared by your lawyer, by ours or by us.  It is your responsibility to register the discharge on your title and to pay the registration fee. 

If electronic registration is available for your Mortgage, we may, in our sole discretion, register the discharge on your behalf and at your cost and will provide either you or your lawyer (as applicable) with confirmation of registration. 

18. Guarantee

In return for us having made a loan to you (which  includes your heirs, executors, successors and assigns), each person who signs the Mortgage as guarantor agrees with us, as principal debtor and not as surety, to pay to us the Indebtedness as and when required by the Mortgage and to observe and perform all of your other obligations under the Mortgage.  Each guarantor, if there is more than one, will be jointly and individually liable with you and with each other for complying with all obligations under the Mortgage. 

We may, at any time and from time to time, without the consent of or notice to any guarantor, give any extension of time for payment (including renewals), amend the Agreements or any of them, deal with any additional security, give releases or discharges, vary, increase or decrease the Interest Rate, amend the terms of the Mortgage and generally deal with all matters affecting the Mortgage and your obligations without in any way affecting the guarantee or the obligations of any guarantor. We may require payment from any guarantor before we attempt to obtain a payment from you, and all obligations of any guarantor shall also be those of the guarantor's, heirs, executors, successors or personal representatives, and will not be altered by the bankruptcy of the borrower or any guarantor. 

19. General

1. The covenants deemed to be included in a charge by the Act are excluded from this Mortgage.

2. If more than one person signs the Registered Document, each is separately liable and all are jointly liable under it.  Any agreement to make material changes to the Mortgage including, without limitation, any extension of the time for payments, changes in the Interest Rate or renewals or extensions will apply not only to those who agree to the changes in writing but also to any person, including any guarantor, who signed the original Registered Document but did not agree to the changes in writing.
3. If more than one person signs the Mortgage as borrower we can rely on communications we receive from any one of you, whether these communications are received electronically, in writing, orally or otherwise and such communications from any one of you will be considered to be communications from all of you.  In addition, communications from us to any of you, whether these communications are delivered electronically, in writing, orally or otherwise, will be considered to be communication to all of you.  Items mailed to you will be considered to have been received by you by the fifth day after mailing. 
4. You certify to us that all information which you gave us about your marital status and the Property when applying for the loan secured by the Mortgage, and the statements made herein and in the Registered Document were and are completely truthful and accurate under Part II of the Family Law Act (as amended or replaced).
5. The doctrine of consolidation will apply to the Mortgage and any other mortgage you have granted or will grant to us. This means that if you default under any of your mortgages to us then we can, as a condition of your repaying any mortgage, require that you repay all mortgages.
6. You agree that, only for the purpose of defining the date of the Mortgage with respect to any statutory right of prepayment, the date of the Mortgage will be deemed to be the Interest Adjustment Date set out in the Registered Document regardless of the date of signature that appears on the Registered Document.
7. If the Ontario New Home Warranties Plan Act (as amended or replaced) applies to the Property, you agree to comply with its requirements and to reimburse us for any costs which we incur in complying or enforcing your rights on your behalf if you fail to do so.
8. Not only do you agree to be bound by everything, including your obligations, in the Mortgage, but your legal and personal representatives and successors and anybody else to whom your Property is transferred are also bound. The Mortgage is also binding on our successors and assigns and on anybody to whom we may transfer the Mortgage.
9. The Mortgage cannot be assigned by you or assumed by any other person or persons.
10. If you or any of you or any guarantor is female or if a guarantor is a corporation, then the Mortgage will be read with all necessary grammatical changes.
11. If any provision of the Mortgage is found to be illegal or unenforceable, the validity or enforceability of all other provisions will not be affected.
12. Headings in the Mortgage do not form part of the Mortgage and are used only for easy reference.

Schedule

Equivalent Interest Rates

In the Mortgage, interest is calculated monthly not in advance. The following table shows, for a number of possible interest rates, calculated monthly not in advance, the equivalent rates if interest were calculated half-yearly not in advance.

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