Common use of Amount Secured Clause in Contracts

Amount Secured. For the purposes of the Land Titles Act of Alberta (the "Act", which term includes all amendments and substituted legislation from time to time in effect), the amount secured by this mortgage is: (a) the principal sum of $ , plus (b) interest (the “Interest Rate”) thereon, before and after maturity, default and judgment, until paid, computed at a floating rate equal to 5% per annum above the prime lending rate established by the Mortgagee from time to time for commercial loans made by it in Canada in Canadian dollars, calculated daily and payable monthly not in advance, with interest on overdue interest at the same rate, together with (c) all further monies which may become payable pursuant to the terms of this mortgage and interest thereon as herein provided.

Amount Secured. For the purposes of the Land Titles Act of Alberta (the "Act", which term includes all amendments and substituted legislation from time to time in effect), the amount secured by this mortgage is: (a) the principal sum of $ $ , plus (b) interest (the “Interest Rate”) thereon, before and after maturity, default and judgment, until paid, computed at a floating rate equal to 5% per annum above the prime lending rate established by the Mortgagee from time to time for commercial loans made by it in Canada in Canadian dollars, calculated daily and payable monthly not in advance, with interest on overdue interest at the same rate, together with (c) all further monies which may become payable pursuant to the terms of this mortgage and interest thereon as herein provided.