Common use of Fixed Rate Mortgages Clause in Contracts

Fixed Rate Mortgages. The Borrower will pay to the Lender in lawful Canadian Dollars on each Payment Date at the address set out in this Mortgage or otherwise provided in the Additional Terms and Conditions (as described below) regular payments of principal and interest. The interest rate will be per cent per annum and will be calculated semi-annually not in advance. Interest on the Principal Amount is payable at the Interest Rate both before and after the Balance Due Date, default and judgement, until the Principal Amount has been paid in full. Interest on all money advanced to the Borrower will be calculated daily at the Interest Rate on the date of each advance up to and including the day preceding the day of , 20 to be paid by the Borrower on the date last mentioned (the "Interest Adjustment Date"). At the Lender’s option, such interest will either: (i) be payable by the Borrower on the Interest Adjustment Date; (ii) be added to the Principal Amount on the Interest Adjustment Date and bear interest at the Interest Rate; (iii) be deducted by the Lender from any advance or advances which the Lender makes; or (iv) be debited by the Lender from the Borrower’s account on the first regular payment date. The Borrower will make, thereafter, regular payments of principal together with interest thereon at the Interest Rate in the amount of Dollars ($ ) (which include principal and interest) on the day of of , 20 (the "Balance Due Date"), and the balance of the said Principal ▇▇▇▇▇▇ then remaining unpaid and all accrued and unpaid interest and other moneys (if any) then owing under this Mortgage to become due and paid on the Balance Due Date.

Fixed Rate Mortgages. The Borrower will pay to the Lender in lawful Canadian Dollars on each Payment Date at the address set out in this Mortgage or otherwise provided in the Additional Terms and Conditions (as described below) regular payments of principal and interest. The interest rate will be per cent per annum and will be calculated semi-annually not in advance. Interest on the Principal Amount is payable at the Interest Rate both before and after the Balance Due Date, default and judgement, until the Principal Amount has been paid in full. Interest on all money advanced to the Borrower will be calculated daily at the Interest Rate on the date of each advance up to and including the day preceding the day of , 20 to be paid by the Borrower on the date last mentioned (the "Interest Adjustment Date"). At the Lender’s option, such interest will either: (i) be payable by the Borrower on the Interest Adjustment Date; (ii) be added to the Principal Amount on the Interest Adjustment Date and bear interest at the Interest Rate; (iii) be deducted by the Lender from any advance or advances which the Lender makes; or (iv) be debited by the Lender from the Borrower’s account on the first regular payment date. The Borrower will make, thereafter, regular payments of principal together with interest thereon at the Interest Rate in the amount of Dollars ($ ) (which include principal and interest) on the day of , 20 (the “First Payment Date”) to and including the day of , 20 (the "Balance Due Date"), and the balance of the said Principal ▇▇▇▇▇▇ then remaining unpaid and all accrued and unpaid interest and other moneys (if any) then owing under this Mortgage to become due and paid on the Balance Due Date.