Common use of OF THE BORROWER Clause in Contracts

OF THE BORROWER. 5.1 The borrower promises: (a) to pay all taxes when they fall due and to send to the lender at the place of payment, or at any other place the lender requires, all notices of taxes which the borrower receives, and receipts evidencing payment in full of such taxes within thirty (30) days of their due date. Any claim the borrower makes against the taxing authority will not diminish or delay the borrower’s obligation to pay the taxes as required and will not delay the exercise of any remedy nor be a defence to any claim by the lender against the borrower under this mortgage. Failure to provide the required receipts will entitle the lender to obtain evidence of payment from the municipality and any costs so incurred will be added to the mortgage money, be due on demand and bear interest until fully paid, (b) if the lender requires the borrower to do so, to pay the lender: (i) on each payment due date the amount of money estimated from time to time by the lender to be sufficient to permit the lender to pay the taxes as they fall due, and (ii) any money in addition to the money already paid to the lender to be paid towards taxes so that the lender will be able to pay the taxes in full; in addition, the borrower will forward to the lender, immediately upon receipt, the assessment notices, tax bills and other notices affecting the land. Any penalties which are levied against the land because of late payment of taxes are the borrower’s responsibility, unless the reason for the penalties is due to the gross negligence of the lender, (c) to pay on demand, the amount of money required to make up the deficiency if the taxes actually charged or payable in any calendar year exceed the estimate of the lender for that calendar year, (d) if the lender requires the borrower to do so, to pay the lender an amount specified by the lender in respect of any reserves reasonably estimated by the lender to account for future tax liabilities as required by the lender at the time the mortgage was registered, or from time to time thereafter, (e) to pay all utility and fuel charges related to the land when they are due, to not allow the supply of utilities or fuel to be interrupted or discontinued and, if the supply of utilities or fuel is interrupted for any reason, to ensure that is it immediately restored, (f) to forward to the lender at the lender mailing address copies of all documentation relating to any expropriation or proposed expropriation of the land or any part(s) of the land immediately after the borrower receives any such documentation. The borrower irrevocably assigns to the lender any compensation which may become due and payable to the borrower or anyone claiming an interest under or through the borrower by an expropriating authority upon any expropriation of all or part(s) of the land. This assignment is limited to the amount of the mortgage money which is outstanding at the date the borrower ceases to be the registered owner of the land or any such part(s) of the land. Service of a copy of this mortgage on the expropriating authority is sufficient authority for the expropriating authority to deliver such proceeds to the lender, (g) to keep the land, the buildings, and any erections or improvements which form a part of the land in good condition and repair and not allow any act of waste on the land or allow the land or any building to become or remain vacant or to be used for any illegal, improper or immoral purpose or activity, (h) to sign any other document that the lender reasonably requires to ensure that payment of the mortgage money is secured by this mortgage or by any other security or loan document that the borrower has agreed to give in respect of the mortgage money, (i) to not allow the land to be used, without the prior written consent of the lender, for a purpose other than that disclosed to the lender at the time the borrower applied for the loan or credit facility secured by this mortgage, (j) that at no time will the land or building thereon be used in a manner that would contravene any law, rule, requirement, order, direction, decree, ordinance or regulation of any applicable government authority in force from time to time, (k) not to do or allow anyone to do anything that will, in the lender’s opinion, have the effect of reducing the value of the land, or any building, erection, addition or improvement upon the land, (l) not to make any alteration or improvement to any building which forms part of the land without the prior written consent of the lender, (m) not to permit, insulate, affix, or store within or without any building, erection, addition or improvement upon the land, in whole or in part, any hazardous materials, (n) to remain in actual possession of the land and to not lease or rent any part of the land without the prior written approval of the lender. In the event that the lender’s approval is received then the borrower hereby agrees with the lender as follows: (i) to lease and maintain the unit or units in a prudent businesslike manner at fair market rents in compliance with all applicable tenancy laws and regulations, (ii) the borrower hereby assigns and sets over to the lender all rents payable from time to time under all leases of the land and any part thereof, whether presently existing or arising in the future, together with the benefit of all covenants, agreements and provisos contained in the said leases, (iii) immediately after making any lease of the land or any part thereof, the borrower will execute and deliver to the lender an assignment in registerable form, in the lender’s usual form, of all rents payable under such lease (and where requested, a specific assignment of lease), the benefit of all covenants, agreements and provisos therein contained on the part of the tenant to be observed and performed and the reversion of such lease, and will also execute and deliver to the lender all such notices and other documents as may be required to render such assignment effectual in law and registerable, (iv) nothing herein contained makes the lender responsible for the collection of rents payable under any lease of land or any part thereof or for the performance of any covenants, terms or conditions contained in any such lease, (v) the lender will not by virtue of this paragraph be deemed to be a mortgagee in possession of the land, (vi) the lender is liable to account for only such rents that actually come into its hands less a reasonable collection of charges in respect thereof and may apply such rents to the repayment of the mortgage money, (vii) notwithstanding anything herein contained, no lease of the land or any part thereof made by the borrower, will have priority over this mortgage, and (viii) the borrower will keep, if required by the lender, records of all rents received and of all expenses paid by the borrower in connection with the land and, at least annually, have a statement of revenue and expenses for the land prepared by a professional accountant if the lender requires and to give a copy if the statement to the lender if the lender requires the borrower to do so, (o) to insure and keep insured (or cause to be insured or kept insured) against the risk of fire and other risks and losses that the lender asks the borrower to insure against, with an insurance company licensed to do business in ▇▇▇▇▇▇ ▇▇▇▇▇▇ Island and approved by the lender, all buildings and improvements on the land to their full insurable value on a replacement cost basis, and for an amount not less than the amount of this mortgage, and to pay all insurance premiums when due. The insurance policy must: (i) be against all perils and extended perils usually covered in fire insurance policies, including loss or damage resulting from explosion, tempest, tornado, cyclone, earthquake and lighting, (ii) cover loss or damage caused by a boiler, sprinkler system or a other pressured vessel and equipment if such systems exists in any building on the property, (iii) provide comprehensive liability coverage for personal or property damage and losses occurring on or in respect to the property for each occurrence and in the amount the lender specifies, (iv) not contain any co-insurance requirements, (v) cover loss or damage caused by flooding if so specified by the lender, and (vi) designate the lender as a beneficiary and contain mortgage clauses approved by The Insurance Bureau of Canada. (These clauses must provide that loss proceeds will be made to the lender first at the place of payment and that the lender has the first right to receive and to have a first lien on the loss proceeds.) (p) immediately upon the happening of any loss or damage, to furnish at its expense all necessary proofs and to do all acts necessary to enable the lender to obtain payment of the insurance monies. The borrower hereby gives up any statutory right which the borrower may now or at any time hereafter have to require the insurance proceeds to be applied in any particular manner. Any insurance monies received by the lender may, at the option of the lender, be applied in whole or in part to: (i) repairing or rebuilding the land, (ii) the payment of all or any part of the mortgage money, whether or not then due or payable; or (iii) payment to the borrower, (q) to send a copy of each insurance policy and certificate evidencing renewal thereof to the lender at the place of payment. Failure to provide the required documentation will entitle the lender to obtain, at its sole discretion, insurance on behalf of the borrower and any costs incurred will be added to the mortgage money, due on demand and bear interest until fully paid. If the lender insures its interest in the lands, the lender is under no obligation to otherwise insure, or keep insured, the lands, (r) to pay on demand all of the lender’s costs, including the fees of any loan servicer and rating agency, and lawyer’s fees and disbursements (on a full indemnity basis), incurred in connection with or arising out of: (i) the preparation, execution and registration of this mortgage and other loan documents, including all necessary steps to advance and secure the mortgage money, (ii) the collection of the mortgage money, (iii) the enforcement of the terms of this mortgage, including efforts to compel the borrower to perform the borrower’s promises and agreements. These costs include the lender’s cost of inspecting, protecting, securing, completing, insuring, repairing, equipping, taking and keeping possession of and managing the land, preparing the land for sale or lease, selling or leasing the land, the cost of the time and services of the lender’s employees or agent for so doing and all other costs and expenses incurred by the lender to protect the lender’s interest under this mortgage. These costs form part of the mortgage money and bear interest until they are fully paid, (iv) appointing a receiver, receiver and manager or any other person(s) with similar powers (under this mortgage, applicable laws or otherwise) and such person’s fees and expenses (including all legal fees and disbursements and all agent’s costs and expenses). These costs form part of the mortgage money and bear interest until they are fully paid, (v) obtaining any environmental audits or other inspections, tests or reports with respect to the land, (vi) complying with any notices, orders, judgments, directives, permits, licenses, authorizations or approvals with respect to the land, (vii) performing the obligations of the borrower under this mortgage or any other loan document, including all fees, costs, charges and expenses incurred in removing any lien from title to the land which has been made, created, incurred or permitted to exist in breach of this mortgage (whether or not having priority over this mortgage). These costs form part of the mortgage money and bear interest until they are fully paid, (viii) any costs of the lender in granting approvals or consents requested by the borrower pursuant to this mortgage or any other loan document and the costs of obtaining confirmation thereof by applicable rating agencies, (ix) the preparation of a discharge of this mortgage when the borrower has paid all money due under this mortgage and the borrower requests that it be discharged, and (x) without limiting the foregoing, any other fees, costs, charges or expenses payable or reimbursable to the lender or its servicer under any of the loan documents or applicable laws, and including allowances and material costs of the lender or servicer for time, service, work or effort of the lender or servicer in connection with and of the foregoing matters, (s) if the lender requires that the borrower do so, to: (i) give the lender in each calendar year post-dated cheques for all loan payments due for that calendar year and for taxes, or (ii) arrange for all payments to the lender in respect of the loan and taxes to be made by pre-authorized cheques or by pre-authorized electronic direct-debit transfer and execute and deliver all required documentation, (t) to pay any money which, if not paid, would result in a default under any mortgage, charge or encumbrance having priority over this mortgage or which might result in the sale of or foreclosure upon the land if not paid, (u) to provide, at the lender’s request, full particulars and supporting documentation pertaining to: (i) the borrower’s status as a spouse, (ii) the name, address and birth date of the borrower’s spouse and the authorization of the borrower’s spouse to the Registrar under the Vital Statistics Act to provide to the lender all information in its possession regarding the borrower’s and the borrower’s spouse’s marriage, divorce or death, with the intention being that the lender be kept fully informed of the names and addresses of the owners of the land and of any spouse who is not an owner but who may have any right pursuant to Part II the Family Law Act, (iii) the status of the land as a family home within the meaning of section 19 the (iv) the beneficial and legal ownership of the land, in addition, the borrower will immediately provide to the lender with notice of any change in the information previously disclosed to the lender as it may pertain to this section, and

OF THE BORROWER. 5.1 The borrower promises: (a) to pay all taxes when they fall due and to send to the lender at the place of payment, or at any other place the lender requires, all notices of taxes which the borrower receives, and receipts evidencing payment in full of such taxes within thirty (30) days of their due date. Any claim the borrower makes against the taxing authority will not diminish or delay the borrower’s obligation to pay the taxes as required and will not delay the exercise of any remedy nor be a defence to any claim by the lender against the borrower under this mortgage. Failure to provide the required receipts will entitle the lender to obtain evidence of payment from the municipality and any costs so incurred will be added to the mortgage money, be due on demand and bear interest until fully paid,. (b) if the lender requires the borrower to do so, to pay the lender: (i) on each payment due date the amount of money estimated from time to time by the lender to be sufficient to permit the lender to pay the taxes as they fall due, and (ii) any money in addition to the money already paid to the lender to be paid towards taxes so that the lender will be able to pay the taxes in full; in . In addition, the borrower will forward to the lender, immediately upon receipt, the assessment notices, tax bills and other notices affecting the land. Any penalties which are levied against the land because of late payment of taxes are the borrower’s responsibility, unless neglect on the lender’s part is the reason for the penalties is due to the gross negligence of the lenderpenalties, (c) to pay on demand, the amount of money required to make up the deficiency if the taxes actually charged or payable in any calendar year exceed the estimate of the lender for that calendar year, (d) if the lender requires the borrower to do so, to pay the lender an amount specified by the lender in respect of any reserves reasonably estimated by the lender to account for future tax liabilities as required by the lender at the time the mortgage was registered, or from time to time thereafter, (e) to pay all utility and fuel charges related to the land when they are due, to not allow the supply of utilities or fuel to be interrupted or discontinued and, if the supply of utilities or fuel is interrupted for any reason, to ensure that is it immediately restored, (fe) to forward to the lender at the lender mailing address copies of all documentation relating to any expropriation or proposed expropriation of the land or any part(s) of the land immediately after the borrower receives any such documentation. The borrower irrevocably assigns to the lender any compensation which may become due and payable to the borrower or anyone claiming an interest under or through the borrower by an expropriating authority upon any expropriation of all or part(s) of the land. This assignment is limited to the amount of the mortgage money which is outstanding at the date the borrower ceases to be the registered owner of the land or any such part(s) of the land. Service of a copy of this mortgage on the expropriating authority is sufficient authority for the expropriating authority to deliver such proceeds to the lender, (gf) to keep the land, the buildings, and any erections or improvements which form a part of the land in good condition and repair and not allow any act of waste on the land or allow the land or any building to become or remain vacant or to be used for any illegal, improper or immoral purpose or activity, (hg) to sign any other document that the lender reasonably requires to ensure that payment of the mortgage money is secured by this mortgage or by any other security or loan document that the borrower has agreed to give in respect of the mortgage money, (ih) to not allow the land to be used, without the prior written consent of the lender, for a purpose other than that disclosed to the lender at the time the borrower applied for the loan or and/or credit facility secured by this mortgage, (ji) that at no time will the land or building thereon be used in a manner that would contravene any law, rule, requirement, order, direction, decree, ordinance or regulation of any applicable government authority in force from time to time, (kj) not to do or allow anyone to do anything that will, in the lender’s opinion, have the effect of reducing the value of the land, or any building, erection, addition or improvement upon the land, (lk) not to make any alteration or improvement to any building which forms part of the land without the prior written consent of the lender, (ml) not to permit, insulate, affix, or store within or without any building, erection, addition or improvement upon the land, in whole or in part, urea formaldehyde foam insulation, or any hazardous materialsor potentially hazardous, prohibited or controlled substance, (nm) to remain in actual possession of the land and to not lease or rent any part of the land without the prior written approval of the lender. In the event that the lender’s approval is received then the borrower hereby agrees with the lender as follows: (i) to lease and maintain the unit or units in a prudent businesslike manner at fair market rents in compliance with all applicable tenancy laws and regulations, (ii) the borrower hereby assigns and sets over to the lender all rents payable from time to time under all leases of the land and any part thereof, whether presently existing or arising in the future, together with the benefit of all covenants, agreements and provisos contained in the said leases, (iii) immediately forthwith after making any lease of the land or any part thereof, the borrower will execute and deliver to the lender an assignment in registerable form, in the lender’s usual form, of all rents payable under such lease (and where requested, a specific assignment of lease), the benefit of all covenants, agreements and provisos therein contained on the part of the tenant to be observed and performed and the reversion of such lease, and will also execute and deliver to the lender all such notices and other documents as may be required to render such assignment effectual in law and registerablelaw, (iv) nothing herein contained makes the lender responsible for the collection of rents payable under any lease of land or any part thereof or for the performance of any covenants, terms or conditions contained in any such lease, (v) the lender will not by virtue of this paragraph be deemed to be a mortgagee in possession of the land, (vi) the lender is liable to account for only such rents that as actually come into its hands less a reasonable collection of charges in respect thereof and may apply such rents to the repayment of the mortgage money, (vii) notwithstanding anything herein contained, no lease of the land or any part thereof made by the borrower, will have priority over this mortgage, and (viii) the borrower will keep, if required by the lender, records of all rents received and of all expenses paid by the borrower in connection with the land and, at least annually, have a statement of revenue and expenses for the land prepared by a professional accountant if the lender requires and to give a copy if the statement to the lender if the lender requires the borrower to do so,. (on) to insure and keep insured (or cause to be insured or kept insured) against the risk of fire and other risks and losses that the lender asks the borrower to insure against, with an insurance company licensed to do business in ▇▇▇▇▇▇ ▇▇▇▇▇▇ Island Saskatchewan and approved by the lender, all buildings and improvements on the land to their full insurable value on a replacement cost basis, and for an amount not less than the amount of this mortgage, and to pay all insurance premiums when due. The insurance policy must: (i) be against all perils and extended perils usually covered in fire insurance policies, including loss or damage resulting from explosion, tempest, tornado, cyclone, earthquake and lighting, (ii) cover loss or damage caused by a boiler, sprinkler system or a other pressured vessel and equipment if such systems exists in any building on the property, (iii) provide comprehensive liability coverage for personal or property damage and losses occurring on or in respect to the property for each occurrence and in the amount the lender specifies, (iv) not contain any co-insurance requirements,, and (v) cover loss or damage caused by flooding if so specified by the lender, and. (vio) designate the insurance policy or policies required in 5.1 (n) will contain a mortgage clause approved by the lender as a beneficiary and contain mortgage clauses approved by The Insurance Bureau that states that payment of Canada. (These clauses must provide that any loss proceeds will be made to the lender first at the place of payment and that the lender has the first right to receive and to have or, if this mortgage is not a first lien on mortgage, the loss proceeds.) (p) immediately amount of any payment made by the insurer will be paid to the borrower’s lenders in the order of their priorities. The borrower will, forthwith upon the happening of any loss or damage, to furnish at its expense all necessary proofs and to do all acts necessary to enable the lender to obtain payment of the insurance monies. The borrower hereby gives up any statutory right which the borrower may now or at any time hereafter have to require the insurance proceeds to be applied in any particular manner. Any insurance monies received by the lender may, at the option of the lender, be applied in whole or in part to: (i) repairing or rebuilding the land, (ii) the payment of all or any part of the mortgage money, whether or not then due or payable; orand/or (iii) payment to the borrower,. (qp) to send a copy of each insurance policy and certificate evidencing renewal thereof to the lender at the place of payment. Failure to provide the required documentation will entitle the lender to obtain, at its sole discretion, insurance on behalf of the borrower and any costs incurred will be added to the mortgage money, due on demand and bear interest until fully paid. If the lender insures its interest in the lands, the lender is under no obligation to otherwise insure, or keep insured, the lands,. (rq) to pay on demand all of the lender’s costs, including the fees of any loan servicer and rating agency, and lawyer’s fees and disbursements (on a full indemnity basis), incurred in connection with or arising out of: (i) the preparation, execution and registration of this mortgage and other loan documents, including all necessary steps to advance and secure the mortgage money, (ii) the collection of the mortgage money, (iii) the enforcement of the terms of this mortgage, including efforts to compel the borrower to perform the borrower’s promises and agreements. These costs include the lender’s cost of inspecting, protecting, securing, completing, insuring, repairing, equipping, taking and keeping possession of and managing the land, preparing the land for sale or lease, selling or leasing the land, the cost of the time and services of the lender’s employees or agent for so doing and all other costs and expenses incurred by the lender to protect the lender’s interest under this mortgage. These costs form part of the mortgage money and bear interest until they are fully paid, (iv) appointing a receiver, receiver and manager or any other person(s) with similar powers (under this mortgage, applicable laws or otherwise) and such person’s fees and expenses (including all legal fees and disbursements and all agent’s costs and expenses). These costs form part of the mortgage money and bear interest until they are fully paid, (v) obtaining any environmental audits or other inspections, tests or reports with respect to the land, (vi) complying with any notices, orders, judgments, directives, permits, licenses, authorizations or approvals with respect to the land, (vii) performing the obligations of the borrower under this mortgage or any other loan document, including all fees, costs, charges and expenses incurred in removing any lien from title to the land which has been made, created, incurred or permitted to exist in breach of this mortgage (whether or not having priority over this mortgage). These costs form part of the mortgage money and bear interest until they are fully paid, (viii) any costs of the lender in granting approvals or consents requested by the borrower pursuant to this mortgage or any other loan document and the costs of obtaining confirmation thereof by applicable rating agencies, (ix) the preparation of a discharge of this mortgage when the borrower has paid all money due under this mortgage and the borrower requests that it be discharged, and (x) without limiting the foregoing, any other fees, costs, charges or expenses payable or reimbursable to the lender or its servicer under any of the loan documents or applicable laws, and including allowances and material costs of the lender or servicer for time, service, work or effort of the lender or servicer in connection with and of the foregoing matters, (sr) if the lender requires that the borrower do so, to: (i) give the lender in each calendar year post-dated cheques for all loan payments due for that calendar year and for taxes, or (ii) arrange for all loan payment and payments to the lender in respect for the payment of the loan and taxes to be made by pre-authorized cheques or by pre-authorized electronic direct-debit transfer and execute and deliver all required documentation,transfer. (ts) to pay any money which, if not paid, would result in a default under any mortgage, charge or encumbrance having priority over this mortgage or which might result in the sale of or foreclosure upon the land if not paid, (ut) to provide, at the lender’s request, full particulars and supporting documentation pertaining to: (i) the borrower’s status as a spouse, (ii) the name, address and birth date of the borrower’s spouse and the authorization of the borrower’s spouse to the Registrar under the Vital Statistics Act Act, 1995 (Saskatchewan) to provide to the lender all information in its possession regarding the borrower’s and the borrower’s spouse’s marriage, divorce or death, with the intention being that the lender be kept fully informed of the names and addresses of the owners of the land and of any spouse who is not an owner but who may have any right pursuant to Part II the Family Law ActProperty Act (Saskatchewan), (iii) the status of the land as a family home homestead within the meaning of section 19 thethe Family Property Act (Saskatchewan), and (iv) the beneficial and legal ownership of the land, in . In addition, the borrower will immediately provide to the lender with notice of any change in the information previously disclosed to the lender as it may pertain to this section, and (u) if your property includes a newly or recently constructed house, to meet all of the requirements to obtain and maintain the new home warranty applicable or available in the province and to reimburse the lender for any costs which it incurs in complying with such requirements on the borrower’s behalf if the borrower fails to do so and to reimburse the lender for any costs which it incurs enforcing the borrower’s rights under such warranty if the borrower fails to do so. Such costs form part of the mortgage money, are payable on demand and bear interest until they are fully paid. 5.2 The borrower represents and warrants to the lender that: (a) the borrower has good and marketable legal and beneficial title to the land in fee simple and has the right to mortgage the land to the lender (or, if the interest mortgaged is described in the mortgage form as a leasehold interest, the borrower represents and warrants that the borrower has good and marketable legal and beneficial leasehold title to the land, the lease which creates such interest is a good, valid and subsisting lease and has not been surrendered, forfeited, amended or become void or voidable, the rents and covenants in the lease have been duly paid and performed and, if required, the landlord’s consent to this mortgage has been obtained), (b) the borrower’s title to the land is subject only to those charges and encumbrances that are registered in the land registry office at the time the borrower signed the mortgage form, or those that the lender has otherwise agreed to in writing, (c) subject to section 5.2 (b) the borrower has not given any other charge or encumbrance against the land and has no knowledge of any other claim against the land, and (d) no building, erection, addition or improvement upon the land has been insulated with urea formaldehyde foam insulation and that no hazardous or potentially hazardous, prohibited or controlled substance has been affixed or stored within or without any building, erection, addition or improvement upon the land.