Common use of Security Schedule Clause in Contracts

Security Schedule. Your Simplicity First Home Loan, all amounts you owe to us and your other obligations under this Agreement are secured by the Security, being: • New registered first and only mortgage over the owner-occupied property at 123 EXAMPLE STREET, EXAMPLEVILLE, Record of Title Identifier XXXXXX. Simplicity uses Mortgage Memorandum 2018/4346. The Security will secure the current and future money you owe us and other obligations with us. You must arrange to give us your Security by the Drawdown Date. You must also sign any security agreements or other documents or give any authority needed to register, perfect or maintain the Security. You should be aware that if you do not keep your Payments up to date, or otherwise breach your obligations under this Agreement, or you give a security over the property to another person without Simplicity's consent, we may enter into possession of, and/or sell, the Security. If there is a shortfall in the proceeds of sale, you will remain personally liable for any shortfall to us. A floating Annual Interest Rate applies to your Simplicity Home Loan. At the date of you entering into this Agreement the Annual Interest Rate is FLOATING RATE. The Annual Interest Rate is floating and may change from time to time. We may vary the Annual Interest Rate at any time. We will give you written notice of any variation to the Annual Interest Rate at least one month prior to any change taking effect. To calculate your interest, we’ll multiply the Annual Interest Rate, as a percentage, by the unpaid balance of the Loan Amount. This amount is then divided by 365 to determine the amount of daily interest that you are charged. The amount of interest you are charged is due and payable by you in accordance with the Payment details contained in our Loan Summary above. Interest on the balance of your Loan Amount will accrue daily based on a 365-day year calculation and will be debited monthly starting one month after the Drawdown Date, or on a specified date agreed by Simplicity. Your Loan Amount will be repaid by making 360 MONTHLY PAYMENTS of principal and interest to Simplicity by way of direct debit. The first Payment will be one month after the Drawdown Date, or on a specified date agreed by Simplicity. Your principal and interest Payments are set out in the Loan Summary above and are based on the current Annual Interest Rate. Please note that the Annual Interest Rate can change as above and this will affect the amount of your Payments. On the expiry of the Term of this Agreement you will pay all principal and any other outstanding moneys due and payable to Simplicity.

Security Schedule. Your Simplicity First Home Loan, all amounts you owe to us and your other obligations under this Agreement are secured by the Security, being: • New registered first and only mortgage over the owner-occupied property at 123 EXAMPLE STREET▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, EXAMPLEVILLE▇▇▇▇▇▇▇▇▇▇▇▇, Record of Title Identifier XXXXXX. Simplicity uses Mortgage Memorandum 2018/4346. The Security will secure the current and future money you owe us and other obligations with us. You must arrange to give us your Security by the Drawdown Date. You must also sign any security agreements or other documents or give any authority needed to register, perfect or maintain the Security. You should be aware that if you do not keep your Payments up to date, or otherwise breach your obligations under this Agreement, or you give a security over the property to another person without Simplicity's consent, we may enter into possession of, and/or sell, the Security. If there is a shortfall in the proceeds of sale, you will remain personally liable for any shortfall to us. A floating Annual Interest Rate applies to your Simplicity Home Loan. At the date of you entering into this Agreement the Annual Interest Rate is FLOATING RATE. The Annual Interest Rate is floating and may change from time to time. We may vary the Annual Interest Rate at any time. We will give you written notice of any variation to the Annual Interest Rate at least one month prior to any change taking effect. To calculate your interest, we’ll multiply the Annual Interest Rate, as a percentage, by the unpaid balance of the Loan Amount. This amount is then divided by 365 to determine the amount of daily interest that you are charged. The amount of interest you are charged is due and payable by you in accordance with the Payment details contained in our Loan Summary above. Interest on the balance of your Loan Amount will accrue daily based on a 365-day year calculation and will be debited monthly starting one month week after the Drawdown Date, or on a specified date agreed by Simplicity. Your Loan Amount will be repaid by making 360 MONTHLY 1560 WEEKLY PAYMENTS of principal and interest to Simplicity by way of direct debit. The first Payment will be one month week after the Drawdown Date, or on a specified date agreed by Simplicity. Your principal and interest Payments are set out in the Loan Summary above and are based on the current Annual Interest Rate. Please note that the Annual Interest Rate can change as above and this will affect the amount of your Payments. On the expiry of the Term of this Agreement you will pay all principal and any other outstanding moneys due and payable to Simplicity.