Common use of THE CHARGE Clause in Contracts

THE CHARGE. In return for our agreeing to lend the Principal Amount of _______________________ __________________________________________ dollars ($________________), or as much of the Principal Amount as we advance to you, you grant a mortgage and charge of your interest in your Property to us. This means the Mortgage is a charge on your Property and you have mortgaged your entire interest in your Property to us. All amounts relating to the Mortgage that you owe to us are secured by the Mortgage. It also means that you release your claims to your Property until you have repaid the Outstanding Amount and kept all your Promises. You can stay in possession of your Property, as long as you keep your Promises. Our interest in your Property ends when you have repaid the Outstanding Amount and you have kept all of your other Promises, and at that time, you can have a discharge of the Mortgage. Section 23 tells you what you must do to get a discharge. In return for our agreeing to lend the Principal Amount to you, you make certain Promises, which you must keep. Not keeping your Promises includes breaking or not keeping your Promises in any way. You promise to sign any additional documents that we ask for and do everything else we ask you to do to protect our interest in your Property. You have granted us the following Mortgage: (delete inapplicable provisions) Your Mortgage is an Open Mortgage. Your Mortgage is a Closed Mortgage. Your Mortgage is an Interest Only Mortgage. Your Mortgage has blended payments of principal and interest. Your Mortgage is insured by the CMHC and is made under the National Housing Act. Your Mortgage is a Convertible Mortgage.

THE CHARGE. In return for consideration of our agreeing to lend the Principal Amount of _______________________ __________________________________________ dollars ($________________), or as much of the Principal Amount as we advance to you, being registered as owner of an estate in fee simple/a leasehold estate (delete the inapplicable words) you hereby grant a mortgage and charge of your interest in your Property to us. This means the Mortgage is a charge on your Property and you have mortgaged your entire interest in your Property to us. All amounts relating to the Mortgage that you owe to us are secured by the Mortgage. Where this Mortgage secures a revolving credit agreement, you acknowledge and agree that the Mortgage shall be a continuing security for the payment of all amounts advanced including interest, costs, charges and expenses that may become due and payable under the terms of the Mortgage. This applies despite any fluctuation or change in the amount, nature or form of the indebtedness and any ultimate unpaid balance of the indebtedness, whether this indebtedness is from time to time reduced and thereafter increased or entirely extinguished and thereafter incurred again. You also agree that for the purposes of priority of advances as provided under The Land Titles Act, 2000 (Saskatchewan), such credit agreements related to the Outstanding Amount are and shall be considered revolving line of credit arrangements up to a specific principal sum. It also means that you release your claims to your Property until you have repaid the Outstanding Amount and kept all your Promises. You can stay in possession of your Property, as long as you keep your Promises. Our interest in your Property ends when you have repaid the Outstanding Amount and you have kept all of your other Promises, and at that time, you can have a discharge of the Mortgage. Section 23 tells you what you must do to get a discharge. In return for our agreeing to lend the Principal Amount to you, you make certain Promises, which you must keep. Not keeping your Promises includes breaking or not keeping your Promises in any way. You promise to sign any additional documents that we ask for and do everything else we ask you to do to protect our interest in your Property. You have granted And for the better securing of us the following Mortgage: (delete inapplicable provisions) Your Mortgage is an Open Mortgage. Your Mortgage is a Closed Mortgage. Your Mortgage is an Interest Only Mortgage. Your Mortgage has blended payments repayment of principal the Outstanding Amount and interest. Your Mortgage is insured by , you hereby mortgage to us your estate and interest in the CMHC and is made under the National Housing Act. Your Mortgage is a Convertible MortgageProperty.