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12 Month No Payment Mortgage

  • Mortgagor (Registered owner of Property)

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  • Employment

  • Marital Status ( Spouse on title is additional Borrower )

  • Mortgagor (Registered Owner Of Property) Or Guarantor (Non registered owner of Property)

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  • Employment

  • Marital Status ( Spouse on title is additional Borrower)

  • PLEASE NOTE A COMPLETED MORTGAGE LOAN APPLICATION MUST INCLUDE:

    1. Signed Mortgage Loan Application (signature) - please sign below and also on page 14 of the Standard Mortgage Charge Terms.

    2. Signed Mortgage Loan Disclosure Statement (signature) on page 1 and 2.

    3. Valid, non expired identification of all Mortgagors and Guarantors.

    4. Valid VOID cheque or pre-authorized debit form from a personal bank account.

    5. Proof of Income (POI).

    Prompt Financial Solutions in partnership with FNF Canada will arrange for an in person visit with all Mortgagors and Guarantors to verify ID and sign the Mortgage Charge document. All parties must have the ID submitted with them upon signing. Please ensure all questions related to the Mortgage and Standard Mortgage Charge Terms have been addressed prior to confirming the appointment.

  • PRE-AUTHORIZED DEBIT (PAD) AND CREDIT

    Payments will be debited from your account on the 1st and 15th of each month, starting with the First Payment Date. Please attach a “VOID” cheque with this Mortgage Application. By completing this Mortgage Agreement and providing a void cheque you are granting us the authority to debit and credit the bank account specified on the cheque as appropriate. Please review “Payment Authorization” in the terms and conditions of this Mortgage Agreement. You certify that the information contained herein is true and you authorize us to make inquiries concerning your credit with consumer reporting agency or any other company with whom you have a financial relationship.

    By signing this Mortgage Loan Application, you acknowledge receipt of each of the fourteen (14) pages of the signed Mortgage Loan Application including the Standard Mortgage Charge Terms, and the two (2) pages of the signed Mortgage Loan Disclosure Statement. By signing this Mortgage Loan Application, you agree that you have read it, understood it and agree to the Standard Mortgage Charge Terms including section ten (10) suitability and section twenty-four (24) lending fee and commission. You acknowledge that the separate Mortgage Loan Disclosure Statement you signed forms part of this Mortgage Agreement. You agree that there are no other verbal or written documents which modify the Standard Mortgage Charge Terms of this Mortgage in any manner.

  • Mortgagor Signature

    (Please sign page 2 and page 14)

  • Max. file size: 1 MB.
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  • Mortgagor/Guarantor Signature

    (Please sign page 2 and page 14)

  • Max. file size: 1 MB.
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  • Broker/Agent Signature

  • Max. file size: 1 MB.
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  • As Broker/Agent, by signing above, I have verified the identity of each Borrower, I confirm that I am appropriately registered with the regulator and complying with relevant regulations and policies in order to submit this application and will advise Prompt Financial Solutions Corporation if I am unable to do so.

  • STANDARD MORTGAGE CHARGE TERMS

    These Standard Mortgage Charge TermsformanintegralpartofthePromptFinancial Solutions Corporation “Mortgage”. Inthis Mortgage: “you” and “your” refer to the Borrower, and where, applicable refer to the Guarantor. Where there is more than one Borrower, all obligations, and liabilities underthe Mortgage and as provided in these Standard Mortgage Charge Terms shall bejoint and several. “Us”, “We” and “Our” referto Prompt Financial Solutions Corporation and its authorized personnel, agents, contractors, designates, subsidiaries or assigns including any person, corporation or entity to whom we transfer, sell or assign the Mortgage. Unless otherwise agreed to and authorized by us in writing, all payments due under or in connection with this Mortgage shall be due to Prompt Financial Solutions Corporation and will commence on the First Twice Monthly Payment Date. You agree to make payment of the Outstanding Mortgage Balance and all payments provided for herein when due.

    1.DEFINITIONS/TERMS YOU NEED TO KNOW

    Accrued Interest means the interest that will accrue between the Mortgage Advance Date and the first Twice Monthly Payment calculated in accordance with the Annual Fixed Interest Rate, which amount is owing to us by you and is added to and included in the Outstanding Mortgage Balance. This means that compound interest is charged on this Accrued Interest.

    Acknowledgement and Direction means your authorization and direction to us to register electronically on your behalf the document(s) described in the Acknowledgement and Direction as well as any other document(s) required to complete the transaction described here in including registering the Mortgage Charge on the Property.

    Amortization Term means the period of time it will take to repay the Mortgage in full. This may go beyond the Repayment Term of the Mortgage.

    Annual Fixed Interest Rate means the interest rate set out in the Mortgage. Interest will accrue on the amount of the Outstanding Mortgage Balance in accordance with the Annual Fixed Interest Rate and is secured by the Mortgage. Interest is calculated monthly and not in advance. The equivalent interest rate compounded semi-annually, as set out in the Mortgage Loan Disclosure Statement executed by you.

    Annual Percentile Rate means the Annual Fixed Interest Rate, plus the non-interest costs required to obtain the Mortgage, expressed as a percentage of the average Mortgage Balance over the Repayment Term of the Mortgage. This is not the Annual Fixed Interest Rate of the Mortgage.

    Applicable Laws means all present and future laws, by-laws, ordinances, regulations and orders that may be in any manner applicable to the Property or its use, or to the Mortgage.

    Borrower or Chargor or Mortgagor is each person, corporation or other entity that has signed the Mortgage Loan Application that is a registered owner of the Property and who has executed and delivered an Acknowledgement and Direction with respect to the registration of the Mortgage. The Borrower hereby jointly and severally agrees to repay the Outstanding Mortgage Balance, and perform all Obligations as set out in the Mortgage.

    Business Day means any day, other than a Saturday, Sunday or statutory or civic holiday in Ontario.

    Closed Mortgage means a mortgage that is identified as a “closed” mortgage in the Mortgage Disclosure Statement. A Closed Mortgage does not provide you with any entitlement to prepay the Outstanding Mortgage Balance including Principal Amount without penalty or bonus.

    Compound Interest means the interest as described in paragraph 4 hereof including the interest that is payable on Accrued Interest which Accrued Interest amount is set out in the Mortgage Loan Disclosure Statement executed by you.

  • Costs means all fees, costs, charges and expenses incurred by us or on behalf of us for, in connection with or relating to:

    i. preparation, review, execution and delivery for registering the Mortgage and any document connected with it,

    ii. obtaining title and/or Mortgage insurance,

    iii. inspecting the Property,

    iv. obtaining appraisals for the Property,

    v. repairing the Property,

    vi. paying off, removing or releasing any claims against the Property,

    vii. obtaining Property Tax bills, receipts and other communication related to Property Taxes that you fail to send us,

    viii. protecting our security,

    ix. records retention,

    x. banking fees, penalties and cost of cash transfers,

    xi. enforcing our rights under the Mortgage and not to limit the definition of “Costs” includes all legal fees and disbursements on a full indemnity basis,

    xii. administering and processing any requests, consents and other matters arising with respect to the Mortgage including an internal administrative fee, and

    xiii. other expense or costs including but not limited to credit or title searches, photocopying, scanning, mailing, couriers, phone, software and banking fees.

    Default or default means you being in breach of any term, condition of this Mortgage or any other agreement between you and us and any Obligation or duty that you have to us for any reason whatsoever.

    Fees means all of our fees associated with:

    i. administrating the loan,

    ii. returned payment charge,

    iii. prepayment fee,

    iv. lending,

    v. monitoring, and

    vi. as set out in these Standard Mortgage Charge Terms including as detailed in paragraph 23

    Guarantor means a person who has executed the Mortgage Loan Application and the Standard Mortgage Charge Terms but is not a registered owner of the Property.

    Gross Debt Service (“GDS”) means the percentage of a borrower's gross income used to cover monthly payments associated with housing costs including utilities, Mortgage payments, taxes and condominium fees when applicable.

    Installment Loan means a loan that is repaid over time with a set number of scheduled payments. It can be a loan with registered security or an unregistered loan. Installment loans include car or other loans.

    Lending Fee means the fee specified in the Mortgage Loan Disclosure Statement executed by you and that is earned and kept by us once you receive the Mortgage Amount.

    Mortgage means the Registered Charge/Mortgage of Land with any schedules that are attached to the Mortgage, this set of Standard Charge Terms, Mortgage Disclosure Statement and any renewals or amendments.

    Mortgage Advance Date means that date set out in the Mortgage Loan Disclosure Statement executed by you which is the date that interest commences to accrue on the Mortgage Loan Amount.

    Mortgage Amount means the dollar amount of the Mortgage proceeds advanced by us to you and deposited into your bank account pursuant to the terms and conditions of the Mortgage and referenced in the Mortgage Loan Disclosure Statement executed by you as the “Mortgage Loan Amount”.

    Mortgage Loan Application means the completed Mortgage Loan Application executed and delivered by you to us with respect to this loan and includes these Standard Mortgage Charge Terms.

    Mortgage Loan Disclosure Statement means the cost of borrowing disclosure required by Applicable Laws and outlined in the Mortgage Loan Disclosure Statement executed by you.

    Mortgage Repayment Due Date is the date on which you must repay in full the Outstanding Mortgage Balance or, if agreeable to us, and as provided herein, renew the Mortgage, which date is specified in the registered Mortgage as the “Last Payment Date”.

    Obligations means all of those things set out in the Mortgage that you have agreed to do, or you must refrain from doing.

    Open Mortgage means this Mortgage unless the Mortgage Disclosure Statement expressly identifies the Mortgage as being a “closed” mortgage. An Open Mortgage provides you with the entitlement to prepay the Outstanding Mortgage Balance including Principal Amount without penalty or bonus but only as provided in paragraph 21.

    Outstanding Mortgage Balance means the outstanding amount of money you owe to us at any time pursuant to the Mortgage and includes, the unpaid Principal Amount, interest, Accrued Interest, Compound Interest, outstanding Fees, Costs and any other amount that may be owing by you to us pursuant to the terms and conditions of the Mortgage.

    Payment Provisions means the terms of the Mortgage that are financial in nature and are set out in the Registered Mortgage, or as applicable, the additional provisions, Mortgage, Mortgage Disclosure Statement or Mortgage Loan Application.

    Principal or Principal Amount means the amount of money identified as the principal amount on the registered Mortgage and is the Mortgage Amount, Lending Fee, Accrued Interest. Its payment is secured by the Mortgage.

    Prompt Financial Solutions Corporation means the company that is the party to the Agreement.

    PFS ONE CorporationPFS ONE Corporation means the company is a wholly owned subsidiary of Prompt Financial Solutions Corporation.

    Property is the land that is described in the Registered Mortgage and includes:

    i. the real property,

    ii. all improvements, substitutions, additions or alterations made to the Property or attached to the Property now, or added later,

    iii. all buildings and structures on the Property now, or added later, and

    iv. if the Property is a unit in a condominium property or lot on a strata plan, your interests in the unit, the common elements, and any other interest that you may have in the assets of the Condominium Corporation.

    Any reference to Property means all or any part of the Property.

    Standard Mortgage Charge Terms means this document, as this document sets out important terms and conditions, which apply to the Mortgage and are actually part of the Mortgage. We recommend you read this carefully and you may want to discuss the terms and conditions of the Mortgage with a lawyer or mortgage broker or agent.

  • Registered Mortgage means you authorize with us with the Acknowledgement and Direction to register electronically on your behalf the Charge/Mortgage of Land based on the Standard Mortgage Charge Terms of the Mortgage.

    Taxes means all taxes, assessments and levies of any kind relating to or arising with respect to this Mortgage and with respect to the Property and includes any interest and penalties.

    Term or Mortgage Term means the period commencing on the First Payment Date and ending of the date that is the number of months thereafter, as specified in the “Repayment Term” less 15 days from the aforesaid First Payment Date. The aforesaid First Payment Date and Repayment Term are specified in the Mortgage Loan Disclosure Statement.

    Total Twice Monthly Payment means the regularly scheduled payment indicated in the registered Mortgage and will be paid by you to us on a consistent frequency and includes payment of the Twice Monthly Administrative Fee as described in the Mortgage Loan Disclosure Statement executed by you.

    Total Amount Financed means the total amount of the Mortgage Amount, Lending Fee and Accrued Interest as set out in the Mortgage Loan Disclosure Statement executed by you and is your Outstanding Mortgage Balance on the Mortgage Advance Date.

    Total Debt Service (“TDS”) is the percentage of gross annual income required to cover all other debts and loans in addition to the cost of servicing the property and the Mortgage (principal, interest, taxes, heat etc.).

    Repayment Term means the period of time from the Mortgage Advance Date to the Mortgage Repayment Due Date.

    2. ACCEPTANCE

    This Mortgage is subject to approval by us. We reserve the right to decline this Mortgage at any time prior to advancing the Mortgage Amount for any reason including: (a) if we determine that the Property is subject to a title defect, (b) there are interests registered or unregistered that adversely affect the Property or your title and we are unable to obtain a policy of title insurance satisfactory to us, in our sole discretion, to protect our interest from the aforesaid defects.

    If we accept your Mortgage request, your Broker will receive a “Mortgage Loan Application Approved” by email and upon receipt of your authorization and direction to register the Mortgage we will credit the Mortgage Amount to your bank account. You will not be provided with a copy of the registered Mortgage document.

    If we do not accept your Mortgage request, we will deliver to your Broker notice of “Application Declined” and we will have no further obligation to you.

    If we apply for title insurance, as aforesaid, and your Mortgage application is not accepted, you agree to pay a fee, for the work and services completed by the title insurance company to whom we applied for insurance.

    3. INTEREST

    The Principal Amount and any other amount which may be added to or is included in the Outstanding Mortgage Balance shall bear interest at the Fixed Annual Interest Rate both before and after default, demand, maturity and judgment until paid. Interest shall be paid by you to us in accordance with the terms and conditions of this Mortgage and its payment is secured by the Mortgage.

    4. COMPOUND INTEREST

    Interest shall accrue on Accrued Interest and any overdue interest at the Fixed Annual Interest Rate from time to time, both before and after default, demand, maturity and judgment until paid and shall be due and payable by you to us forthwith. If such overdue interest and compound interest are not paid within the then current interest compounding period, a rest shall be made and compound interest at the Fixed Annual Interest Rate will be payable on the aggregate amount then due, both before and after default, demand, maturity and judgment, and so on until paid. All compound interest shall be paid by you to use and its payment is secured by the Mortgage.

    5. PAYMENTS, FEES & DEFAULT CHARGES

    Not to limit anything contained herein, you agree to pay to us the Outstanding Mortgage Balance by making Twice Monthly Payments on the 1st and 15th day of each month during the Repayment Term, and to pay the Outstanding Mortgage Balance on the Maturity Repayment Due Date. The Repayment Term of this Mortgage will start and interest will begin to accrue on the Mortgage Advance Date and continue throughout the entire Repayment Term. If any payment is dishonoured during the Repayment Term, you agree to pay a $150.00 returned payment charge in addition to the amount that was dishonoured and an additional fee in the amount of $25.00 if we mail to you a notice of your dishonoured payment. Repeated payments that are dishonoured during the Repayment Term will result in additional fees, payable to us by you, for each subsequent payment that is dishonoured or if a reminder is mailed to you. Your obligation to pay in full all amounts due under this Mortgage is absolute and unconditional under all circumstances and is not subject to abatement, reduction or set-off for any reason. When you are not in default, each payment you make will be applied first to any outstanding Fees, second to accrued interest and third to principal due and the balance, if any amount is remaining, to reduce the Outstanding Mortgage Balance. On default, all moneys received by us may be applied to the Obligations then owing by you, to us, as we may determine in our sole discretion. The Outstanding Mortgage Balance will be calculated by us. All applicable taxes, federal, provincial or municipal, if any, payable with respect to the Mortgage and the monies advanced to you and repayment to us are your obligation and responsibility. If we deliver to you a payment amount that is greater than our Obligation, as determined in accordance with the terms and conditions of the Mortgage, you agree to repay the same to us. You may call our customer service department, at (647)-643-0024 to obtain information such as the first Twice Monthly Payment date, Outstanding Mortgage Balance and other information.

    6. PRE-AUTHORIZED DEBIT (PAD)

    The following terms will apply to your PAD: (a) you hereby authorize us to debit the bank account identified on the cheque you delivered to us for all Payments required to be made under this Mortgage; (b) you acknowledge that this PAD is personal; (c) the account will be debited on the 1st and 15th business day of each month, and anytime thereafter if the payment is dishonoured during the Repayment Term; (d) this authority shall remain in effect until 30 days after you give us written notice to cancel it; (e) you have certain recourse rights if any debit does not comply with this paragraph. For example, you have the right to receive reimbursement for any debit that is not authorized or is not consistent with the terms of this PAD or Mortgage (To obtain more information on your recourse rights, contact your financial institution or visit www.cdnpay.ca ; (f) you can obtain more information about your right to cancel (including a sample cancellation form) and about your recourse rights, from your financial institution or at www.cdnpay.ca; (g) you hereby waive your right to receive pre-notification of the amount of the PAD and agree that you do not require advance notice of the amount of PADs before a debit is processed.

    7. JOINT AND SEVERAL

    The Obligations of the Borrower are joint and several.

    Where the Borrower is married or lives in a common law relationship then the Borrower’s spouse or if application common law spouse must complete all Mortgage documents as a Borrower. A Spouse and Common Law Spouse means respectively, a resident person who is legally married to a Borrower and continuously resides with the Borrower or who is not married to the Borrower but is living in a conjugal relationship and has been continuously residing with the Borrower. Any such spouse or common law spouse is a “Borrower” with respect to the terms and conditions of this Mortgage.

    8. GUARANTOR’S OBLIGATIONS

    Not to limit any of the other terms and conditions hereof, if you are a Guarantor of the Mortgage, you understand and agree that you are guaranteeing to fulfil the Obligations, make payment of the Total Twice Monthly Payment and Outstanding Mortgage Balance on demand, including Principal, Accrued Interest, Fees and Costs with interest thereon from the date of demand. You also understand and agree that we can demand that you fulfill all or any of the foregoing Obligations before we demand that these obligations be fulfilled by any Borrower or other Guarantor. Your Obligations and liabilities as Guarantor will not be affected or released by any waiver of our rights hereunder or by reason of any extensions of time provided to the Borrower or to any other person liable or obliged to fulfill the aforesaid obligations or pay the Total Twice Monthly Payment or Outstanding Mortgage Balance or by reason of release of any security held by us with respect to the foregoing including any release of our security interest in the Property including the discharge of the Mortgage. If there is more than one Guarantor each Guarantor will be jointly and severally liable as aforesaid.

    9. INSURANCE, MUNICIPAL PROPERTY TAX & SEPTIC

    (a) Throughout the Term, you must keep the Property sufficiently insured for an amount greater than the amount which is the total of the amount of the Outstanding Mortgage Balance on the Mortgage Advance date and the principal amount of any encumbrances registered against the Property including the Total Amount Financed of the Mortgage, against loss or damage and you give us the right to receive proceeds of all insurance covering the Property in the event that the Property is damaged, lost or destroyed. You may purchase the insurance from any insurer who may lawfully provide the required insurance and you may purchase the insurance directly from the insurer or through an agent of your choice. The loss, destruction or damage of the Property does not release or exclude you from making payment or fulfilling your Obligations to us until and unless the insurance proceeds have been paid to us and is sufficient to satisfy in full the Outstanding Mortgage Balance then owing. In advance of the Mortgage Advance Date and at any time during the Term, upon our written request, you will provide us with proof that the Property is sufficiently insured in accordance with your aforesaid obligation, as determined by us, in our absolute discretion. You must provide such proof to us within ten (10) business days of our written request to you for the same.

    (b) Notwithstanding anything contained herein, you must pay municipal property taxes as they fall due. In advance of the Mortgage Advance Date and in any calendar year thereafter, we may request and you will provide proof that municipal taxes are in good standing. You must provide such proof to us within ten (10) business days of our written request to you for the same.

    (c) For rural properties that have their own well and septic, we may request in advance of the Mortgage Advance Date or at any time during the Term, that you provide us with proof that the drinking water is potable and fit for human consumption and that your septic system has been duly approved by government authorities. You must provide such proof within ten (10) business days of our written request to you for the same.

    10. SUITABILITY, ACKNOWLEDGEMENT AND CONFIRMATION

    This Mortgage may result in you having a higher Gross Debt Service (“GDS”), Total Debt Service (“TDS”) ratio and other factors than a Mortgage that would follow Residential Mortgage Underwriting Practices and Procedures (the “Guideline”) setting out the expectations of the Office of the Superintendent of Financial Institutions Canada (“OSFI”) for prudent residential Mortgage underwriting, and is applicable to all federally-regulated financial institutions (“FRFIs”) that are engaged in residential mortgage underwriting and/or the acquisition of residential mortgage assets in Canada. Since this Mortgage has more flexibility you may be at risk of financial hardship due to a reduced amount of cash flow and / or disposable income and/or Property collateral than you would have had if you had taken a mortgage with lower payments, fees, and / or if you had fewer Total Twice Monthly Payment or more stringent qualifications for approval.

    You acknowledge that:

    I. the qualification guidelines for a Mortgage are not necessarily individual budgetary guidelines. These guidelines will differ from applicant to applicant depending on their spending decisions and that spending assumptions to qualify for a Mortgage may differ from actual spending,

    II. repaying your Revolving Credit with the Mortgage Amount could assist you in improving your credit profile, your credit score, your cash flow and/or disposable income. The higher the credit score and the lower the GDS and TDS ratios the easier it will be to service current credit, secure new credit or renew existing credit,

    III. using the Mortgage Amount to complete Property renovations and/or repairs could increase the value of the Property. The higher the Property value the easier it will be to secure new credit or renew existing credit, and

    IV. no part of the Property is or will be used for any illegal purpose or conduct. You agree to adhere to all the applicable laws, regulations and agreements that apply to the Property and fulfill your obligations as applicable.

    You confirm that:

    i. the Standard Mortgage Charge Terms of this Mortgage are suitable for your specific needs, circumstance and situation,

    ii. that you understand the risk of this Mortgage including the risk and consequences of falling into arrears or default during and/or at the end of the Mortgage Repayment Term,

    iii. the information you provided to us is complete, true, accurate, correct and not misleading by omission.

    iv. you are the parties named in the Mortgage Loan Application and that you have not misrepresented your identities to us or the ownership of the Property,

    v. to the best of your knowledge the Property, is not now, and never has been, insulated with urea formaldehyde foam insulation, that the Property is now or will shortly be habitable, in appropriate repair and free of any major deficiencies, and

    vi. all Taxes are paid and not overdue.

  • 11. ELECTRONIC VERSION OF THIS MORTGAGE

    We will retain a copy of this Mortgage in electronic form only. You agree that a facsimile and/or an imaged copy is enforceable in a court of law.

    12. ASSIGNMENT

    We may assign, at our sole discretion at any time and without the consent of or notice to you, as and by way of security or absolutely, all or any portion of our right, title and interest in this Mortgage, the Property described herein and in the pre-authorized or other payment authorization granted by you, including as security for the Mortgage or other financing arrangement; for purposes of this section, “we” shall include any such assignee (“Assignee”). You hereby consent to the delivery by us to any prospective Assignee of such information, including personal information, concerning you as may be in our possession. You may not assign this Mortgage without our prior written consent.

    13. CONDOMINIUM

    If the Property or any part thereof is or becomes a unit or units in a condominium, the provisions of this section shall apply. You covenant with us that:

    (a) You will promptly observe and perform all obligations imposed on you by the Condominium Act and by the Declaration, the By-laws and the Rules, as amended from time to time, of the Condominium Corporation, by virtue of your ownership of the Property. Any breach of the said duties and obligations shall constitute a breach of covenant under the Mortgage;

    (b) Without limiting or restricting the generality of the foregoing:

    (i) You will pay promptly when due any contributions to common expenses required of you as an owner of the Property;

    (ii) You will transmit to us forthwith upon our demand satisfactory proof that all common expenses assessed against or in respect of the Property have been paid as assessed;

    (iii) We may pay out of and deduct from any advance of monies secured hereunder all contributions to the common expenses assessed against or in respect of the Property which have become due and payable and are unpaid at the date of such advance; and

    (iv) Whenever and so long as we require you shall on or before the date when any sum becomes payable by you in respect of common expenses pay such sum to us. We shall forthwith on receipt thereof remit all such sums to the Condominium Corporation on your behalf or as the Condominium Corporation may from time to time direct; alternatively, we may pay such sum and add it to the Outstanding Mortgage Balance.

    (c) We are hereby irrevocably authorized and empowered to exercise your right as the owner of the Property, to vote or to consent in all matters relating to the affairs of the Condominium Corporation provided that:

    i) We may at any time or from time to time give notice in writing to you and the Condominium Corporation that we do not intend to exercise the said right to vote or consent and in that event until we revoke the said notice you may exercise the right to vote or consent. Any such notice may be for an indeterminate period of time or for a limited period of time or for a specific meeting or matter;

    ii) We shall not by virtue of the assignment to us of the said right to vote or consent, be under any obligation to vote or consent or to protect your interest; and

    iii) The exercise of the said right to vote or consent shall not constitute us a mortgagee in possession.

    (d) If the Property or any part thereof shall become a unit or units in a condominium at any time after the execution and delivery of this Mortgage, you shall, whenever requested by us, execute and deliver any further and other charges, assurances or other instruments as we shall require in order to preserve, protect or perfect the security provided by this Mortgage and each of the provisions thereof, including without limitation a further charge covering all of the units in the said condominium and their appurtenant common interests.

    14. NO WAIVER

    No waiver or delay by us from taking action for any reason under any provision of this Mortgage shall constitute a waiver of any terms or conditions of the Mortgage, nor shall any waiver by us of any provision of this Mortgage constitute a continuing waiver unless otherwise expressly provided in writing. To the extent allowed by law, we may take other action not described in the Mortgage and by doing so we will not lose our rights under the Agreement.

    15. PERSONAL PROPERTY SECURITY ACT

    Unless you are a corporate Borrower or Guarantor, you hereby grant to us by way of mortgage, charge, assignment and transfer a security interest in all of your personal property, assets and undertakings and in all goods as defined under the Personal Property Security Act of Ontario (as amended from time) including “consumer goods” as the term is defined in the Act.

    We acknowledge that we may register our aforesaid security interest under the Act for each of you, as Borrower or Guarantor.

    16. POSTPONEMENT OF SECURITY

    Pursuant to the terms and conditions of the Mortgage, you grant to us a security interest in the Property as security for payment of the amounts owing by you to us under this Mortgage. If we are requested to postpone our security interest at any time to another lender during the Repayment Term of the Mortgage, we may charge a postponement fee of $999.00 to approve such a request and $299.00 to decline such a request. We may at our absolute discretion decline any postponement request.

    17. WHAT THE MORTGAGE DOES

    By signing this Mortgage, you agree, among other things, to mortgage and charge your entire interest in the Property to us. In return, we lend you the Mortgage Amount, or some part thereof.

    The Mortgage and charge of your interest in the Property gives us security for the satisfaction of your obligation and liability to us pursuant to the terms of the Mortgage including:

    i. repay the Outstanding Mortgage Balance, and

    ii. perform the Obligations

    Our interest in the Property ends when you have:

    i. repaid the Outstanding Mortgage Balance, and

    ii. met all of the Obligations.

    When you have repaid the Outstanding Mortgage Balance, performed all of the Obligations and requested same in writing, we will discharge the Mortgage and any other charges we have registered on your Property.

    If you own the Property, you certify that you are the lawful owner of the Property, in fee simple, and that you have the right to give the Mortgage. You further certify that:

    i. there are no limitations, outstanding liens, claims or charges against the title to the Property, except those that are registered on title, and,

    ii. you are in compliance with all building and zoning by-laws that pertain to the Property.

    18. WHO IS BOUND BY THE MORTGAGE

    If you are the Borrower, you agree:

    i. to be bound by the terms of the Mortgage,

    ii. that the Mortgage binds your heirs, personal and legal representatives, and anyone to whom you or anyone else transfers the Property, and

    iii. that all Borrowers are jointly and severally bound to comply with all of the terms and conditions of the Mortgage.

    If you are a Guarantor, you agree:

    i. to fulfill all the Borrower's payment and other Obligations,

    ii. that you are jointly and individually bound to perform and comply with the Obligations with the Borrower,

    iii. that if you are one of several Guarantors, you are jointly and severally bound to perform and comply with the Obligations with the Borrower and each Guarantor,

    iv. we may require payment from you before we attempt to obtain payment from the Borrower and at any time before, during or after we enforce any of our rights under the Mortgage,

    v. the terms of the Mortgage bind you, your heirs, personal and legal representatives,

    vi. your liability and obligations under the Mortgage will not be affected by the bankruptcy of as Borrower or another Guarantor,

    vii. we may, at any time, do any of the following, without notice to you, or consent from you:

    a. extend the time for payment,

    b. renew the Mortgage at the end of the Term on terms and conditions in our discretion,

    c. amend the Mortgage,

    d. give an extension for payment of any amount due and owing pursuant to the terms of the Mortgage,

    e. deal with additional security,

    f. give a release or discharge of the Mortgage, Personal Property Security Act security and release any Borrower,

    g. change the interest rate and change the terms of the Mortgage,

    h. postpone the Mortgage,

    i. deal with any other matter affecting the Mortgage and the Obligations, and/or

    19. ADVANCE OF FUNDS

    All amounts advanced and payable under the Mortgage are to be made in Canadian dollars.

    20. PAYMENT TERMS

    Payment terms and conditions are set out in the Payment Provisions.

    Not to limit anything contained herein, you agree to, among other things:

    i. make all payments in accordance with the applicable Payment Provisions,

    ii. pay all of our Fees and Costs,

    iii. repay the Mortgage, in accordance with Standard Mortgage Charge Terms; and

    iv. should you fail to pay Fees and Costs and any other Obligations, we may pay the same on your behalf, and add the same to the amount of the Outstanding Mortgage Balance and such amount paid by us shall bear interest from the date of payment at the Annual Fixed Interest Rate.

  • 21. PREPAYMENT - Open Mortgage

    If your Mortgage is an Open Mortgage and provided that that Default has not occurred with respect to the Mortgage and:

    a. If the Mortgage has an initial Term of six (6) months or less then you may repay all or a portion of the Outstanding Mortgage Amount at any time without interest or penalty; or

    b. If your Mortgage is for an initial Term of more than six (6) months, then, at any time, after the first 90 days from the Mortgage Advance Date, you may repay all ora portion of the Outstanding Mortgage Balance, without penalty or interest.

    22. CLOSED MORTGAGE - No Prepayment Without Penalty

    If your Mortgage is a Closed Mortgage, then regardless of there being no occurrence of a Default in your Mortgage, you have no entitlement to pay all or a portion of the Outstanding Mortgage Amount, without interest or penalty.

    22. CLOSED MORTGAGE - No Prepayment Without Penalty

    If your Mortgage is a Closed Mortgage, then regardless of there being no occurrence of a Default in your Mortgage, you have no entitlement to pay all or a portion of the Outstanding Mortgage Amount, without interest or penalty.

    23. PREPAYMENT WITH PENALTY

    Provided there is no Default in the Mortgage, and provided that you pay to us an amount equal to three months interest on the amount of the Outstanding Mortgage Amount, that is being paid, calculated at the Annual Fixed Interest Rate, you may, at any time, repay all or a portion of the Outstanding Mortgage Amount.

    24. LENDING FEE AND COMMISSION

    The Lending Fee is earned and kept by us once you receive the Mortgage Amount. When applicable, any commission or referral fee paid to a third party who assisted with the Mortgage application will be paid by us from the Lending Fee. A commission or referral fee will be paid by us based on a percentage of the Mortgage Amount. We will not pay a contingent, volume or incentive commission.

    25. ADMINISTRATION AND PROCESSING FEES

    You agree to pay us, as incurred, our then current administration and processing Fees in connection with servicing any aspect of the Mortgage whether requested by you or initiated by any other person, including without limitation for:

    i. the preparation of any Mortgage statement for assumption, information, arrears, discharge or other purpose,

    ii. the processing of each application for a change, approval or consent required by the Mortgage, whether or not granted or completed,

    iii. an amending, conversion, renewal or other agreement,

    iv. a transfer of the Mortgage, if approved by us in writing, to another party or property,

    v. any payment that is dishonoured, any stop payment, any hold payment request or other payment matter,

    vi. administering payment of taxes and/or other fees and payments with respect to the Property,

    vii. any services of an administrative or clerical nature requested by you, such as requesting a payout statement, account histories or explanations, copies of documents from your file or duplicate document and courier charges,

    viii. investigating and administering any property insurance matters and processing any insurance claims,

    ix. registering a financing statement or financing change statement dealing with any personal property security information required or acknowledgment and conducting required searches, and

    x. generally, any matter connected with the administration of the Mortgage and the Property, including inquiring into compliance, and dealing with or enforcing any Obligations.

    We shall be entitled to prepare or have our agent or solicitor prepare a charge or assignment of Mortgage and any other documents necessary to assign any security held by us. The legal fees, in addition to all other charges and Costs in connection with the preparation, review, execution and delivery of such documents and repayment of the Outstanding Mortgage Balance shall by paid by you to us. We shall be entitled to prepare or have our agent or solicitor prepare a discharge or assignment of Mortgage and any other documents necessary to assign any security held by us and shall have reasonable time after the payment of the Outstanding Mortgage Balance in full within which to prepare, execute and deliver such documents. We will charge a minimum of $999.00 in administrative and processing Fees in connection with discharging our security interest in the Property. Charges paid to discharge documents or obtain information from a public registry about security interests related to Property will be additional.

    26. ASSIGNMENT OF RENTS

    You hereby assign to us all rents payable to you from time to time under any lease of the whole or any part of the Property, whether existing or arising at any time in future, together with the benefit of all covenants, agreements and provisos contained in any such lease. We will not be construed to be a mortgagee in possession of the Property by reason of our exercising this assignment of rents including the collection of rents.

    27. EXTENSION & RENEWALS

    If the Amortization Term is longer than the Repayment Term, we have the option, upon sixty (60) days prior written notice to you, to offer to renew this Mortgage at the end of the Mortgage Term on the same Standard Mortgage Charge Terms as set out herein. If we choose to offer to renew your Mortgage, we will provide you with (1) the final date of the existing Repayment Term, (2) new Mortgage Loan Disclosure Statement providing, among other things, the cost of borrowing of the Mortgage, as renewed (3) the new Total Amount Financed, (4) the new Repayment Term, (5) the new Amortization Term, (6) the new Annual Fixed Interest Rate, (7) the new Annual Percentage Rate as set out in the Mortgage Loan Disclosure Statement to be executed by you, (8) the new Total Twice Monthly Payment, (9) the new Mortgage Balance Owing at end of the Repayment Term, (10) the new Total Obligation as set out in the Mortgage Loan Disclosure Statement to be executed by you, (11) the new Total Cost of Borrowing set out in the Mortgage Loan Disclosure Statement executed by you for the new Repayment Term, and (12) the new Twice Monthly Administrative Fee set out in the Mortgage Loan Disclosure Statement to be executed by you.

    An offer to renew Mortgage may be requested by you at any time or made by us to you, as aforesaid, with 60 days advance notice prior to the Maturity Date.

    If we send you an offer to renew, you continue to have the right to repay the remaining Outstanding Mortgage Balance at the end of the Repayment Term. If we send you the notice and you have not paid the Outstanding Mortgage Balance owing at the end of the Repayment Term, then unless such offer of renewal has been withdrawn by us, you agree that you have accepted our offer to extend and you agree to pay a renewal fee as disclosed in the notice. The renewal fee will be added to the Outstanding Mortgage Balance and will be, in our absolute discretion, up to $99.00 plus two and ninety-fifth of one (2.95) percent of the Outstanding Mortgage Balance. The new Maturity Date and the new Accrued Interest Rate will be at our absolute discretion and will not be materially different from our posted interest rate for loans of a similar Term, nature and risk as exist at that time and the new Accrued Interest Rate will be in accordance with our interest rates to Borrowers for loans of a similar nature and risk as they exist at that time and in any event will not exceed the annual 10 year Government of Canada Bond Yield plus the Annual Fixed Interest Rate, and not less that the Annual Fixed Interest per annum. The Annual Fixed Interest is calculated and payable monthly as disclosed on the Mortgage Loan Disclosure Statement.

    28. STATUTORY COVENANTS EXCLUDED

    The covenants to be included in a mortgage or charge under subsection 7(1) of the Land Registration Reform Act, 1984, and shown currently as clauses 1 and 2 of subsection 7(1) are excluded from this Mortgage and are replaced by this set of Standard Charge Terms which are covenants by you with us.

    29. OUR RIGHTS AND REMEDIES - DEFAULT AND ACCELERATION

    Should a Default in the Mortgage occur, then the Outstanding Mortgage Balance or any portion thereof, at our option, will become due and immediately payable upon written notice to you from us. Default in the Mortgage incudes:

    i. should you discontinue occupying the Property or sell the Property;

    ii. you fail to keep the Property free from any encumbrances, mortgages, charges and liens, save and except those as registered at the Mortgage Advance Date including and not limited to municipal property tax liens, unpaid condominium or strata fees, judgments, construction or builder’s liens and any security interest,

    iii. you breach any term or condition of this Mortgage or a related agreement with us or any mortgage associated or registered against the Property,

    iv. you fail to fulfil your Obligations to us,

    v. without our written consent, you may not give, assign or transfer to any third party, related or unrelated to you, a mortgage or charge or similar loan and security interest with respect to the Property that is subsequent in priority to the Mortgage. You acknowledge that there is no obligation whatsoever for us to consent to any of the foregoing.

    vi. you increase the mortgage balance of any mortgage associated with the Property without our prior consent,

    vii. the Property is damaged, destroyed or lost or the Property is abandoned or is not visibly and consistently occupied,

    viii. a petition in bankruptcy or consumer proposal is filed against you, you make a general assignment for the benefit of your creditors, a receiver or a similar person is placed or is threatened to be placed in control of your affairs or your Property, or in our opinion, you become insolvent, and

    ix. you do not pay to us the Outstanding Mortgage Balance by making each of the Twice Monthly Payments on the 1st and 15th day of each month during the Repayment Term.

    x. you provide us with untrue, inaccurate, incorrect or misleading information,

    xi. you fail to pay taxes charged against the Property when they are due. Not to limit the foregoing, if you do not pay such taxes we may pay them and such payment of the same is an additional amount secured under the Mortgage and may be added to the Outstanding Mortgage Amount.

    Any of the foregoing are herein sometimes referred to as a “Default”.

    Default Fees

    If during the Term, there is an event of Default in the Mortgage, we may give you notice of such Default and you agree to pay us a fee in an amount as determined by us in our sole discretion to a maximum amount of $599.00. If you fail to remedy such Default to our satisfaction and we provide you with further notice of such Default (a “Subsequent Default Notice”) then you agree to pay a further fee with respect to each Subsequent Default Notice that we provide to you with respect to such Default. The fee with respect to each Subsequent Default Notice will be in an amount as determined by us in our discretion but to a maximum of $199.00. The total maximum cumulative amount of the aforesaid fees in any calendar year will be no greater than $3,980.00.

    Notwithstanding the foregoing, if at the time of the event of Default, the Outstanding Mortgage Balance is greater than $75,000.00 then the fee for any Subsequent Default Notice will be in an amount as determined by us in our discretion to a maximum of $399.00. The total maximum cumulative amount of the aforesaid fees in any calendar year will not exceed $9,576.00.

    Not to limit anything contained herein, we may charge you all reasonable costs we incur (including but not limited to legal costs, collection agency costs, applicable taxes and incremental internal and administrative costs) in collecting or attempting to collect a payment you owe under this Mortgage and/or to enforce our security under this Mortgage or to protect the Property taken in security if you are in default.

    Enforcement

    If Default occurs in the Mortgage, we have the right to exercise one or more of the following rights and remedies at the same time or in any order we choose:

    i. We may, at our option, demand the entire Outstanding Mortgage Balance be paid to us immediately

    ii. We may take whatever legal action is necessary to collect all or part of the Outstanding Mortgage Balance from you and make you perform any of the Obligations. This legal action may include suing you for the Outstanding Mortgage Balance.

    iii. We may take court proceedings to take and keep possession of the Property including the Property or any part of it. Prior to us taking possession of the Property, we can ask you to leave the Property with all your belongings and if you do not do so the court may order you to leave. If you refuse to do so the court may have you forcibly removed. If you have not removed your personal belongings from the Property before we take possession, you authorize us to remove and dispose of your belongings in any reasonable manner that we, in our absolute discretion, deem appropriate, without notice to you. We will have no liability for moving, disposing or storing those belongings. You will be responsible for all costs incurred by us in dealing with those belongings. These costs will be added to the Outstanding Mortgage Balance.

    iv. We may without taking possession of the Property immediately collect and receive the rents and other amounts payable under any leases or other agreements for use or occupation of all or any part of the Property.

    v. We may lease the Property or any part of it on any terms that we choose, without notice to you and with or without taking possession. We may apply the net proceeds of any lease to reduce the Outstanding Mortgage Balance.

    vi. We may take court proceedings to foreclose your interest in the Property. If we obtain a final order of foreclosure, your interest in the Property will belong to us and you will have no further interest in the Property.

    vii. We may ask the court to order a sale of the Property, under the court's supervision. If the amount we receive from the sale of the Property is less than the Outstanding Mortgage Balance, you must immediately pay us the difference.

    viii. We may, where permitted by law and on the minimum period of written notice to you required by law, sell the Property or any part of the Property. We may sell the Property for cash or on credit, or partly for cash and partly on credit. We may sell the Property by private sale or public auction and for whatever terms we can obtain. If we think it is reasonable to do so, we may cancel or amend any contract of sale, or postpone any sale, without being responsible for any resulting loss. We may apply the money from any sale, after paying all costs and expenses, to reduce any part of the Outstanding Mortgage Balance. We will only be responsible to account to you when we actually receive proceeds of realization from the Property.

    ix. We may, at your expense, choose to cure any of your defaults under any mortgage that provides a security interest to any part in the Property. You will immediately reimburse us for any of these expenses connected with these activities. The expense to cure the defaults may be added to the Outstanding Mortgage Balance.

    x. In addition to the rights specified here, we also have all rights, remedies and powers of a secured party under the Personal Property Security Act, and under other relevant legislation.

    xi. We may also choose to take any other steps or proceedings against you or the Property as permitted by the laws of the province in which the Property is located and the laws of Canada.

    All remedies are cumulative and not alternative.

    If we delay enforcing any of our rights, the delay will not affect, in any manner, any of our other rights under the Mortgage or at law.

    If Default occurs in the Mortgage, we may also appoint a receiver to collect any income from the Property or take any other action (which we are allowed) with respect to the Property. The receiver will be your agent, not ours, and you alone will be responsible for all of the receiver's acts or omissions. We will not be accountable for any money received by the receiver, except to the extent that we actually receive the money. The receiver may exercise any rights that we have under the Mortgage, including:

    i. collecting income from the Property,

    ii. taking possession of all or part of the Property,

    iii. managing the Property,

    iv. keeping the Property in good condition,

    v. insuring and protecting the Property as applicable,

    vi. finishing any buildings or structures under construction on the Property, and/ or

    vii. leasing the Property and selling the Property.

    From the income collected from the Property, or the proceeds of the sale of the Property, the Receiver will pay:

    i. all rents, taxes, insurance premiums and other expenses required to keep the Property in good condition,

    ii. all amounts required to keep any outstanding liens, claims or charges against the Property, which rank in priority to the Mortgage in good standing,

    iii. its own compensation and expenses as receiver,

    iv. all costs associated with the leasing or sale of the Property, and

    v. any part of (or all of) the Outstanding Mortgage Balance of the Mortgage, whether it is due or not.

    We may ask the court to appoint a receiver or confirm the appointment of a receiver of the Property. The terms of the appointment of this receiver will be as the Court chooses. Our right to appoint or have appointed a receiver is in addition to, or may be exercised together with, any of our other rights and remedies. If we choose to commence power of sale, foreclosure proceedings as a result or to take other court action as a result of your default, you agree that we may select the judicial district or centre to undertake such proceedings or other court action.

    If we obtain a court order or judgement against you to enforce our rights, the judgement will not prevent us from exercising our other remedies or rights to enforce the Obligations, including our right to receive interest and Costs due. Interest will be compounded at the current Interest Rate in effect at the time, in the same manner as set out in the Mortgage until the judgement is paid. If we take any court action or proceeding or otherwise become involved in any court action or proceeding by reason of the Mortgage, you agree to pay all expense we incur in connection with such action or proceeding including legal expense on a full indemnity basis. You further agree to indemnify us on a full indemnity basis, for any expense which we incur including legal expense in defending your agreement to pay the Outstanding Mortgage Amount and defending or otherwise dealing with any action or proceeding regarding the Property in which we are made a party or are otherwise interested including any construction lien or similar matter, any seizure or prosecution by police or other authority, any power of sale, any foreclosure, sale, redemption, assessment or other action or proceeding by any other encumbrancer or any certificate of pending litigation or other title matter.

    In the event a home inspection is ordered by us, the cost of the home inspection will be added to the Outstanding Mortgage Balance which cost is estimated to be $799.00.

    30. PENALTY OR BONUS ON DEFAULT

    In the event of a Default in the Mortgage, regardless of whether we make a demand for payment from you of the entire Outstanding Mortgage Amount or a portion thereof, regardless whether we have taken any steps or proceedings to enforce payment of the aforesaid Outstanding Mortgage Amount, or a portion thereof, or take steps or proceedings to realize on this Mortgage, or receive payment of the Outstanding Mortgage Amount by reason of any other party realizing on its security or by payment through a distribution from a Court appointed receiver, we shall not be obliged to accept payment from you of the Outstanding Mortgage Amount or any portion thereof without payment of a penalty or bonus, equal to three additional months interest, calculated at the Annual Fixed Interest Rate, on the Outstanding Mortgage Amount as at the date we receive payment.

  • 31. INDEPENDENT LEGAL ADVICE

    You acknowledge that with respect to the Mortgage that you fully understand your obligation and liability under the Mortgage and hereby acknowledge receipt of copies of same. You hereby confirm that you have received Independent Legal Advice (“ILA”) or you waive your right to obtain ILA and have signed the Mortgage and any other related documents without duress, coercion or undue influence.

    32. IF PART OF THE MORTGAGE IS NOT VALID

    If any part of the Mortgage is found to be illegal or unenforceable, the validity or enforceability of all other parts of the mortgage will not be affected.

    33. STATUTORY COVENANTS EXCLUDED

    The covenants in section 7(1) of the Land Registration Reform Act are excluded from the Mortgage

    34. REFERENCE TO LAW

    This Mortgage will be governed by the laws of the Province of Ontario and the federal laws of Canada applicable therein. This Mortgage contains the entire Mortgage between you and us. Any reference to legislation in the Mortgage includes amendments and replacements to that legislation in force from time to time.

    35. NOTICE

    Any demand or notice to be made or given in connection with this Mortgage shall be in writing and may be personally delivered to the Borrower or to the Lender (if the Borrower is a corporation then to an officer, director or office manager of the Borrower) or, may be sent by ordinary prepaid post or by electronic means. Service by ordinary post or by email will be at the address or addresses or email address as set out by the Borrower in the Mortgage Loan Application or to such other address or addresses or email address as the Borrower may from time to time designate in accordance with this provision. Any demand or notice which is personally delivered as aforesaid shall be deemed to have been validly and effectively given on the date of such delivery if such date is a business day and such delivery was made between 9:00 a.m. and 5:00 p.m.; otherwise, it shall be deemed to have been validly and effectively given on the business day next following such date of delivery. Any demand or notice which is delivered by prepaid ordinary mail shall be deemed to have been validly and effectively given on the fifth (5th) day following the mailing of such demand or notice. Any demand or notice which is transmitted by email means as aforesaid shall be deemed to have been validly and effectively given on the date of transmission if such date is a business day and such transmission was made during the hours of 9:00 a.m. and 5:00 p.m. to the recipient; otherwise it shall be deemed to have been validly and effectively given on the business day next following such date of transmission.

  • Notice addresses for the Lender are as follows:

    Sunlite Mortgage

    Address: 1 Concorde Gate Suite 702 North York, Toronto Ontario M3C 3N6, Canada

    Email: complaints@sunlitemortgage.com

    Phone Number: (877) 385-6267 Ext.103

  • 36. MISCELLANEOUS PROVISIONS

    A Mortgage Broker, licensed in the Province of Ontario, is required by law to provide you with disclosure of your cost of borrowing for the Mortgage at least two (2) business days before advance and release your funds under the Mortgage. If such disclosure requirement is applicable, you consent to waiving the aforesaid time requirement. We will deliver to you or cause to be delivered to you the Mortgage Disclosure Statement for your review and execution prior to you executing and delivering to us the Mortgage.

    Furthermore, you acknowledge that there will be no third-party benefit from or control of the Mortgage by any third party other than the Borrower.

    If there is any conflict between the terms of the Mortgage or any other agreement you have with us the Mortgage shall prevail.

    You acknowledge and confirm that the Mortgage shall prevail and that in no manner does any other agreement that you have with us change, alter, negate, replace or fulfill the Mortgage that you have or the Obligations you have with us under the Standard Mortgage Charge Terms of the Mortgage. You further acknowledge that any other agreement that you have with us is separate from the Mortgage.

    You agree that we may enter into the Mortgage on behalf of another lender, independent of or related to us, and that we may transfer, sell or assign the Mortgage (and all of our rights under the Mortgage) to another entity. If we do so, we may disclose Personal Information about you and the Mortgage to any entity to whom we transfer, sell or assign the Mortgage.

    37. FURTHER ASSURANCES

    You covenant to execute such further documents and do such other things as may be require in our sole discretion to give full effect to and carry out the provisions of the Mortgage. You authorize us to correct any non-material clerical errors to the Mortgage without further authorization from you.

    38. EQUIVALENT INTEREST RATES

    Unless otherwise expressed in the Mortgage, interest shall be accrued in accordance with the Annual Fixed Interest Rate.

    39. CONSENT TO DISCLOSURE AND SHARING OF PERSONAL INFORMATION AND CREDIT INVESTIGATION

    You authorize us and our assigns to use and disclose your personal information above to confirm your identity, to evaluate your creditworthiness, to administer this Mortgage, to perform internal statistical analysis, to assign or securitize any amounts payable by you under this Mortgage, for any reason as deemed necessary by us at our sole discretion, or as otherwise required or permitted by law. You hereby authorize us to conduct financial and credit investigations for purposes of approval, administration and enforcement of this Mortgage or any judgment obtained by us as a result of any default hereunder and to obtain any information required from any source and each source is hereby authorized to provide such information to us. This includes but is not limited to us obtaining information from any credit or depository facility. We may obtain such information at any time before or during the Term or after termination of the Mortgage in the event any monies remain owing to us. This includes PFS One Corporation (our wholly owned subsidiary with the trade name Prompt Financial Solutions). Prompt Financial Solutions Corporation has a direct financial interest in having you adhere to the Standard Mortgage Charge Terms of the Mortgage. PFS ONE Corporation represents the Lender and not the Borrower and has acted for one lender during the previous fiscal year. This clause survives the Repayment Term and the satisfaction and the payment of the Outstanding Mortgage Amount and fulfillment of the Obligations. This clause shall survive if we decline your Mortgage Application. You agree to receive communications from us containing exclusive events, product and service updates and promotions. All matters surrounding the collection, use and disclosure of your personal information are fully explained in our Privacy Policy, a copy of which is available on our website at sunlitemortgage.ca or upon making a request to us in writing at the address below.

    Address: 1 Concorde Gate Suite 702 North York, Toronto Ontario M3C 3N6, Canada

    Email: complaints@sunlitemortgage.com

    Phone Number : (877)385-6267 Ext.103

    Sunlite Mortgage - Mortgage Brokerage FRSA #13304

    40. AMENDMENTS IN WRITING

    Subject to the renewal terms and conditions hereof, none of the terms or provisions of the Mortgage may be amended, supplement, or otherwise modified except by written instrument executed by you and us.

  • PLEASE PRINT YOUR NAME AND SIGN YOUR NAME AND PROVIDE YOUR FULL SIGNATURE BELOW (AS APPLICABLE)

    PLEASE PROVIDE FULL SIGNATURE USING BLUE OR BLACK INK - OR PROVIDE YOUR ELECTRONIC SIGNATURE

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