Glossary of Terms
The person or persons responsible for paying back the amount of the mortgage to the lender.
The borrowers are named in the mortgage form.
Borrower's promises and agreements:
Any one or more of the borrower's obligations, promises, and agreements contained in this mortgage.
A court or judge having jurisdiction in any matter arising out of the mortgage.
A person who signs the mortgage form as a covenantor.
Includes each of the events of default listed in Section 7(1).
A percentage the lender charges the borrower to borrow money. The interest rate is shown on the mortgage form.
Interest adjustment date:
The interest adjustment date shown on the mortgage form.
Interest calculation period:
The period or periods for the calculation of interest shown on the mortgage form.
The interest rate shown on the mortgage form.
All the borrower's present and future interest in the land described in the mortgage form, including every incidental right, benefit, or privilege attaching to that land or running with it, and all buildings and improvements that are now or later constructed on or made to that land.
The leasehold interest, if any, of the borrower referred to in the mortgage form.
The person or persons lending the borrower money. The lender is named in the mortgage form, and includes any person to whom the lender transfers this mortgage.
The amount of each periodic payment shown on the mortgage form.
The balance due date shown on the mortgage form. On this date, all unpaid mortgage money is due and payable, or such earlier date on which the lender can lawfully require payment of the mortgage money.
Form B under the Land Title (Transfer Forms) Regulation, and all schedules and addenda to Form B.
The principal amount, interest, and any other money owed by the borrower under the mortgage, the payment of which is secured by the mortgage.
Payments must begin on the "first payment date" shown on the mortgage form.