MORTGAGE TERM-VARIABLE RATE. 1. MORTGAGOR(S) (Include Address) MORTGAGOR1 AND MORTGAGOR2, both of FULL ADDRESS, ALBERTA, as TENANCY

Transcription

1 Province of Alberta Land Titles Act R.S.A. Sec MORTGAGE TERM-VARIABLE RATE SALRD/NALRD 1. MORTGAGOR(S (Include Address MORTGAGOR1 AND MORTGAGOR2, both of FULL ADDRESS, ALBERTA, as TENANCY 2. LAND (Legal Description Plan Block Lot EXCEPTING THEREOUT ALL MINES AND MINERALS 3. MORTGAGEE (Including address and postal code for service CONNECT FIRST CREDIT UNION LTD. P.O. BOX 908, CALGARY, ALBERTA, T2P 2J6 4. TERMS The following terms are incorporated herein: (a Standard Form Mortgage Terms filed as number: (TERM (b Terms attached hereto as schedule(s A B In this mortgage, unless otherwise specified, herein means this mortgage, the terms contained in the aforesaid Standard Form Mortgage Terms and all schedules to the mortgage, if any. 5. REPAYMENT PROVISIONS a Principal Amount b Interest Rate c Interest Adjustment Date SCHEDULE B ATTACHED d Interest Calculation Period e Payment Frequency f First Payment Date g Payment Amount h Last Payment Date i Balance Due Date j Interest rate calculated semi-annually and not in advance if 5(d other than semi-annual 6. MORTGAGOR S COVENANTS AND EXECUTION a I (We am (are the registered owner(s of the land being mortgaged. b I (We promise and covenant to pay the principal sum, interest and all other charges and money hereby secured and to e bound by all the terms herein. c I (We hereby mortgage and charge all my (our estate, interest and title in the land for the purposes of securing all my (our obligations herein including the payment of the principal sum, interest and all other amounts secured by the mortgage. d This mortgage includes and is subject to the terms contained in the Standard Form Mortgage Terms filed with the Registrar under the instrument number recited herein. e I (We understand and acknowledge that this mortgage consists of the terms referred to herein as well as the terms recited in the Standard Form Mortgage Terms and schedule(s (if any referred to herein. 1

2 f I (We hereby acknowledge receipt of a copy of this Mortgage and schedule(s hereto (if any and the Standard Form Mortgage Terms referred to herein. g If GE Mortgage - This mortgage is a High Ratio Mortgage to which sections 43(4.1, 43 (4.2, 44(4.1, and 44(4.2 of The Law of Property Act apply. You, and anyone who expressly or impliedly assumes this mortgage from you, could be sued for any obligations under this mortgage if there is a default by you or by a person who assumes this mortgage. Executed this day of MONTH, YEARby the Mortgagor(s at CITY/TOWN in the Province of Alberta Witness MORTGAGOR 1 Witness MORTGAGOR 2 AFFIDAVIT OF EXECUTION I WITNESS NAME of CITY OR TOWN, in the Province of Alberta MAKE OATH AND SAY: 1. THAT I was personally present and did see MORTGAGOR 1 & MORTGAGOR 2who is/are personally known to me to be the person(s named in the within instrument, duly sign the instrument; 2. THAT the instrument was signed at CITY/TOWN, in the Province of Alberta, and that I am the subscribing witness thereto; 3. THAT I believe the person(s whose full signatures I witnessed are at least eighteen (18 years of age. SWORN before me at CITY OF, in the Province of Alberta, this DAY of MONTH, YEAR A COMMISSIONER FOR OATHS IN AND FOR THE PROVINCE OF ALBERTA 2

3 DOWER AFFIDAVIT I MORTGAGOR of CITY/TOWN, in the Province of Alberta MAKE OATH AND SAY: 1. That I am the Mortgagor named in the within instrument. 2 That I am not married. 2. That neither myself nor my spouse have resided on the within mentioned land at any time since our marriage. 2. I am married to NAME OF SPOUSE being the person who executed the release of dower rights registered in the Land Titles Office on REG. DATE YEAR as instrument number 0 SWORN before me at CITY/TOWN, in the Province of Alberta, this day of MONTH, YEAR A COMMISSIONER FOR OATHS IN AND FOR THE PROVINCE OF ALBERTA CONSENT OF SPOUSE I, Name of Spouse, being married to the above named Name of Spouse on Title do hereby give my consent to the disposition of our homestead, made in this instrument and I have executed this document for the purpose of giving up my life estate and other dower rights in the said Land(s give to me by the Dower Act to the extent necessary to give effect to the said disposition. (Signature of Spouse CERTIFICATE OF ACKNOWLEDGMENT BY SPOUSE 1. This document was acknowledged before me by SPOUSE apart from her husband (his wife MORTGAGOR acknowledged to me that she(he: 2. a is aware of the nature of this disposition; b is aware that THE DOWER ACT, gives her(or him a life estate in the homestead and the right to prevent disposition of the homestead by withholding consent; c consents to the disposition for the purpose of giving up the life estate and other dower rights in the homestead given to her(or him by THE DOWER ACT, the extent necessary to give effect to the said disposition; d is executing the document freely and voluntarily without any compulsion on the part of her husband(or his wife. DATED at CITY/TOWN, in the Province of Alberta, this DAY day of MONTH, YEAR. A Commissioner for Oaths in and for the Province of Alberta 3

4 SCHEDULE A - PREPAYMENT AND CONVERSION CLOSED MORTGAGE TERM VARIABLE INTEREST RATE The Mortgagor, when not in default under this mortgage, shall have the following privileges. 1. In any calendar year, the Mortgagor shall have the right, from time to time, to prepay amounts totalling not more than 20% of the original principal amount of this mortgage, without notice or bonus. It is agreed that, in the event this privilege is not fully exercised in any calendar year, there shall be no right to add the unexercised portion to the 20% allowable in any following calendar years. That is, the rights conferred herein shall not be cumulative. Notwithstanding any partial prepayment, the regular monthly payments shall continue unabated. 2. The Mortgagor shall have the privilege, once in any calendar year, of increasing the regular monthly payments under this mortgage by an amount not more than 20% of the original mortgage payment provided for under this mortgage ( the original mortgage payment. This privilege shall not be cumulative. The Mortgagor shall have the privilege, once in any calendar year, of decreasing the regular monthly payments under this mortgage by any amount, provided that the resulting payment is not less than the original mortgage payment. 3. The Mortgagor may prepay the whole amount owing under this mortgage upon payment of three (s months bonus interest on the principal amount, calculated at the Prime Rate in effect on the date of payment. Credit Union Prime Rate or Prime Rate means the floating annual rate of interest established from time to time by the Mortgagee as the base rate it will use to determine rates of interest on Canadian Dollar loans to its members and designated by the Mortgagee as its Credit Union Prime Rate. The amount to be paid in compensation shall be calculated by the mortgagee, and, in absence of an obvious error, shall be conclusive. 4. For better certainty, the bonus payable in respect of the Full Payout Privilege shall be calculated on the aggregate principal amount of the Full Payout Privilege payment irrespective as to whether or not the Mortgagor(s has or has not made or is entitled or not entitled to make an Annual Prepayment in respect of the calendar year in which the Full Payout Privilege payment is made. 5. Provided that the mortgage is in good standing, the Mortgagor shall be entitled to convert the mortgage to a fixed-term mortgage on the following terms. a The term shall be equal to or greater than the remaining mortgage term to maturity, b The interest rate shall be a fixed rate and the term closed, and c The effective date of the conversion shall be the date the Mortgagor has signed documentation that is satisfactory to the Mortgagee to effect the mortgage conversion. 4

5 SCHEDULE B - VARIABLE RATE MORTGAGE VRM CLOSED MORTGAGE TERM VARIABLE INTEREST RATE For purposes of this Mortgage including, without limitation, the Mortgage Terms (as referenced at section 4b of the mortgage: 1. Credit Union Prime Rate or Prime Rate means the floating annual rate of interest established from time to time by the Mortgagee as the base rate it will use to determine rates of interest on Canadian Dollar loans to its members and designated by the Mortgagee as its Credit Union Prime Rate. 2. A change in Prime Rate shall, on the day of any such change, also vary the Interest Rate of the Mortgage in the same manner. Specific notice to the Mortgagor(s of any such change shall not be required to be given to the Mortgagor(s in order for such change in Interest Rate to be effective. The records of the Mortgagee made in the ordinary course of its business shall be conclusive evidence of any such change in the Prime Rate. 3. The Mortgagor shall pay interest to the Mortgagee at the Credit Union Prime Rate Plus/Minus0.50%, calculated and payable monthly and not in advance. 4. As at, 2014, the Credit Union Prime Rate was % per annum calculated monthly and not in advance and the Interest Rate based upon such Credit Union Prime Rate when calculated semi-annually and not in advance is the rate of % per annum. 5