T.I.T.E. LTD. MORTGAGE COMMITMENT

Transcription

1 T.I.T.E. LTD. MORTGAGE COMMITMENT Date: Borrower: Borrowers Address:_ Security Address: Mortgage Position: Amount: _ Interest: Term: Lenders Fee: Brokers Fee: Payments: Closing Date: Conditions - Survey: Title Insurance - Property Taxes: Property taxes must be up to date at time of closing and to be kept up to date throughout the entire term of this mortgage - Insurance: Insurance coverage kept up to date for the entire term of this mortgage, confirmation of binder showing lender as loss payee on the policy to be delivered to the lender or lenders lawyer prior to close - Inspection: Subject to inspection by a realtor at a fee of $ paid upfront at the time of inspection to the realtor at client s expense. - Appraisal: Subject to an appraisal that is satisfactory to the lender at the lenders sole discretion, at client s expense. Other Conditions Solicitor for the Lender : Robert Carrier, Barrister and Solicitor 99 Horton St. London Ontario. N6J 4Y6 Phone : Fax : rcarrier@bellnet.ca The undersigned do hereby agree to accept the terms and conditions as set out in the commitment making this a binding agreement when signed by all parties. The Mortgagor(s) and Mortgagee(s) acknowledge that documents may be transmitted by facsimile. Copies shall be binding on all parties. Dated at this day of 20 Lender T.I.T.E. LTD. Per Borrower

2 T.I.T.E. LTD. SCHEDULE Payments shall be monthly, commencing in the amount of $ on the 1 st day of each month by way of pre-authorized debit or post-dated cheque, any such payments falling due on a Saturday, Sunday or holiday will be processed on the business day after such Saturday, Sunday or holiday. IN THE EVENT that the mortgage payment due under this mortgage is not honoured by the mortgagor s bank, or in the event of late payment or non-payment, the mortgagee shall be entitled to a fee of $ for mortgages under $150,000 and $ for mortgages over $150,000 to be added to the principal balance owing hereunder to compensate for additional collection, bookkeeping and handling in addition to the other remedies provided herein. PROVIDED that in the event of the Chargors selling, conveying or transferring title to the property mortgaged, then all monies herein secured shall forthwith become due and payable. Provided further that the Chargor acknowledges and agrees to pay the Chargee or the Chargee s administrator, upon satisfaction of the principal and interest accruals hereunder, the then current fee charged by or to the Chargee or the Chargee s administrator for the calculation of discharge figures and execution and delivery of discharge documentation. Provided further that the Chargor agrees that in the event the Chargee is required to provide a Mortgage Statement and/or Amortization Schedule, the Chargor agrees to pay the Chargee s then current administration fee for each such statement. IN THE EVENT of a renewal the mortgagee shall be entitled to a renewal fee of.

3 PROVIDED that the Chargors shall have the privilege of paying the whole or any part of the mortgage off at any time with a months interest penalty. The parties hereto acknowledge that title to this property is subject to a 1 st mortgage and property taxes. In the event that the mortgagor defaults in respect of any of its obligations with respect to that 1 st mortgage and property taxes, such default shall be deemed to be default hereunder, and shall entitle the mortgagee to enforce any and all remedies available to him hereunder. In order to comply with the provisions of the Interest Act it is hereby declared that the true rate of interest if calculated half-yearly and not in advance is at the rate of % and the true amount of principal advanced hereunder is the sum of $. THAT IN THE EVENT notice of cancellation of insurance is received, the lender has the right to replace the insurance and add the amount thereof to the amount outstanding and the lender is also entitled to charge a fee equal to seven hundred and fifty dollars ($750.00). PROVIDED, that if collection or other legal proceedings are taken in connection with or to realize upon this security, an administrative fee of $1, shall be added to the mortgage debt on each occasion such proceedings are so taken and said fee or fees shall form a charge upon the mortgage property in favour of the Mortgagee. In the event the Mortgagee is obliged to make any payment in order to keep such first/second mortgage in good standing, then the Mortgagee shall be entitled to an administration fee of $ per payment. PROVIDED that a Notice of Property Tax arrears is received, the lender will have the right to make the payment due and add the amount to the amount outstanding and the lender is also entitled to charge a fee equal to $ This mortgage is non-transferable.

4 As a condition of this Mortgage, should the mortgagor decide to list and/or sell the subject property during the term of this mortgage it is a condition of this mortgage that the mortgagor list through Oliver & Associates, failing which the mortgagee at its option shall have the right to terminate this mortgage and the mortgage will immediately become due and payable. Any payments including prepayment or full discharge shall be received by the mortgagee by no later than 2 o clock on a business day failing which additional interest shall be calculated and added to the discharge amount as of the next business day. The Mortgagor shall pay to the Mortgagee an Administration fee of $ for each occurrence of any of the following events: 1. Late payment; 2. Cheque dishonored for any reason; 3. Failure to provide proof of payment of Realty Taxes; 4. Failure to provide proof of insurance coverage on an annual basis; 5. Failure to provide postdated cheques; 6. Failure to notify mortgagee of registration of lien of a Condominium Corporation for common maintenance arrears; 7. Request for a Mortgage Statement; 8. Request for Discharge Statement or notice of default letter; 9. Default under prior mortgage, charge or encumbrance; 10. For every payment made by the mortgagee including but not limited to payment of prior, encumbrances, insurance, taxes. Such Administration Fee will be added to the principal amount outstanding if not paid within five (5) days of demand for payment of same. In the event of a further occurrence as set out herein, the penalty shall increase by a further sum of $50.00 and this shall be on a cumulative basis. IN THE EVENT that possession is taken by the Mortgagee, the Mortgagor hereby covenants and agrees to pay a $ as an initial fee to the mortgagee for administering maintenance and the securing of the property. The mortgagor hereby and agrees to pay a $50.00 fee per day to the mortgagee for administering maintenance and security of the property once possession is taken by the mortgagee. IN THE EVENT that the mortgage is not paid out beyond the initial term and the mortgage is not renewed, and in addition to interest due, an additional three months interest will be added to the charge. It shall be a term of this mortgage that if the charger or mortgagor defaults in the observance of any covenant, term or provision of any mortgage registered against the subject property, the indebtedness hereby secured, at the sole option of the mortgagee or the lender, shall forthwith become due and payable and all powers of the lender or mortgagee under this mortgage, in the event of default, may be exercised.

5 For builders mortgages draws are subject to the Construction Lien Act of Ontario Non Transferable If the property is sold, this mortgage, at the option of the mortgagee, shall be due and payable. Provided further that in the event of the mortgagor, selling, is not conveying or transferring the property that is herby mortgaged to a purchaser who is not approved by the mortgagee, then at the option of the mortgagee, all monies herby secured shall forthwith become due and payable. IN THE EVENT that the mortgagee is paying off the mortgagor s credit card debt, and when the mortgagor has given written consent, the mortgagee reserves the right to direct the creditors to fully close and cancel the accounts along with receipt of payment. If this mortgage will involve more than one advance of funds, the borrower(s) shall pay the lender an administrative fee of $ to process each draw that the borrower(s) make, which fee shall be deducted from the said draws. If the borrower is a limited company, all of the principals of the borrower shall unconditionally guarantee the indebtedness of the borrower to the lender weather the borrower becomes insolvent, bankrupt or is unable to repay the company for any reason whatsoever. The form of the guarantee is to be provided by the lender. All legal, appraisal, title insurance, fire insurance premiums and other costs incurred in connection with this mortgage are payable by the borrower(s) whether or not this mortgage ultimately is completed and the funds are advanced. The borrower shall have two (2) business days to sign and return this proposal to the lender otherwise the lender s offer contained in this proposal shall be void. The parties to this agreement agree that this document represents the complete agreement between themselves and there are no other agreements oral or in writing that alter this agreement. This agreement, if accepted by the borrower(s) is subject to the approval of his/her/their lawyer and if the lawyer has any objection to the agreement that cannot be resolved with the lender within five(5)days of receiving this notice of the objection then agreement is VOID. C Chargor: Chargor: Chargee: