Province of Alberta
Land Titles Act R.S.A.
Sec. 113.20
MORTGAGE – CMHC / SALRD/NALRD1. MORTGAGOR(S) (Include Address)
MORTGAGOR(S) NAME(S) INCLUDING ADDRESS
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: / 981 056 195 (CMHC)
(b) Terms attached hereto as schedule(s) / ABCD / ABCD / ABCD / ABCD
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 PROVISIONSa) Principal Amount / b) Interest Rate / c) Interest Adjustment Date
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 be 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.
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) 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 AlbertaWitness / MORTGAGOR 1
Witness / MORTGAGOR 2
AFFIDAVIT OF EXECUTION
I / WITNESS NAME / of / CITY OR TOWN, in the Province of AlbertaMAKE 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 / )
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DOWER AFFIDAVIT
I / MORTGAGOR / Of / CITY/TOWN, in the Province of AlbertaMAKE 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 rightsregistered 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 / )
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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)2
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CERTIFICATE OF ACKNOWLEDGMENT BY SPOUSE
1. / This document was acknowledged before me by SPOUSE apart from her husband (his wife) MORTGAGOR.2. / SPOUSE acknowledged to me that he/she:
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 of MONTH, YEAR.
______
A Commissioner for Oaths in and for the Province of Alberta
SCHEDULE “A” - CLOSED MORTGAGES (CMHC)
For purposes of this mortgage, clause 10 of the Standard Form Mortgage Terms, “Prepayment Right” is deleted in its entirety and this mortgage when not in default shall have the following prepayment privileges:
1. In any calendar year, the mortgagor shall have the right, from time to time, to prepay amounts totaling 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 pay the whole amount owing under this mortgage upon payment of the greater of an additional three (s) months’ bonus interest on the principal amount, or an amount in compensation for loss of interest, if any, where the interest rate of this mortgage is greater than the mortgagee’s current interest rate for reinvestment for the remainder of the term of this mortgage. The current interest rate for reinvestment shall be the mortgagee’s stated rate in effect on the prepayment date, for new mortgages of a similar kind offered for a term not greater than the remainder of the term of the existing mortgage, and not less than the next shorter term offered, except where the remainder of the term is less than the shortest term offered, the mortgagee’s stated rate for the shortest term shall apply. 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.
SCHEDULE “B” - OPEN MORTGAGES (CMHC)
For purposes of this mortgage, clause 10 of the Standard Form Mortgage Terms, “Prepayment Right” is deleted in its entirety and the mortgagor, when not in default under this mortgage, shall have the right, from time to time, to prepay the whole, or a portion, of the principal balance outstanding, without notice or bonus. Notwithstanding any partial prepayment, the regular monthly payments shall continue unabated.
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