Acts and Regulations

83-133 - Mortgages

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Full text
Current to 1 January 2024
NEW BRUNSWICK
REGULATION 83-133
under the
Standard Forms of Conveyances Act
(O.C. 83-753)
Filed September 15, 1983
Under section 2 of the Standard Forms of Conveyances Act, the Lieutenant-Governor in Council makes the following Regulation:
83-216
1This Regulation may be cited as the Mortgages Regulation - Standard Forms of Conveyances Act.
1.1This Regulation does not apply to conveyances of land by deed, quit claim deed, transfer, easement, right-of-way, licence, option, right of first refusal, agreement for the sale or purchase of land, boundary line agreement, party wall agreement, expropriation, Crown grant, lease, renewal of lease, surrender of lease, postponement of mortgage, debenture, postponement of debenture, trust deed or other instrument to secure bonds or debenture stock of a corporation, discharge of mortgage, discharge of debenture, partial discharge of mortgage, partial discharge of debenture, assignment of mortgage, assignment of debenture, notice of crystallization, assignment of lease, agreement amending a registered instrument, Order in Council, Act of the Parliament of Canada or Act of a Provincial Legislature.
84-140; 87-70
1.2Every mortgage made in a form prescribed hereunder shall operate as if the mortgage were made by deed.
84-140
2(1)Subject to subsection (2), every mortgage shall be in the appropriate form set out in Schedule A and the heading is part of the form.
2(1.1)Subject to subsection (2), every collateral mortgage shall be in Form A15.1 or Form 15.1 set out in Schedule A and the heading is part of the form.
2(2)A mortgage of land contained in an instrument required to be registered under the Corporation Securities Registration Act need not be in a form set out in Schedule A.
2(2.1)Directions printed in italics are not part of a form.
2(3)Words and directions which are underscored are not part of a form and are inserted for guidance.
2(4)Parts of a form that are enclosed in parentheses are optional.
2(5)The forms set out in Schedule A may be modified as required to provide for execution by more than one person.
2(6)Information required to be included in a form set out in Schedule A may be attached as a schedule thereto.
2(7)When used in a mortgage, words that are set out in Column One of Schedule B and distinguished by a letter therein have the same effect as if the words set out in Column Two of Schedule B and distinguished by the same letter were used in the mortgage.
2(7.1)When words which are other parts of speech or tenses of words set out in Column One of Schedule B and distinguished by a letter therein are used in a mortgage, those words which are other parts of speech or tenses
(a) have meanings corresponding to the meanings of the words set out in Column One of Schedule B, and
(b) have the same effect as if the corresponding parts of speech or tenses of the words set out in Column Two of Schedule B and distinguished by the same letter were used in that mortgage.
2(7.2)Subsection (7.1) shall be deemed to have come into force on December 10, 1984.
2(8)Repealed: 84-140
84-140; 87-70
3(1)A covenant or condition set out in Column One of Schedule C and distinguished by a number therein may be included in any mortgage in Form A15 or Form A15.1 as may be applicable in the circumstances, by the inclusion of the covenant or condition set out in Column One of Schedule C together with its distinguishing number, and if so included, the mortgage has the same effect as if it contained the covenant or condition set out in Column Two of Schedule C distinguished by the same number.
3(2)In any mortgage in Form 15 or Form 15.1 where a covenant or condition is excluded, or included, by reference to a number which distinguishes a covenant or condition set out in Column One of Schedule C, the mortgage has the same effect as if the covenant or condition set out in Column Two of Schedule C and distinguished by the same number were excluded, or included, as the case may be.
3(3)In any mortgage in Form 15 or Form 15.1 where a covenant or condition is deemed to be contained by virtue of subsection 25(4) of the Land Titles Act, and that covenant or condition is set out in Column One of Schedule C and distinguished by a number therein, the mortgage has the same effect as if it contained the covenant or condition set out in Column Two of Schedule C distinguished by the same number.
84-140
4A mortgage may contain any covenant or condition, whether or not the covenant or condition is otherwise provided for in this Regulation.
4.1Where a mortgage in Form A15 or Form A15.1 contains covenants and conditions which are set out in document which is on file in a Registry Office and are included in the mortgage by reference to the number by which the document has been filed, the document shall be filed in every Registry Office where the mortgage is registered.
84-140
5In any mortgage made pursuant to this Regulation,
(a) where the context so requires, words importing the singular include the plural and words importing the plural include the singular, and words importing the masculine include the feminine and neuter genders and words importing the feminine include the masculine and neuter genders and words importing the neuter gender include the masculine and feminine genders;
(b) the terms “mortgagor” and “mortgagee” include the respective heirs, executors, administrators, successors and assigns of the mortgagor or mortgagee, unless expressly stated to the contrary;
(c) all covenants, conditions, liabilities and obligations entered into or imposed upon a mortgagor shall be construed to be jointly and severally binding upon each of them and upon their heirs, executors, administrators, successors and assigns, unless expressly stated to the contrary;
(d) all covenants, conditions, liabilities and obligations entered into or imposed upon a mortgagee shall be construed to be jointly and severally binding upon each of them and upon their heirs, executors, administrators, successors and assigns, unless expressly stated to the contrary; and
(e) all covenants, conditions, liabilities and obligations entered into or imposed upon a guarantor shall be construed to be jointly and severally binding upon each of them and upon their heirs, executors, administrators, successors and assigns, unless expressly stated to the contrary.
84-140
6(1)Subject to this section, unless it is prepared in book form for deposit, a mortgage shall be printed or typewritten on good quality white paper, 8.5 inches by 11 inches (22.6 cm by 27.94 cm) or 8.5 inches by 14 inches (22.6 cm by 35.6 cm), with a margin of not less than 1 inch (2.5 cm) on the top and left side of the page and, if printed on the reverse thereof, a margin of not less than one inch (2.5 cm) on the top and right side of the page, and shall be of sufficient clarity to permit photocopying or other reproduction.
6(2)Subsection (1) applies to all attachments to instruments referred to therein other than plans, instruments issued by a court, instruments and documents requiring registration under the Bankruptcy Act (Canada), instruments and documents prepared in book form for deposit and such other attached instruments and documents as, in the opinion of the registrar, are suitable for acceptance in a form other than that prescribed in subsection (1).
6(3)If an instrument is to be filed or registered under the Act by submitting a digitally scanned image of the instrument, the digitally scanned image shall be of sufficient clarity to be readable when reproduced.
6(4)If an instrument with a crimped or raised seal affixed to it is to be filed or registered under the Act by submitting a digitally scanned image of the instrument, the seal must be darkened or otherwise sufficiently enhanced so that the seal may be identified.
6(5)A registrar may refuse to file or register an instrument,
(a) with respect to a digitally scanned image of an instrument referred to in subsection (3), if the instrument is not of sufficient clarity to be readable by the registrar when reproduced, or
(b) with respect to a digitally scanned image of an instrument referred to in subsection (4), if the seal cannot be identified by the registrar.
84-140; 87-70; 2018-47
7This Regulation comes into force on December 10, 1984.
83-216; 84-140
Form A15
Form A15.1
Form 15
MORTGAGE
Land Titles Act, S.N.B. 1981, c.L-1.1, s.25
Standard Forms of Conveyances Act, S.N.B. 1980, c.S-12.2, s.2
THIS FORM IS PRESCRIBED UNDER THE
GENERAL REGULATION - LAND TITLES ACT.
Form 15.1
COLLATERAL MORTGAGE
Land Titles Act, S.N.B. 1981, c.L-1.1, s.25
Standard Forms of Conveyances Act, S.N.B. 1980, c.S-12.2, s.2
THIS FORM IS PRESCRIBED UNDER THE
GENERAL REGULATION - LAND TITLES ACT
84-140; 87-70
SCHEDULE B
Column One
Column Two
a.
mortgages
a.(i)
(in Form A15 or Form A15.1 where the land is not registered under the Land Titles Act)  
 
for and in consideration of the sums hereby secured and other good and valuable consideration has granted, bargained, sold, aliened, released, conveyed and confirmed and by these presents does grant, bargain, sell, alien, release, convey and confirm, all the right, title and interest of the mortgagor, to have and to hold,  
 
(ii)
(in Form A15 or Form A15.1 where the land is leasehold land and the land is not registered under the Land Titles Act)  
 
for and in consideration of the sums hereby secured and other good and valuable consideration demises and subleases, to have and to hold for the residue of the term granted by the lease to the mortgagor, reserving unto the mortgagor the last day thereof,
 
(iii)
(in Form 15 or 15.1 where the land is registered under the Land Titles Act)  
 
mortgages
 
b.
parcel
b.
all that lot, piece or parcel of land and premises  
 
c.
with a proviso for redemption
c.(i)
(in Form A15)
 
provided that this mortgage shall be void upon satisfaction of the principal sum with interest in the manner following and upon fulfillment of all covenants and conditions herein contained  
 
(ii)
(in Form A15.1)
 
provided that this mortgage shall be void upon fulfillment of all covenants and conditions herein contained
87-70
SCHEDULE C
Column One
Column Two
101.
The mortgagor shall pay the principal sum, interest and other money due with interest.
101.
The mortgagor covenants with the mortgagee that the mortgagor shall pay to the mortgagee the principal sum and interest as hereinbefore set out and all other money payable hereunder; on all arrears of principal, interest and any other sums due to the mortgagee, interest shall be payable at the times and at the interest rate stated, before as well as after maturity, until paid.  
101.1
The mortgagor shall observe all covenants.
101.1
The mortgagor covenants with the mortgagee that the mortgagor shall pay to the mortgagee all money payable hereunder and observe all conditions and covenants herein contained; on all arrears of any sums due to the mortgagee, interest shall be payable at the times and at the interest rate stated, before as well as after maturity, until paid.  
102.
The mortgagor shall insure the buildings on the lands for the benefit of the mortgagee.
102.
The mortgagor covenants with the mortgagee that the mortgagor shall insure and keep insured during the continuance of this mortgage the buildings on the lands and premises during their erection and thereafter in the amount of not less than their full insurable value in dollars of lawful money of Canada against loss or damage by fire and any other insurable perils that may be deemed necessary by the mortgagee, all such insurance to be carried in a company or companies approved of by the mortgagee to whom the loss for all such policies shall be made payable; and that the mortgagor shall pay all premiums and sums of money necessary for such purposes as the same shall become due, and shall forthwith assign and deliver to the mortgagee the policy or policies of insurance with mortgage clause attached satisfactory to the mortgagee, all renewal receipts and renewals thereto appertaining, and shall deliver evidence of renewal to the mortgagee; and that the mortgagee may at his option effect such insurance on behalf of the mortgagor, and any amount paid therefor by the mortgagee shall be payable forthwith by the mortgagor to the mortgagee.
103.
The mortgagee may direct application of insurance proceeds.
103.
The mortgagor covenants with the mortgagee that forthwith on the happening of any loss or damage the mortgagor shall furnish all necessary proofs and do all necessary acts to enable the mortgagee to obtain payment of the insurance proceeds; and that such insurance proceeds received by the mortgagee may at the option of the mortgagee be applied to repair or rebuild the building, or to pay the principal sum, interest and other money payable hereunder, whether or not any amount is then due, in such manner as the mortgagee may determine, or to pay the mortgagor or any person appearing by the registered title to be the owner of the lands and premises, or partly in one way and partly in another; but any payment of insurance proceeds to the mortgagor shall not operate as a reduction of any money payable hereunder by the mortgagor to the mortgagee.  
103.1
The mortgagee may direct the payment of insurance proceeds.
103.1
The mortgagor covenants with the mortgagee that forthwith on the happening of any loss or damage the mortgagor shall furnish all necessary proofs and do all necessary acts to enable the mortgagee to obtain payment of the insurance proceeds; and that such insurance proceeds received by the mortgagee may at the option of the mortgagee be applied to repair or rebuild the building, or to pay any money payable hereunder, whether or not any amount is then due, in such manner as the mortgagee may determine, or to pay the mortgagor or any person appearing by the registered title to be the owner of the lands and premises, or partly in one way and partly in another; but any payment of insurance proceeds to the mortgagor shall not operate as a reduction of any money payable hereunder by the mortgagor to the mortgagee.
104.
The mortgagor shall pay life insurance premiums.
104.
The mortgagor covenants with the mortgagee that the mortgagor shall pay all premiums pertaining to life insurance assigned to the mortgagee as collateral security as such premiums fall due; in the event of default the mortgagee may pay the premium and any amount so paid shall be payable forthwith by the mortgagor to the mortgagee.  
105.
All improvements are deemed to be fixtures.
105.
The mortgagor covenants with the mortgagee that all erections, buildings, machinery, plant, and improvements whatsoever, including furnaces, boilers, water heaters and all plumbing, air conditioning, ventilating and heating equipment, electric light fixtures, window blinds, storm windows and storm doors, window screens and screen doors, and all apparatus and equipment appurtenant thereto, which are now or which shall hereafter be put upon the lands and premises, are or shall thereafter be deemed to be fixtures and a part of the lands, even though not attached otherwise than by their own weight.  
106.
The mortgagor shall maintain the premises in good repair and the mortgagee may enter, inspect and, on default by the mortgagor, complete, repair and manage the premises.
106.
The mortgagor covenants with the mortgagee that during the continuance of this mortgage, the mortgagor shall maintain the lands and premises and improvements of the lands and premises in good and sufficient order and repair to the satisfaction of the mortgagee, and that the mortgagor shall permit the mortgagee at all reasonable times to inspect the lands and premises, and in the event of any default by the mortgagor to maintain aforesaid, the mortgagee in addition to any other remedies by these presents given and conferred may at such time or times as he may deem necessary and without the concurrence of any other person make such arrangements for repairing, finishing and putting in order any buildings or other improvements of the lands and premises, and for inspecting, taking care of, leasing, collecting the rents of, and managing generally the lands and premises as he may deem expedient, and all reasonable costs, charges and expenses including allowance for the time and services of the mortgagee or other person appointed for the above purposes shall be payable forthwith by the mortgagor to the mortgagee.  
107.
The mortgagor shall not alter the premises without the mortgagee’s consent.
107.
The mortgagor covenants with the mortgagee that the mortgagor will not make or permit to be made any demolition, alterations or additions to the lands and premises without the consent of the mortgagee, and will not use the lands and premises or permit them to be used, without the consent of the mortgagee, for a purpose other than that disclosed to the mortgagee in the application for this mortgage.
108.
The mortgagor shall pay all taxes.
108.
The mortgagor covenants with the mortgagee that the mortgagor shall pay all taxes, rates, levies and assessments upon the lands and premises during the continuance of this mortgage as and when the same become due and payable, and shall produce to the mortgagee receipts for such payments.  
109.
The mortgagee may require instalment payments for taxes.
109.
The mortgagor covenants with the mortgagee that the mortgagee may, at his option, require the mortgagor to make instalment payments to the mortgagee on account of taxes, rates, levies and assessments upon the lands and premises, such payments to be an estimate by the mortgagee of the sum required to accumulate a fund sufficient to pay such taxes, rates, levies and assessments when they become due; the mortgagee may apply any such payment against the principal sum, interest and other money payable hereunder.  
109.1
The mortgagee may require instalment payments for taxes but may apply such payments to the indebtedness secured.
109.1
The mortgagor covenants with the mortgagee that the mortgagee may, at his option, require the mortgagor to make instalment payments to the mortgagee on account of taxes, rates, levies and assessments upon the lands and premises, such payments to be an estimate by the mortgagee of the sum required to accumulate a fund sufficient to pay such taxes, rates, levies and assessments when they become due; the mortgagee may apply any such payment against the indebtedness secured or any money payable hereunder.  
110.
The mortgagor shall pay expenses incurred in making and maintaining this mortgage as a first charge.
110.
The mortgagor covenants with the mortgagee that the mortgagor shall pay all fees, costs as between solicitor and client, charges and expenses which are incurred in making and maintaining this mortgage as a first charge on the lands and premises, or in negotiating or effecting a renewal of this mortgage, or in obtaining or retaining or realizing or attempting to realize upon any security collateral to this mortgage, or in advancing the money under this mortgage or in inspecting or revaluing the lands and premises, or in taking, recovering and keeping or attempting to procure possession of the lands and premises, or in any proceeding judicial or otherwise to protect or to realize this security, and any amounts so paid by the mortgagee shall be payable forthwith by the mortgagor to the mortgagee.
110.1
The mortgagor shall pay expenses incurred in making and maintaining this mortgage as a charge.
110.1
The mortgagor covenants with the mortgagee that the mortgagor shall pay all fees, costs as between solicitor and client, charges and expenses which are incurred in making and maintaining this mortgage as a charge on the lands and premises, or in negotiating or effecting a renewal of this mortgage, or in obtaining or retaining or realizing or attempting to realize upon any security to which this mortgage is collateral, or in advancing any money under this mortgage or in inspecting or revaluing the lands and premises, or in taking, recovering and keeping or attempting to procure possession of the lands and premises, or in any proceeding judicial or otherwise to protect or to realize this security, and any amounts so paid by the mortgagee shall be payable forthwith by the mortgagor to the mortgagee.  
111.
If the mortgagor defaults after any part of the principal sum has been advanced, the mortgagee may enter at the premises and complete construction.
111.
The mortgagor covenants with the mortgagee that, if this mortgage is a building mortgage, and if the mortgagor, after any part of the principal sum has been advanced, fails any time for a period of thirty days to diligently carry on the work of construction of the building or buildings to be erected on the lands or premises, or without the consent in writing of the mortgagee departs in such construction from any plans and specifications thereof approved by the mortgagee or from the generally accepted standards of construction in the locality of the lands and premises, or permits any construction lien or other liens to be registered against the lands and premises for any period exceeding thirty days, the mortgagee at his option at any time thereafter through his servants, agents or contractors may enter on the lands and premises and have exclusive possession thereof and of all materials, plant, gear and equipment thereon free of interference from or by the mortgagor and proceed to complete the construction of the building or buildings either according to the said plans and specifications or according to other plans, specifications or design as the mortgagee in his absolute discretion shall elect, and all expenses of every nature incurred by the mortgagee in going into possession and in completing and equipping the building or buildings or in any way in connection therewith shall be payable by the mortgagor to the mortgagee.
111.1
If the mortgagor defaults after any money has been advanced, the mortgagee may enter the premises and complete construction.
111.1
The mortgagor covenants with the mortgagee that, if this mortgage is a building mortgage, and if the mortgagor after any money has been advanced by the mortgagee to or to the order of the mortgagor, fails at any time for a period of thirty days to diligently carry on the work of construction of the building or buildings to be erected on the lands or premises, or without the consent in writing of the mortgagee departs in such construction from any plans and specifications thereof approved by the mortgagee or from the generally accepted standards of construction in the locality of the lands and premises, or permits any construction lien or other liens to be registered against the lands and premises for any period exceeding thirty days, the mortgagee at his option at any time thereafter through his servants, agents or contractors may enter on the lands and premises and have exclusive possession thereof and of all materials, plant, gear and equipment thereon free of interference from or by the mortgagor and proceed to complete the construction of the building or buildings either according to the said plans and specifications or according to other plans, specifications or design as the mortgagee in his absolute discretion shall elect, and all expenses of every nature incurred by the mortgagee in going into possession and in completing and equipping the building or buildings or in any way in connection therewith shall be payable by the mortgagor to the mortgagee.
112.
The mortgagee may pay any encumbrances.
112.
The mortgagor covenants with the mortgagee that the mortgagee may pay any liens, taxes, rates, charges or encumbrances now or hereafter existing upon the lands and premises having or which the mortgagee may bona fide consider to have priority over this mortgage, and in that event the mortgagee shall have all the rights of and stand in the position of and be entitled to all the rights, equities and securities of the person so paid off; and any amounts so paid shall be payable forthwith by the mortgagor to the mortgagee; and the decision of the mortgagee as to the validity or amount of any advance or disbursement made under this mortgage or of any claim so paid off shall be final and binding on the mortgagor.
113.
The advance of any part of the principal sum is at the discretion of the mortgagee.
113.
The mortgagor covenants with the mortgagee that neither the execution nor registration of this mortgage nor the advance of part of the principal sum shall bind the mortgagee to advance the principal sum or any unadvanced portion thereof; any advance shall be at the sole discretion of the mortgagee.
113.1
The advance of any money is at the discretion of the mortgagee.
113.1
The mortgagor covenants with the mortgagee that neither the execution nor registration of this mortgage nor the advance of any money shall bind the mortgagee to advance any further money; any advance shall be at the sole discretion of the mortgagee.  
114.
On default by the mortgagor all money payable shall fall due and the mortgagee shall have possession.
114.
On default of any payment hereunder or on breach of any covenant, agreement or proviso herein contained or implied on the part of the mortgagor to be made, observed or performed; or if any waste be committed or suffered on the lands and premises or any act or thing be done by the mortgagor by which the value of the lands and premises shall, or in the opinion of the mortgagee may, be diminished; or if the mortgagor makes an assignment for the benefit of creditors or a proposal under the Bankruptcy Act, or has a bankruptcy petition filed against him; or if the mortgagor allows a creditor to enter judgment against him by reason of his financial inability to pay a debt or debts; then the whole of the principal sum, interest and all other money payable hereunder remaining unpaid shall at the option of the mortgagee become due and the mortgagee shall have quiet possession of the lands and premises; but in the event that the mortgagee waives his right to call in the whole of such money he shall not be debarred from asserting and exercising his right to call in the money upon the happening of any future default or breach.
114.1
On default by the mortgagor all indebtedness shall fall due and the mortgagee shall have possession.
114.1
On default of any payment hereunder or on breach of any covenant, agreement or proviso herein contained or implied on the part of the mortgagor to be made, observed or performed; or if any waste be committed or suffered on the lands and premises or any act or thing be done by the mortgagor by which the value of the lands and premises shall, or in the opinion of the mortgagee may, be diminished; or if the mortgagor makes an assignment for the benefit of creditors or a proposal under the Bankruptcy Act, or has a bankruptcy petition filed against him; or if the mortgagor allows a creditor to enter judgement against him by reason of his financial inability to pay a debt or debts; then the whole of the indebtedness hereby secured and all money payable hereunder remaining unpaid shall at the option of the mortgagee become due and the mortgagee shall have quiet possession of lands and premises; but in the event that the mortgagee waives his right to call in the whole of such money he shall not be debarred from asserting and exercising his right to call in the money upon the happening of any future default or breach.  
114.2
On default by the mortgagor the mortgagee may take possession.
114.2
On default of any payment hereunder or on breach of any covenant, agreement or proviso herein contained or implied on the part of the mortgagor to be made, observed or performed, the mortgagee may enter into and upon and hold and enjoy the premises for the then residue of the term hereby demised for his own use and benefit, without the let, suit, hindrance, interruption or denial of the mortgagor or any other person whomsoever, and the free and clear and freely and clearly acquitted, exonerated and discharged or otherwise by and at the expense of the mortgagor will be and effectually saved, defended and kept harmless of, from and against all former and other gifts, grants, bargains, sales, leases and other encumbrances whatsoever.
115.
On default by the mortgagor the mortgagee may exercise the power of sale conferred by the Property Act.
115.
On default of any payment hereunder or on breach of any covenant, agreement or proviso herein contained or implied on the part of the mortgagor to be made, observed or performed, in whole or in part, the power of sale and all other powers conferred on the mortgagee by virtue of the Property Act, R.S.N.B. 1973, c.P-19, are incorporated herein, as if the mortgage were made by deed.  
116.
The mortgagee shall prepare a discharge.
116.
A discharge of this mortgage shall be prepared by the mortgagee at the expense of the mortgagor, and the mortgagee shall have a reasonable time after receipt of payment in full within which to prepare and execute such discharge.  
117.
The mortgagee may release any person or dis­charge any part of the premises.
117.
The mortgagee may, either with or without consideration, release any person from any liability under this mortgage or release part or all of the lands and premises or release any other security for the money payable hereunder, without being accountable for the value thereof or for any moneys except those actually received by the mortgagee and without releasing any other of the lands and premises where a part of the lands and premises are released.  
118.
This mortgage shall not operate by way of merger.
118.
This mortgage shall not operate by way of merger of any indebtedness of the mortgagor to the mortgagee or any contract or instrument by which the same may now or at any time hereafter be represented or evidenced, and no judgment obtained by the mortgagee shall operate by way of merger of this mortgage or in any way affect the security hereby created or the mortgagee’s right to interest.
119.
All sums payable form a charge on the lands and shall bear interest.
119.
The mortgagor covenants with the mortgagee that any sum owing or required by this mortgage to be paid by the mortgagor to the mortgagee shall be added to the principal sum and shall form a charge upon the lands and premises and shall bear interest at the rate herein stipulated until paid.  
119.1
All sums payable to the mortgagee form a charge on the lands and shall bear interest.
119.1
The mortgagor covenants with the mortgagee that any sum owing or required by this mortgage to be paid by the mortgagor to the mortgagee shall be added to the indebtedness secured and shall form a charge upon the lands and premises and shall bear interest at the rate herein stipulated until paid.  
120.
The mortgagor guarantees that he has the right to convey the lands.
120.
The mortgagor covenants with the mortgagee that the mortgagor has a good right, full power and lawful authority to convey the lands and premises.  
121.
The mortgagor guarantees that the lands are free from encumbrances.
121.
The mortgagor covenants with the mortgagee that the lands and premises are free and clear, exonerated, and discharged of and from all arrears of taxes and assessments whatsoever, due or payable upon or in respect of the said lands and premises, or any part thereof and of and from all former conveyances, mortgages, rights, annuities, debts, judgments, executions, and recognizances, and of and from all manner of other charges and encumbrances whatsoever.  
122.
The mortgagor warrants title.
122.
The mortgagor covenants with the mortgagee that the mortgagor shall forever warrant and defend the lands and premises and every part thereof unto the mortgagee against the lawful claims of all persons whomsoever.
123.
The mortgagor promises to execute such further assurances as may be required.
123.
The mortgagor covenants with the mortgagee that the mortgagor shall and will from time to time, and at all times hereafter, make, do, suffer and execute, or cause or procure to be made, done, suffered, and executed, all and every such further reasonable acts, deeds, conveyances, and assurances in the law, for further, better and more perfectly and absolutely conveying and assuring the lands and premises, with the appurtenances, unto the mortgagee as by the mortgagee or his counsel in the law shall be lawfully and reasonably devised, advised or required.  
124.
The mortgagor and mortgagee may agree to alter the terms of this mortgage without registration of the alteration.
124.
The mortgagor covenants with the mortgagee that any agreement in writing between the mortgagor and the mortgagee for renewal of this mortgage or extension of the term for payment of the money payable hereunder, or any part thereof, or for any change in the rate of interest herein, prior to the execution by the mortgagee of a discharge or release of this mortgage, need not be registered, but shall be effectual and binding to all intents and purposes on the lands and on the mortgagor, and on any mortgagee, assignee or transferee who acquires an interest in the lands or any part thereof subsequent to the date of this mortgage and shall take priority as against such mortgagee, assignee or transferee when deposited with or held at the office of the mortgagee and shall not release or affect any covenant or agreement herein or collateral hereto.  
125.
The guarantor promises to pay all money due and perform all other covenants.
125.
In consideration of the mortgagee advancing the principal sum to the mortgagor, the guarantor covenants and agrees with the mortgagee that he will pay to the mortgagee the principal sum and interest on the days and times and in the manner provided by this mortgage and will observe and perform the covenants, conditions and provisos herein contained as if he were the mortgagor.  
126.
The mortgagee may apply all money received to the payment of principal, interest or otherwise.
126.
The mortgagee may apply all moneys received on account of this mortgage to the payment of the principal sum, interest and all other money payable hereunder, whether or not any amount is then due, in such manner as the mortgagee may determine, and the mortgagee shall not be bound to look to any other person or any security it may hold before being entitled to payment from any guarantor.  
127.
The mortgagor has a continuing liability.
127.
No extension of time given by the mortgagee to the mortgagor, or anyone claiming under him, or any other dealing by the mortgagee with the owner of the equity of redemption shall in any way affect or prejudice the rights of the mortgagee against the mortgagor or any other person liable for payment of the money hereby secured.  
128.
The mortgagor shall advise the mortgagee of any change in marital status.
128.
The mortgagor covenants with the mortgagee that upon any change affecting the marital status of the mortgagor or the qualification of the lands and premises as a marital home within the meaning of the Marital Property Act, the mortgagor will advise the mortgagee accordingly and furnish the mortgagee with full particulars thereof.  
129.
The mortgagor shall pay rent and default under the lease is default under this mortgage.
129.
The mortgagor covenants with the mortgagee that the mortgagor shall pay the rent and additional rent reserved by and perform and observe the lessee’s covenants in the lease mortgaged hereunder and keep indemnified the mortgagee against all actions, claims and demands whatsoever in respect of the rent due thereunder and covenants contained therein or anything relating thereto, and agrees that default in payment of the rent and additional rent reserved and failure to perform and observe the covenants contained in the lease on the lessee’s part to be observed shall constitute default under this mortgage.  
130.
The mortgagor shall have quiet possession of the lands until he defaults.
130.
Until default in payment of some part of the money payable hereunder or on breach of any covenant, agreement or proviso herein contained, the mortgagor shall have quiet possession of the lands and premises.  
131.
The mortgagor promises that the lease is in good standing.
131.
The mortgagor covenants with the mortgagee that the lease mortgaged hereunder is at the time of the execution of this mortgage a good, valid and subsisting lease in law and not surrendered, forfeited or become void or voidable, and that the rents and covenants therein reserved and contained have been duly paid and performed by the mortgagor up to the day of the date hereof.  
132.
The mortgagor holds the last day of the lease in trust for the mortgagee.
132.
The mortgagor will henceforth stand possessed of the premises for the last day of the term granted by the lease mortgaged hereunder in trust for the mortgagee, and will assign and dispose thereof as the mortgagee may direct, but subject to the same right of redemption and other rights as are hereby given to the mortgagor with respect to the derivative term hereby granted; the mortgagor hereby irrevocably appoints the mortgagee as the mortgagor’s substitute to be the mortgagor’s attorney during the continuance of this security and in the event of default to assign the lease and convey the premises and the last day of the term granted by the lease as the mortgagee shall at any time direct, and in particular, upon any sale made by the mortgagee under the power of sale herein contained, to assign the lease and convey the premises and the reversion to the purchaser; and it is hereby declared that the mortgagee or other person for the time being entitled to the money hereby secured may at any time, by deed, remove the mortgagor or any other person from being a trustee of the lease under the declaration of trust hereinbefore declared and on the removal of the mortgagor, or any future trustee of the lease, may by deed, appoint a new trustee or trustees in the mortgagor’s place.
133.
The mortgagor will assign the last day of the term to the mortgagee upon request.
133.
The mortgagor covenants with the mortgagee that the mortgagor will, with respect to the lease herein contemplated, at the request of the mortgagee, but at the cost, charge and expense of the mortgagor, grant and assign unto the mortgagee, or whom he may appoint, the last day of the term hereinbefore excepted or any renewal or substituted term; and further that, in the event of the mortgagee making any sale under the power of sale herein contained the mortgagor shall stand seized and possessed of the premises for the last day of the term hereinbefore excepted, and of any renewal or substituted term, and of all rights of renewal in trust for the purchaser, his heirs, executors, administrators, successors and assigns.  
134.
Where a conflict exists between the English version and the French version of any provision hereof, this mortgage shall be construed as if it had been executed entirely in English.
134.
The mortgagor and the mortgagee mutually covenant and agree that, this mortgage having been executed in both English and French, where a conflict exists between the English version and the French version of any provision hereof, the meaning and legal effect of the English version shall prevail.  
134.1.
Where a conflict exists between the English version and the French version of any provision hereof, this mortgage shall be construed as if it had been executed entirely in French.
134.1.
The mortgagor and the mortgagee mutually covenant and agree that, this mortgage having been executed in both English and French, where a conflict exists between the English version and the French version of any provision hereof, the meaning and legal effect of the French version shall prevail.  
84-140; 87-70, 2020, c.29, s.117
N.B. This Regulation is consolidated to November 1, 2021.