Fillable Notice Of Mortgage Payment Change printable pdf download

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Adjustable Rate Charge/Mortgage

(Land Titles Act and Registry Act)

SCHEDULE

Land Registration Reform Act

All words that are deﬁned in the set of standard charge terms referred to in box 8 of the attached Charge/Mortgage of

Land (Form 2) have the same meaning when used in this Schedule.

(1) Section 3A (Interest Rate) is replaced by the following:

The initial interest rate payable by you on the loan is ___________ percent. Interest is payable monthly and calculated

half-yearly not in advance. The ﬁrst half-yearly calculation of interest after the interest adjustment date (IAD) speciﬁed in

box 9(d) (which is one month before the date on which your ﬁrst regular monthly loan payment is due) shall be for the six

month period commencing on the IAD. Half-yearly calculations, using the adjusted interest rate described below, will be

made for each six-month period after that during the term of the loan.

Interest Adjustment

After the initial six month period described above, you will pay interest at the rate of our then current prime rate minus

_____% calculated semi-annually not in advance for the next six month period. After this six month period, the new interest

rate will be recalculated as set out above which will be payable for the next six month period. This process will be

repeated every six months until the end of the term. Interest is payable on the loan amount at the applicable interest rate

both before and after the ﬁnal payment date as well as both before and after default and judgment until the loan amount is

paid in full. Any compound interest, calculated as set out below, shall be at the interest rate applicable for the six month

period during which compound interest is chargeable.

(2) Section 4C is replaced by the following:

The principal amount, together with interest calculated from the interest adjustment date, shall become due and be paid

by you in regular monthly loan payments.

You will make your regular monthly loan payments to us in equal installments. Your monthly payment for the ﬁrst

six month period of your loan will be $__________________ beginning on the date speciﬁed in box 9(f) and continuing on the

ﬁrst day of each and every following month for the six month period. We will adjust your payment at the beginning of the next

six month period, taking into account the remaining amortization period and new interest rate. We will tell you what your new

interest rate and payment amount will be for the next period within 30 days of the change. We will do this for each six month

period. If there has been no change to our prime rate, your payment amount will not change and we will not send you a notice

with a new payment amount. Each date on which you are required to make a monthly loan payment is called a monthly loan

payment date. Each monthly loan payment consists of a portion of the principal amount together with the interest due and

payable on the monthly loan payment date.

You will pay the balance of the principal amount, together with all interest due and payable on it, on the date speciﬁed in

box 9(i) which is the same as the date speciﬁed in box 9(g) and is called the last payment date.

(3) Article 5 (Paying Off a Mortgage Before the Maturity Date) is replaced by the following:

Although we expect you to pay back your mortgage according to the payment schedule, you may pay off some, or the

entire mortgage early based on the type of mortgage you have. If we later agree to change or extend the terms of the

mortgage, these prepayment provisions will not apply to the new or extended term. The terms used in this schedule have

the same meaning as in the mortgage.

Prepayments

Providing all your mortgage payments are up to date, you may increase your payments, or pay off some of your mortgage

early in one of the ways listed in the chart below. These options apply to partial prepayments only. The options are

available each year and cannot be saved to use in a later year. Each year is deﬁned as the 12-month period starting on

the Interest Adjustment Date (IAD) or the anniversary of that date. If your mortgage term is less than 12 months, these

options are available in each term.

E0394ON (02/04)

Notice Of Mortgage Payment Change

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