Borrower Promises. The Borrower promises:
a. to comply with all terms and conditions of any charge or encumbrance of the Property that ranks ahead of this Mortgage;
b. to pay all Indebtedness, to perform all Obligations, and to comply with all terms of this Mortgage and the Agreements;
c. to keep all buildings and improvements forming part of the Property in good condition and to repair them as needed or as the Lender reasonably requires and not to alter or tear down any building or part of a building forming part of the Property;
d. to enforce and maintain in good standing all warranties and insurance relating to buildings and improvements forming part of the Property;
e. to comply with Applicable Laws affecting the condition (such as the environmental condition), repair, use and occupation of the Property;
f. to do all things and sign any other document that the Lender reasonably requires to ensure that the Indebtedness and Obligations remain secured by this Mortgage and that the Mortgage has priority over any other security over the Property, except as may otherwise be agreed to by the Lender;
g. not to do or fail to do anything that has the effect of reducing the value of the Property or lowering the priority of this Mortgage and any other security in favour of the Lender (the Borrower is to promptly inform the Lender of any fact or event that could adversely affect the value of the Property or the financial condition of the Borrower or that could lower the priority of this Mortgage or other security held by the Lender for the Indebtedness and Obligations);
h. to occupy the Property as a single family owner occupied residence and not to rent the Property or any portion of the Property without the express prior written consent of the Lender. If the Borrower has rented the Property to a tenant with the express prior written consent of the Lender, and if the Lender so requests, to keep records of all rents received and of all expenses paid by the Borrower in connection with the Property, and, at least annually, have a statement of revenue and expenses for the Property prepared by a chartered accountant, and to give a copy of the statement to the Lender;
i. to insure and keep insured all buildings and improvements on the Property for not less than their full replacement value until this Mortgage is discharged, including, without limitation, (i) risks of loss or damage by fire with extended perils coverage and such additional perils, risks or events against which a prudent ow...
Borrower Promises. All Borrowers acknowledge time is of the essence with this Contract and agree to make the payments required hereunder at the times required in this Contract. Each Borrower warrants that the information supplied to Lender in applying for credit and in the making of this Contract is true and correct; that the Collateral will only be used for personal, family or household purposes; that this Contract, and all signatures, are genuine in all respects; that all parties have the capacity to contract; that the Contract is duly executed with proper authority; that Borrower has no knowledge of any fact that would impair the validity of this Contract; and that the Collateral was sold to Borrower for his, her or its personal ownership and not for another person.
