Common use of Fixed rate closed term Clause in Contracts

Fixed rate closed term. Prepaying.‌ 5.10.1 Your option to prepay. You can prepay part of what is owed as follows:  The total of what you prepay under this section 5.10.1 in any calendar year cannot be more than:  10% of the original amount of the loan, if you have a BMO Smart Fixed Closed Mortgage; or  20% of the original amount of the loan, if you have any other mortgage product.  You can't prepay less than $100 at a time.  You can prepay in this way at any time during the year.  If you don't use this option in one year (or you don't use all of it), you can't save it (or the rest of it) for another year.  You don't have to pay us a prepayment charge.  You don't have to tell us in advance that you want to prepay.  You can't prepay under this section 5.10.1 if you've obtained a payout statement and it hasn't expired or been cancelled.

Fixed rate closed term. Prepaying.‌ 5.10.1 Your option to prepay. You can prepay part of what is owed as follows:  • The total of what you prepay under this section 5.10.1 in any calendar year cannot be more than:  • 10% of the original amount of the loan, if you have a BMO Smart Fixed Closed Mortgage; or  • 20% of the original amount of the loan, if you have any other mortgage product.  • You can't prepay less than $100 at a time.  • You can prepay in this way at any time during the year.  • If you don't use this option in one year (or you don't use all of it), you can't save it (or the rest of it) for another year.  • You don't have to pay us a prepayment charge.  • You don't have to tell us in advance that you want to prepay.  • You can't prepay under this section 5.10.1 if you've obtained a payout statement and it hasn't expired or been cancelled.

Fixed rate closed term. Prepaying.‌Prepaying. 5.10.1 7.10.1 Your option to prepay. You can prepay part of what is owed as follows:  • The total of what you prepay under this section 5.10.1 7.10.1 in any calendar year cannot be more than:  • 10% of the original principal amount of shown in the loan, commitment if you have a BMO Smart Fixed Closed Mortgage; or  • 20% of the original principal amount of shown in the loancommitment, if you have any other mortgage product.  • You can't prepay less than $100 at a time.  • You can prepay in this way at any time during the year.  • If you don't use this option in one year (or you don't use all of it), you can't save it (or the rest of it) for another year.  • You don't have to pay us a prepayment charge.  • You don't have to tell us in advance that you want to prepay.  • You can't prepay under this section 5.10.1 7.10.1 if you've obtained a payout statement and it hasn't expired or been cancelled.