Common use of Fixed rate closed term Clause in Contracts

Fixed rate closed term. Increasing the instalment.‌ 5.9.1 Your option to increase the instalment. Once in each calendar year, you can prepay by asking us to increase the instalment by up to 20%, or 10% for a BMO Smart Fixed Closed Mortgage, of the instalment just before the increase. 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.