Common use of Grant of Mortgage Clause in Contracts

Grant of Mortgage. The Lender has agreed to loan the Borrower money on the terms set out in this Mortgage. In consideration for the loan made by the Lender to the Borrower of the principal amount or that part of the principal amount that is advanced and the additional principal amounts, if any, that are advanced to the Borrower from time to time (which by signing and delivering the Mortgage the Borrower acknowledges having received from the Lender), the Borrower mortgages and charges the Borrower's entire estate and interest in the Property to the Lender, to secure repayment of the loan amount and to ensure that the Borrower performs all of the Borrower's obligations under the Mortgage and the commitment letter. When the Borrower has repaid the loan amount in full as provided in the Mortgage, the Lender is under no obligation to loan any additional principal amounts to the Borrower. If the Borrower is not in Default, the Lender will have no further interest in the Property. The Lender has the right to assign the Mortgage and the payment of amounts secured by the Mortgage. An assignment by the Lender will not cause the Mortgage to cease to operate nor entitle the Borrower to a discharge of the Mortgage.

Grant of Mortgage. The Lender has agreed to loan the Borrower money on the terms set out in this Mortgage. In consideration for the loan made by the Lender to the Borrower of the principal amount or that part of the principal amount that is advanced and the additional principal amounts, if any, that are advanced to the Borrower from time to time (which by signing and delivering the Mortgage the Borrower acknowledges having received from the Lender), the Borrower mortgages and charges the Borrower's ’s entire estate and interest in the Property to the Lender, to secure repayment of the loan amount and to ensure that the Borrower performs all of the Borrower's ’s obligations under the Mortgage and the commitment letter. When the Borrower has repaid the loan amount in full as provided in the Mortgage, the Lender is under no obligation to loan any additional principal amounts to the Borrower. If the Borrower is not in Default, the Lender will have no further interest in the Property. The Lender has the right to assign the Mortgage and the payment of amounts secured by the Mortgage. An assignment by the Lender will not cause the Mortgage to cease to operate nor entitle the Borrower to a discharge of the Mortgage.