Land to be Mortgaged. The land described below is mortgaged to the creditor to secure payment of all the money secured and performance of all the borrower’s and guarantors obligations under the contract. Initial here: (not required for electronic signing) Default interest charges and default fees In the event of a default in payment and while the default continues you must pay the default interest charges. Default interest is 20% per annum more than the annual interest rate charged on the amount in default from the time that you fall into financial default until you are no longer in financial default and calculated by multiplying the amount in default at the end of the day by the daily default interest rate. The daily default interest rate is calculated by dividing the annual default interest rate by 365. Default interest is charged to your account and immediately due and payable. Default fees: In the event of a breach of the contract or on the enforcement of the contract, the default fees set out in the Schedule of Fees and Charges – Consumer Credit are payable. This credit contract allows us to vary these default fees and charges. In the case of our enforcement of the loan we will charge your account for all the costs and disbursements we incur from any court, any tribunal, our solicitor (on a solicitor client basis), any debt collection agency, any process server, any of our agents and for any dealings with other persons in respect of your loan or its enforcement. In addition, we will charge you the cost of doing anything which you have failed to do which we have done (refer to clause 3 of the Terms and Conditions). FULL PREPAYMENT If you pay the unpaid balance in full before the final payment is due or if the loan is repaid early due to the lender’s enforcement action taken after you default (prepayment), you will have to pay our Early Repayment Fee to compensate us for the administrative costs relating to the prepayment
Land to be Mortgaged. Land: Estate FEE SIMPLE Area Legal Description CT or Document The security interest is an all obligations mortgage of land and it secures payment of all the unpaid balance. It also secures the performance of all your obligations under the loan agreement to the extent of the value of your interest in the land. If we sell the land in the event of default and the net proceeds are not enough to repay what you owe us (the unpaid balance), you will owe us the difference. You may not give security over the land (for example grant another mortgage) to anyone else without our written consent and, if you do, you will be in breach of this loan agreement, and the land may be sold by the lender. Administration Fee $ 25.00 Insurance Default $ 26.00 Arrears Letter Per Borrower $ 20.00 Post Repossession Notice $ 32.50 Broken Promise $ 15.00 Property Law Notice $ 500.00 Default Loading Fee $ 15.00 Repossession Authority $ 65.00 Dishonour Fee $ 12.00 Repossession Fee $ COST Field Visit $ COST Repossessed Vehicle Sales Fee $ 500.00 Fifteen Day (Pre-Possession) Notice $ 25.00 Statement of Account After Sale $ 26.00 Final Notice $ 30.00 Storage (Daily) $ 18.00 Gone No Address $ 35.00 Unknown Costs $ COST In the event of a default in payment and while the default continues you must pay the default interest charges. In the event of a breach of the loan agreement or on the enforcement of the loan agreement, the default fees specified below are payable. The loan agreement may allow the creditor to vary these fees and charges. Default interest is 10 % per annum, when charged on any overdue instalment or overdue amount other than the unpaid balance before payment of the unpaid balance has been accelerated (called up early). Default interest is charged from the time that you fall into financial default until you are no longer in financial default. It is calculated by multiplying the overdue instalment or overdue amount by the daily default interest rate. The daily default interest rate is calculated by dividing the annual default interest rate by 365. Default interest is charged to your account each payment period. If the lender accelerates payment of the unpaid balance or the unpaid balance falls due at the end of the loan term, and you do not pay, the default interest rate will be is 8 % per annum charged on the unpaid balance from when the unpaid balance is called up or otherwise becomes due until you repay it in full.
