National Housing Act. Subject to the terms and provisions of the Servicing Agreement referred to above, the Mortgage Loans hereby assigned will be administered and serviced by the Bank, as agent of Assignee, in accordance with the National Housing Act (Canada) and National Housing Regulations (Canada).
National Housing Act. If this Contract is an insured loan with CMHC as the hypothecary insurer, it is made according to the National Housing Act.
National Housing Act. If this Mortgage is a CMHC-insured Mortgage, this Mortgage is made pursuant to the
National Housing Act. If the mortgage is an insured mortgage under the Canada National Housing Act, the mortgage is made pursuant to that Act.
National Housing Act. If the Charge secures a loan which is insured by CMHC or another loan insurer or is securitized in accordance with Section 21 above (the “Insured Loan”), the following provisions shall apply notwithstanding any other provision contained in the Charge or any Credit Agreements:
(a) If the loan is insured by CMHC, then the Charge is made pursuant to the National Housing Act (R.S.C. 1985, C. N-11) and its regulations, as amended and replaced from time to time, as if these provisions were contained herein in their entirety (collectively, the “Act”).
(b) If there is any conflict between any provision of the Act and any provision contained in the Charge or any Credit Agreements, then the provisions of the Act shall prevail. If there is any conflict between any provision of this Section 60 and any other provision contained in the Charge or any Credit Agreements, then the provisions of this Section 60 shall prevail.
(c) The Borrower shall not use the Lands for business or industrial purposes unless contained within the limits as set out by the CMHC.
(d) The provisions of Section 13 (entitled “Inspection”) of this set of mortgage covenants allowing the Bank to access the Lands shall also apply in favour of CMHC and any agent of CMHC. The reasonable cost of the environmental audits, investigations, tests, assessments, inspections or studies, as the case may be, conducted pursuant to Section 13 shall be paid by the Borrower forthwith upon request by the Bank, and if unpaid shall bear interest at the interest rate applicable to the Insured Loan and if there is more than one such interest rate then at the highest such interest rate, and such costs together with such interest shall be added to and form part of the Liabilities secured by the Charge and form a charge on the Lands. The exercise of any of the above- mentioned rights by any of the Bank, CMHC or any of their respective agents shall not mean that the Bank, CMHC or any of their respective agents are in possession of, manage, control or are liable for the Lands or are a chargee or mortgagee in possession of the Lands.
(e) Should CMHC become at any time subrogated to the rights of the Bank arising from the Insured Loan or if it at any time becomes the assignee of such rights, CMHC shall be deemed to be the sole holder of the subrogated or assigned claim and the Charge and the Bank shall act accordingly. However, the Bank shall retain its personal rights against the Borrower for any amount (if any), other than th...
National Housing Act. If the contract is an insured contract under the Canada National Housing Act, the contract is made pursuant to that Act.
National Housing Act. If the mortgage is an insured loan with CMHC as the mortgage insurer, it is made according to the National Housing Act. If any part of the mortgage is found to be illegal or unenforceable, the validity or enforceability of all other parts of the mortgage will not be affected.
National Housing Act. If this Mortgage is insured by the Canada Mortgage and Housing Corporation (or its successors or assigns), this Mortgage shall also be governed by the provisions of the National Housing Act.
National Housing Act. None of the Mortgage Loans are insured under Section 203(k) of the National Housing Act. None of the Mortgage Loans are insured under sections 235, 245 or 265 of the National Housing Act.
National Housing Act. If the mortgage is CMHC insured, it is made according to the National Housing Act.
