Common use of No Obligation to Advance Clause in Contracts

No Obligation to Advance. ‌ The Bank is not bound to advance or re-advance all or any part of the monies secured by the Charge, notwithstanding that the Charge has been prepared, executed or registered or the Borrower has authorized its registration, or that all or part of the principal monies secured by the Charge have been advanced. All advances are to be made in such manner, at such times and in such amounts as the Bank in its sole discretion may determine. The Bank may deduct from any advance any Taxes that are due, any interest that is due and payable on the date of the advance, any legal fees and disbursements (and all applicable taxes) for preparing and registering the Charge, Costs relating to the approval, preparation or registration of the Charge or Credit Agreements, Costs respecting appraisals, inspections, mortgage insurance and title insurance and any other Costs owing to the Bank by the Borrower. Even though the Bank has not advanced all or part of the monies secured by the Charge, this Charge takes effect immediately upon the Borrower signing the Charge, and all costs and expenses owing by the Borrower under the Charge and all Costs incurred or paid by the Bank shall be payable by the Borrower immediately on demand, and if unpaid shall bear interest as provided for in Section 4 of this set of mortgage covenants, and 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.

No Obligation to Advance. ‌ The Bank is not bound to advance or re-advance all or any part of the monies secured by the Charge, notwithstanding that the Charge has been prepared, executed or registered or the Borrower has authorized its registration, or that all or part of the principal monies secured by the Charge have been advanced. All advances are to be made in such manner, at such times and in such amounts as the Bank in its sole discretion may determine. The Bank may deduct from any advance any Taxes that are due, any interest that is due and payable on the date of the advance, any legal fees and disbursements (and all applicable taxes) for preparing and registering the Charge, Costs relating to the approval, preparation or registration of the Charge or Credit Agreements, Costs respecting appraisals, inspections, mortgage insurance and title insurance and any other Costs owing to the Bank by the Borrower. Even though the Bank has not advanced all or part of the monies secured by the Charge, this Charge takes effect immediately upon the Borrower signing the Charge, and all costs and expenses owing by the Borrower under the Charge and all Costs incurred or paid by the Bank shall be payable by the Borrower immediately on demand, and if unpaid shall bear interest as provided for in Section 4 of this set of mortgage covenantsstandard charge terms, and 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.