Our priority. Our security has priority for what is owed over every interest in the property created in favour of another person after the mortgage was entered into. It has priority even if we advance the amount after the other person's interest in the property was created. It has priority even if an agreement with us for what is owed is entered into after the mortgage was entered into, and even if that agreement isn't registered. Every person acquiring an interest in the property must be taken to accept the terms of this section.
Appears in 4 contracts
Samples: Residential Mortgage, Residential Mortgage, Residential Mortgage
Our priority. Our security has priority for what is owed over every interest in the property created in favour of another person after the mortgage contract was entered into. It has priority even if we advance the amount after the other person's interest in the property was created. It has priority even if an agreement with us for what is owed is entered into after the mortgage contract was entered into, and even if that agreement isn't registered. Every person acquiring an interest in the property must be taken to accept the terms of this section.
Appears in 1 contract
