Common use of Prepaying a BMO Smart Fixed Closed Mortgage Clause in Contracts

Prepaying a BMO Smart Fixed Closed Mortgage. For a BMO Smart Fixed Closed Mortgage, you cannot prepay unless:  you sell the property to an unrelated purchaser for fair market value; and  at the same time, you also pay us a prepayment charge as described in section 5.10.2.1 or 5.10.2.2 as applicable. However, if the term of your loan is longer than five years, you can prepay all or part of what is owed at any time after the fifth anniversary of the date of the mortgage without selling your property if you pay us the prepayment charge described in section 5.10.2.2.

Prepaying a BMO Smart Fixed Closed Mortgage. For a BMO Smart Fixed Closed Mortgage, you cannot prepay unless:  • you sell the property to an unrelated purchaser for fair market value; and  • at the same time, you also pay us a prepayment charge as described in section 5.10.2.1 or 5.10.2.2 as applicable. However, if the term of your loan is longer than five years, you can prepay all or part of what is owed at any time after the fifth anniversary of the date of the mortgage without selling your property if you pay us the prepayment charge described in section 5.10.2.2.

Prepaying a BMO Smart Fixed Closed Mortgage. For a BMO Smart Fixed Closed Mortgage, you cannot prepay unless:  • you sell the property to an unrelated purchaser for fair market value; and  • at the same time, you also pay us a prepayment charge as described in section section 5.10.2.1 or 5.10.2.2 as applicable. However, if the term of your loan is longer than five years, you can prepay all or part of what is owed at any time after the fifth anniversary of the date of the mortgage without selling your property if you pay us the prepayment charge described in section 5.10.2.2.

Prepaying a BMO Smart Fixed Closed Mortgage. For a BMO Smart Fixed Closed Mortgage, you cannot prepay unless:  • you sell the property to an unrelated purchaser for fair market value; and  • at the same time, you also pay us a prepayment charge as described in section 5.10.2.1 section 7.10.2.1 or 5.10.2.2 7.10.2.2 as applicable. However, if the term of your loan is longer than five years, you can prepay all or part of what is owed at any time after the fifth anniversary of the date of the mortgage this agreement without selling your property if you pay us the prepayment charge as described in section 5.10.2.27.10.2.2.