Common use of Variable Rate Mortgage Clause in Contracts

Variable Rate Mortgage. If this Mortgage is a Variable Rate Mortgage, the rate of interest chargeable on the Outstanding Principal Amount and all other monies payable under this Mortgage shall be the Interest Rate, calculated monthly, not in advance, as well after as before maturity, default and judgment until payment in full. The Interest Rate will vary automatically, without notice to the Borrower, each time there is a change in the Prime Rate. The Interest Rate will always be the Prime Rate as adjusted by the number of percentage points per annum, if any, set out or referred to in Mortgage, calculated monthly, not in advance. In the event that it may be necessary at any time for the Lender to prove the Prime Rate applicable as at any time or times, a certificate in writing of an authorized employee of the Lender setting forth the Prime Rate as at any time or times shall be deemed to be prima facie evidence as to the Prime Rate at such time. The Interest Rate calculated monthly not in advance is equivalent to the rate of interest calculated half-yearly not in advance shown in the equivalent rate table found in section 10 of this set of Additional Terms and Conditions. The Borrower may determine the equivalent rate by locating the Interest Rate in the column entitled “Interest Rate Calculated Monthly Not in Advance (%)” and comparing that rate of interest to the rate of interest indicated in the column immediately to the right of such rate of interest entitled “Equivalent Interest Rate Calculated Half-Yearly Not in Advance (%)”.

Variable Rate Mortgage. If this Mortgage is a Variable Rate Mortgage, the rate of interest chargeable on the Outstanding Principal Amount and all other monies payable under this Mortgage shall be the Interest Rate, calculated monthly, not in advance, as well after as before maturity, default and judgment until payment in full. The Interest Rate will vary automatically, without notice to the Borrower, each time there is a change in the Prime Rate. The Interest Rate will always be the Prime Rate as adjusted by the number of percentage points per annum, if any, set out or referred to in Mortgageitem 5(b) of the Mortgage Form, calculated monthly, not in advance. In the event that it may be necessary at any time for the Lender to prove the Prime Rate applicable as at any time or times, a certificate in writing of an authorized employee of the Lender setting forth the Prime Rate as at any time or times shall be deemed to be prima facie evidence as to the Prime Rate at such time. The Interest Rate calculated monthly not in advance is equivalent to the rate of interest calculated half-yearly not in advance shown in the equivalent rate table found in section 10 of this set of Additional Terms and Conditionsstandard mortgage terms. The Borrower may determine the equivalent rate by locating the Interest Rate in the column entitled “Interest Rate Calculated Monthly Not in Advance (%)” and comparing that rate of interest to the rate of interest indicated in the column immediately to the right of such rate of interest entitled “Equivalent Interest Rate Calculated Half-Yearly Not in Advance (%)”.

Variable Rate Mortgage. If this Mortgage is a Variable Rate Mortgage, the rate of interest chargeable on the Outstanding Principal Amount and all other monies payable under this Mortgage shall be the Interest Rate, calculated monthly, not in advance, as well after as before maturity, default and judgment until payment in full. The Interest Rate will vary automatically, without notice to the Borrower, each time there is a change in the Prime Rate. The Interest Rate will always be the Prime Rate as adjusted by the number of percentage points per annum, if any, set out or referred to in this Mortgage, calculated monthly, not in advance. In the event that it may be necessary at any time for the Lender to prove the Prime Rate applicable as at any time or times, a certificate in writing of an authorized employee of the Lender setting forth the Prime Rate as at any time or times shall be deemed to be prima facie evidence as to the Prime Rate at such time. The Interest Rate calculated monthly not in advance is equivalent to the rate of interest calculated half-yearly not in advance shown in the equivalent rate table found in section 10 of this set of Additional Terms and Conditions. The Borrower may determine the equivalent rate by locating the Interest Rate in the column entitled “Interest Rate Calculated Monthly Not in Advance (%)” and comparing that rate of interest to the rate of interest indicated in the column immediately to the right of such rate of interest entitled “Equivalent Interest Rate Calculated Half-Yearly Not in Advance (%)”.