Common use of Your option Clause in Contracts

Your option. If you sell the property and buy another property in Canada, you can ask us to make a new loan to you at that time secured by the property you buy. 5.11.1.1 If the amount of the new loan is the same as what is owed under the old loan when we make the new loan, the new loan is as follows:  It's a fixed rate closed term.  It has the same balance due date as the old loan.  The interest rate is the same as for the old loan. 5.11.1.2 If the amount of the new loan is more than what is owed under the old loan when we make the new loan, the new loan is as follows:  It's a fixed rate closed term.  It has the same balance due date as the old loan.  The interest rate is the blended interest rate (see section 1.4). You don't have to pay us a prepayment charge. We don't have to make the new loan unless our usual credit requirements are met.

Your option. If you sell the property and buy another property in Canada, you can ask us to make a new loan to you at that time secured by the property you buy. 5.11.1.1 If the amount of the new loan is the same as what is owed under the old loan when we make the new loan, the new loan is as follows:  • It's a fixed rate closed term.  • It has the same balance due date as the old loan.  • The interest rate is the same as for the old loan. 5.11.1.2 If the amount of the new loan is more than what is owed under the old loan when we make the new loan, the new loan is as follows:  • It's a fixed rate closed term.  • It has the same balance due date as the old loan.  • The interest rate is the blended interest rate (see section 1.4). You don't have to pay us a prepayment charge. We don't have to make the new loan unless our usual credit requirements are met.

Your option. If you sell the property and buy another property in Canada, you can ask us to make a new loan to you at that time secured by the property you buy. 5.11.1.1 7.11.1.1 If the amount of the new loan is the same as what is owed under the old loan when we make the new loan, the new loan is as follows:  • It's a fixed rate closed term.  • It has the same balance due date as the old loan.  • The interest rate is the same as for the old loan. 5.11.1.2 7.11.1.2 If the amount of the new loan is more than what is owed under the old loan when we make the new loan, the new loan is as follows:  • It's a fixed rate closed term.  • It has the same balance due date as the old loan.  • The interest rate is the blended interest rate (see section 1.43.4). You don't have to pay us a prepayment charge. We don't have to make the new loan unless our usual credit requirements are met.