Glossary of terms
Borrower
The person or persons responsible for paying back the amount of the mortgage to the lender. The borrowers are named in the mortgage form.
Borrower mailing address
The postal address of the borrower set out in the mortgage form.
Borrower's promises and agreements
Any one or more of the borrower's obligations, promises, and agreements contained in this
mortgage.
Court
A court or judge having jurisdiction in any matter arising out of the mortgage.
Covenantor
A person who signs the mortgage form as a covenantor.
Default
Includes each of the events of default listed in Section 7(1).
Interest
A percentage the lender charges the borrower to borrow money. The interest rate is
shown on the mortgage form.
Interest adjustment date
The interest adjustment date shown on the mortgage form.
Interest calculation period
The period or periods for the calculation of interest shown on the mortgage form.
Interest rate
The interest rate shown on the mortgage form.
Land
All the borrower's present and future interest in the land described in the mortgage form,
including every incidental right, benefit, or privilege attaching to that land or running
with it, and all buildings and improvements that are now or later constructed on or made
to that land.
Lease
The leasehold interest, if any, of the borrower referred to in the mortgage form.
Lender
The person or persons lending the borrower money. The lender is named in the
mortgage form, and includes any person to whom the lender transfers this mortgage.
Lender mailing address
The lender's postal address as shown on the mortgage form.
Loan payment
The amount of each periodic payment shown on the mortgage form.
Maturity date
The balance due date shown on the mortgage form. On this date, all unpaid mortgage
money is due and payable, or such earlier date on which the lender can lawfully require
payment of the mortgage money.
Mortgage form
Form B under the Land Title (Transfer Forms) Regulation, and all schedules and addenda to
Form B.
Mortgage money
The principal amount, interest, and any other money owed by the borrower under the
mortgage, the payment of which is secured by the mortgage.
Payment date
Payments must begin on the "first payment date" shown on the mortgage form.
