Common use of Your option Clause in Contracts

Your option. At any time during the term of the loan, you can ask us to convert the loan to any new mortgage product that you choose as follows: The new term of the loan begins when the change takes effect. If you choose a fixed rate term, the interest rate is our posted interest rate for the new mortgage product when you and we enter into the agreement to make the change. If you choose a variable rate term, the interest rate is our variable interest rate for the new mortgage product. The instalment is based on what is owed when the change takes effect, the new interest rate and the amortization period described as follows: The new interest rate is the interest rate described above when you and we enter into the agreement to make the change. The amortization period is the remaining actual amortization period just before the change takes effect. However, if that period is more than the remaining contractual amortization period for the term when the change takes effect, it's the latter. You don't have to pay us a prepayment charge. The terms of section 9.20 apply to this change. Variable rate closed term: Increasing the instalment5.17. Your option to increase by up to 20%. Once in each calendar year, you can prepay by asking us to increase the instalment by up to 20% of the instalment just before the increase. If you don't use this option in one year (or you don't use all of it), you can't save it (or the rest of it) for another year. You don't have to pay us a prepayment charge. Your option, after an increase, to lower the instalment. After an increase under your option to increase the instalment, at any time during the term of the loan, you can ask us to lower the instalment. We don't have to lower the instalment if that would make the remaining actual amortization period after the change longer than the remaining contractual amortization period for the mortgage when you and we enter into the agreement to make the change. How we make the change. When we increase or lower the instalment under this section 9.17, the terms of section 9.20 apply. Variable rate closed term: Prepaying5.18 Your option to prepay up to 20% a year. You can prepay part of what is owed as follows: The total of what you prepay under this section 9.18.2 in any calendar year cannot be more than 20% of the original amount of the loan. You can't prepay less than $100 at a time. You can prepay in this way at any time during the year. If you don't use this option in one year (or you don't use all of it), you can't save it (or the rest of it) for another year. You don't have to pay us a prepayment charge. You don't have to tell us in advance that you want to prepay. You can't prepay under this section 9.18.2 if you've obtained a payout statement and it hasn't expired or been cancelled. Your option to prepay, with a prepayment charge. At any time during the term of the loan, in addition to your option to prepay 20% under section 9.18.2, you can prepay all or part of what is owed, but you must at the same time also pay us a prepayment charge of three months' interest on the amount that you're prepaying, at the interest rate when you prepay. If you prepay all of what is owed within the last three months of the term, the prepayment charge is the interest on the amount that you’re prepaying until the end of the term of the loan. You don't have to tell us in advance that you want to prepay. Variable rate closed term: Conversion5.19.

Your option. At any time during the term of the loan, you can ask us to convert the loan to any new mortgage product that you choose as follows: The new term of the loan begins when the change takes effect. If you choose a fixed rate term, the interest rate is our posted interest rate for the new mortgage product when you and we enter into the agreement to make the change. If you choose a variable rate term, the interest rate is our variable interest rate for the new mortgage product. The instalment is based on what is owed when the change takes effect, the new interest rate and the amortization period described as follows: The new interest rate is the interest rate described above when you and we enter into the agreement to make the change. The amortization period is the remaining actual amortization period just before the change takes effect. However, if that period is more than the remaining contractual amortization period for the term when the change takes effect, it's the latter. You don't have to pay us a prepayment charge. The terms of section 9.20 7.20 apply to this change. Variable Fixed rate closed term: Increasing the instalment5.17. instalment. Your option to increase by up to 20%the instalment. Once in each calendar year, you can prepay by asking us to increase the instalment by up to 20%, or 10% for a BMO Smart Fixed Closed Mortgage, of the instalment just before the increase. If you don't use this option in one year (or you don't use all of it), you can't save it (or the rest of it) for another year. You don't have to pay us a prepayment charge. Your option, after an increase, to lower the instalment. After an increase under your option to increase the instalment, at any time during the term of the loan, you can ask us to lower the instalment. We don't have to lower the instalment if that would make the remaining actual amortization period after the change longer than the remaining contractual amortization period for the mortgage contract when you and we enter into the agreement to make the change. How we make the change. When we increase or lower the instalment under this section 9.177.9, the terms of section 9.20 7.20 apply. Variable Fixed rate closed term: Prepaying5.18 Prepaying. Your option to prepay up to 20% a yearprepay. You can prepay part of what is owed as follows: The total of what you prepay under this section 9.18.2 7.10.1 in any calendar year cannot be more than than: 10% of the principal amount shown in the commitment if you have a BMO Smart Fixed Closed Mortgage; or 20% of the original principal amount of shown in the loancommitment, if you any other mortgage product. You can't prepay less than $100 at a time. You can prepay in this way at any time during the year. If you don't use this option in one year (or you don't use all of it), you can't save it (or the rest of it) for another year. You don't have to pay us a prepayment charge. You don't have to tell us in advance that you want to prepay. You can't prepay under this section 9.18.2 7.10.1 if you've obtained a payout statement and it hasn't expired or been cancelled. Your option to prepay, prepay with a prepayment charge. At Except for a BMO Smart Fixed Closed Mortgage, at any time during the term of the loan, in addition to your option to prepay 20% under section 9.18.27.10.1, you can prepay all or part of what is owed, but you must at the same time also pay us a prepayment charge of three months' interest on the amount that you're prepaying, at the interest rate when you prepay. If you prepay all of what is owed within the last three months of the term, the prepayment charge is the interest on the amount that you’re prepaying until the end of the term of the loan. You don't have to tell us in advance that you want to prepay. Variable rate closed term: Conversion5.19.as follows:

Your option. At any time during the term of the loan, you can ask us to convert the loan to any new mortgage product that you choose as follows: The new term of the loan begins when the change takes effect. If you choose a fixed rate term, the interest rate is our posted interest rate for the new mortgage product when you and we enter into the agreement to make the change. If you choose a variable rate term, the interest rate is our variable interest rate for the new mortgage product. The instalment is based on what is owed when the change takes effect, the new interest rate and the amortization period described as follows: The new interest rate is the interest rate described above when you and we enter into the agreement to make the change. The amortization period is the remaining actual amortization period just before the change takes effect. However, if that period is more than the remaining contractual amortization period for the term when the change takes effect, it's the latter. You don't have to pay us a prepayment charge. The terms of section 9.20 8.20 apply to this change. Variable Fixed rate closed term: Increasing the instalment5.17. instalment5.9. Your option to increase by up to 20%the instalment. Once in each calendar year, you can prepay by asking us to increase the instalment by up to 20%, or 10% for a BMO Smart Fixed Closed Mortgage, of the instalment just before the increase. If you don't use this option in one year (or you don't use all of it), you can't save it (or the rest of it) for another year. You don't have to pay us a prepayment charge. Your option, after an increase, to lower the instalment. After an increase under your option to increase the instalment, at any time during the term of the loan, you can ask us to lower the instalment. We don't have to lower the instalment if that would make the remaining actual amortization period after the change longer than the remaining contractual amortization period for the mortgage when you and we enter into the agreement to make the change. How we make the change. When we increase or lower the instalment under this section 9.178.9, the terms of section 9.20 8.20 apply. Variable Fixed rate closed term: Prepaying5.18 Prepaying5.10. Your option to prepay up to 20% a yearprepay. You can prepay part of what is owed as follows: The total of what you prepay under this section 9.18.2 8.10.1 in any calendar year cannot be more than than: 10% of the original amount of the loan, if you have a BMO Smart Fixed Closed Mortgage; or 20% of the original amount of the loan, if you have any other mortgage product. You can't prepay less than $100 at a time. You can prepay in this way at any time during the year. If you don't use this option in one year (or you don't use all of it), you can't save it (or the rest of it) for another year. You don't have to pay us a prepayment charge. You don't have to tell us in advance that you want to prepay. You can't prepay under this section 9.18.2 8.10.1 if you've obtained a payout statement and it hasn't expired or been cancelled. Your option to prepay, prepay with a prepayment charge. At Except for a BMO Smart Fixed Closed Mortgage, at any time during the term of the loan, in addition to your option to prepay 20% under section 9.18.28.10.1, you can prepay all or part of what is owed, but you owed as follows: You must at the same time also pay us a prepayment charge of the higher of: three months' interest on the amount that you're prepaying, at or the interest rate when differential charge, as described in section 8.21.1. Despite section 0.00.0.0: If the term of the loan is longer than five years and you prepayprepay all or part of what is owed after the fifth anniversary of the date of the mortgage, the prepayment charge is three months' interest on the amount that you're prepaying. If you prepay all of what is owed within the last three months of the term, the prepayment charge is the interest on the amount that you’re prepaying until the end of the term of the loan. You don't have to tell us in advance that you want to prepay. Variable rate closed term: Conversion5.19..

Your option. At any time during the term of the loan, you can ask us to convert the loan to any new mortgage product that you choose as follows: The new term of the loan begins when the change takes effect. If you choose a fixed rate term, the interest rate is our posted interest rate for the new mortgage product when you and we enter into the agreement to make the change. If you choose a variable rate term, the interest rate is our variable interest rate for the new mortgage product. The instalment is based on what is owed when the change takes effect, the new interest rate and the amortization period described as follows: The new interest rate is the interest rate described above when you and we enter into the agreement to make the change. The amortization period is the remaining actual amortization period just before the change takes effect. However, if that period is more than the remaining contractual amortization period for the term when the change takes effect, it's the latter. You don't have to pay us a prepayment charge. The terms of section 9.20 10.20 apply to this change. Variable rate closed term: Increasing the instalment5.17. instalment. Your option to increase by up to 20%. Once in each calendar year, you can prepay by asking us to increase the instalment by up to 20% of the instalment just before the increase. If you don't use this option in one year (or you don't use all of it), you can't save it (or the rest of it) for another year. You don't have to pay us a prepayment charge. Your option, after an increase, to lower the instalment. After an increase under your option to increase the instalment, at any time during the term of the loan, you can ask us to lower the instalment. We don't have to lower the instalment if that would make the remaining actual amortization period after the change longer than the remaining contractual amortization period for the mortgage when you and we enter into the agreement to make the change. How we make the change. When we increase or lower the instalment under this section 9.1710.17, the terms of section 9.20 10.20 apply. Variable rate closed term: Prepaying5.18 Prepaying Your option to prepay up to 20% a year. You can prepay part of what is owed as follows: The total of what you prepay under this section 9.18.2 10.18.1 in any calendar year cannot be more than 20% of the original amount of the loan. You can't prepay less than $100 at a time. You can prepay in this way at any time during the year. If you don't use this option in one year (or you don't use all of it), you can't save it (or the rest of it) for another year. You don't have to pay us a prepayment charge. You don't have to tell us in advance that you want to prepay. You can't prepay under this section 9.18.2 10.18.1 if you've obtained a payout statement and it hasn't expired or been cancelled. Your option to prepay, with a prepayment charge. At any time during the term of the loan, in addition to your option to prepay 20% under section 9.18.210.18.1, you can prepay all or part of what is owed, but you must at the same time also pay us a prepayment charge of three months' interest on the amount that you're prepaying, at the interest rate when you prepay. If you prepay all of what is owed within the last three months of the term, the prepayment charge is the interest on the amount that you’re prepaying until the end of the term of the loan. You don't have to tell us in advance that you want to prepay. Variable rate closed term: Conversion5.19.Conversion.

Your option. At any time during the term of the loan, you can ask us to convert the loan to any new mortgage product that you choose as follows: The new term of the loan begins when the change takes effect. If you choose a fixed rate term, the interest rate is our posted interest rate for the new mortgage product when you and we enter into the agreement to make the change. If you choose a variable rate term, the interest rate is our variable interest rate for the new mortgage product. The instalment is based on what is owed when the change takes effect, the new interest rate and the amortization period described as follows: The new interest rate is the interest rate described above when you and we enter into the agreement to make the change. The amortization period is the remaining actual amortization period just before the change takes effect. However, if that period is more than the remaining contractual amortization period for the term when the change takes effect, it's the latter. You don't have to pay us a prepayment charge. The terms of section 9.20 10.20 apply to this change. Variable Fixed rate closed term: Increasing the instalment5.17. instalment5.9. Your option to increase by up to 20%the instalment. Once in each calendar year, you can prepay by asking us to increase the instalment by up to 20%, or 10% for a BMO Smart Fixed Closed Mortgage, of the instalment just before the increase. If you don't use this option in one year (or you don't use all of it), you can't save it (or the rest of it) for another year. You don't have to pay us a prepayment charge. Your option, after an increase, to lower the instalment. After an increase under your option to increase the instalment, at any time during the term of the loan, you can ask us to lower the instalment. We don't have to lower the instalment if that would make the remaining actual amortization period after the change longer than the remaining contractual amortization period for the mortgage when you and we enter into the agreement to make the change. How we make the change. When we increase or lower the instalment under this section 9.1710.9, the terms of section 9.20 10.20 apply. Variable Fixed rate closed term: Prepaying5.18 Prepaying5.10. Your option to prepay up to 20% a yearprepay. You can prepay part of what is owed as follows: The total of what you prepay under this section 9.18.2 10.10.1 in any calendar year cannot be more than than: 10% of the original amount of the loan, if you have a BMO Smart Fixed Closed Mortgage; or 20% of the original amount of the loan, if you have any other mortgage product. You can't prepay less than $100 at a time. You can prepay in this way at any time during the year. If you don't use this option in one year (or you don't use all of it), you can't save it (or the rest of it) for another year. You don't have to pay us a prepayment charge. You don't have to tell us in advance that you want to prepay. You can't prepay under this section 9.18.2 10.10.1 if you've obtained a payout statement and it hasn't expired or been cancelled. Your option to prepay, prepay with a prepayment charge. At Except for a BMO Smart Fixed Closed Mortgage, at any time during the term of the loan, in addition to your option to prepay 20% under section 9.18.210.10.1, you can prepay all or part of what is owed, but you owed as follows: You must at the same time also pay us a prepayment charge of the higher of: three months' interest on the amount that you're prepaying, at or the interest rate when differential charge, as described in section 10.21.1. Despite section 00.00.0.0: If the term of the loan is longer than five years and you prepayprepay all or part of what is owed after the fifth anniversary of the date of the mortgage, the prepayment charge is three months' interest on the amount that you're prepaying. If you prepay all of what is owed within the last three months of the term, the prepayment charge is the interest on the amount that you’re prepaying until the end of the term of the loan. You don't have to tell us in advance that you want to prepay. Variable rate closed term: Conversion5.19..

Your option. At any time during the term of the loan, you can ask us to convert the loan to any new mortgage product that you choose as follows: The new term of the loan begins when the change takes effect. If you choose a fixed rate term, the interest rate is our posted interest rate for the new mortgage product when you and we enter into the agreement to make the change. If you choose a variable rate term, the interest rate is our variable interest rate for the new mortgage product. The instalment is based on what is owed when the change takes effect, the new interest rate and the amortization period described as follows: The new interest rate is the interest rate described above when you and we enter into the agreement to make the change. The amortization period is the remaining actual amortization period just before the change takes effect. However, if that period is more than the remaining contractual amortization period for the term when the change takes effect, it's the latter. You don't have to pay us a prepayment charge. The terms of section 9.20 apply to this change. Variable rate closed term: Increasing the instalment5.17. instalment. Your option to increase by up to 20%. Once in each calendar year, you can prepay by asking us to increase the instalment by up to 20% of the instalment just before the increase. If you don't use this option in one year (or you don't use all of it), you can't save it (or the rest of it) for another year. You don't have to pay us a prepayment charge. Your option, after an increase, to lower the instalment. After an increase under your option to increase the instalment, at any time during the term of the loan, you can ask us to lower the instalment. We don't have to lower the instalment if that would make the remaining actual amortization period after the change longer than the remaining contractual amortization period for the mortgage when you and we enter into the agreement to make the change. How we make the change. When we increase or lower the instalment under this section 9.177.17, the terms of section 9.20 7.20 apply. Variable rate closed term: Prepaying5.18 Prepaying Your option to prepay up to 20% a year. You can prepay part of what is owed as follows: The total of what you prepay under this section 9.18.2 7.18.1 in any calendar year cannot be more than 20% of the original amount of the loan. You can't prepay less than $100 at a time. You can prepay in this way at any time during the year. If you don't use this option in one year (or you don't use all of it), you can't save it (or the rest of it) for another year. You don't have to pay us a prepayment charge. You don't have to tell us in advance that you want to prepay. You can't prepay under this section 9.18.2 7.18.1 if you've obtained a payout statement and it hasn't expired or been cancelled. Your option to prepay, with a prepayment charge. At any time during the term of the loan, in addition to your option to prepay 20% under section 9.18.27.18.1, you can prepay all or part of what is owed, but you must at the same time also pay us a prepayment charge of three months' interest on the amount that you're prepaying, at the interest rate when you prepay. If you prepay all of what is owed within the last three months of the term, the prepayment charge is the interest on the amount that you’re prepaying until the end of the term of the loan. You don't have to tell us in advance that you want to prepay. Variable rate closed term: Conversion5.19.Conversion.

Your option. At any time during the term of the loan, you can ask us to convert the loan to any new mortgage product that you choose as follows: The new term of the loan begins when the change takes effect. If you choose a fixed rate term, the interest rate is our posted interest rate for the new mortgage product when you and we enter into the agreement to make the change. If you choose a variable rate term, the interest rate is our variable interest rate for the new mortgage product. The instalment is based on what is owed when the change takes effect, the new interest rate and the amortization period described as follows: The new interest rate is the interest rate described above when you and we enter into the agreement to make the change. The amortization period is the remaining actual amortization period just before the change takes effect. However, if that period is more than the remaining contractual amortization period for the term when the change takes effect, it's the latter. You don't have to pay us a prepayment charge. The terms of section 9.20 8.20 apply to this change. Variable rate closed term: Increasing the instalment5.17. instalment. Your option to increase by up to 20%. Once in each calendar year, you can prepay by asking us to increase the instalment by up to 20% of the instalment just before the increase. If you don't use this option in one year (or you don't use all of it), you can't save it (or the rest of it) for another year. You don't have to pay us a prepayment charge. Your option, after an increase, to lower the instalment. After an increase under your option to increase the instalment, at any time during the term of the loan, you can ask us to lower the instalment. We don't have to lower the instalment if that would make the remaining actual amortization period after the change longer than the remaining contractual amortization period for the mortgage when you and we enter into the agreement to make the change. How we make the change. When we increase or lower the instalment under this section 9.178.17, the terms of section 9.20 8.20 apply. Variable rate closed term: Prepaying5.18 Prepaying Your option to prepay up to 20% a year. You can prepay part of what is owed as follows: The total of what you prepay under this section 9.18.2 8.18.1 in any calendar year cannot be more than 20% of the original amount of the loan. You can't prepay less than $100 at a time. You can prepay in this way at any time during the year. If you don't use this option in one year (or you don't use all of it), you can't save it (or the rest of it) for another year. You don't have to pay us a prepayment charge. You don't have to tell us in advance that you want to prepay. You can't prepay under this section 9.18.2 8.18.1 if you've obtained a payout statement and it hasn't expired or been cancelled. Your option to prepay, with a prepayment charge. At any time during the term of the loan, in addition to your option to prepay 20% under section 9.18.28.18.1, you can prepay all or part of what is owed, but you must at the same time also pay us a prepayment charge of three months' interest on the amount that you're prepaying, at the interest rate when you prepay. If you prepay all of what is owed within the last three months of the term, the prepayment charge is the interest on the amount that you’re prepaying until the end of the term of the loan. You don't have to tell us in advance that you want to prepay. Variable rate closed term: Conversion5.19.Conversion.

Your option. At any time during the term of the loan, you can ask us to convert the loan to any new mortgage product that you choose as follows: The new term of the loan begins when the change takes effect. If you choose a fixed rate term, the interest rate is our posted interest rate for the new mortgage product when you and we enter into the agreement to make the change. If you choose a variable rate term, the interest rate is our variable interest rate for the new mortgage product. The instalment is based on what is owed when the change takes effect, the new interest rate and the amortization period described as follows: The new interest rate is the interest rate described above when you and we enter into the agreement to make the change. The amortization period is the remaining actual amortization period just before the change takes effect. However, if that period is more than the remaining contractual amortization period for the term when the change takes effect, it's the latter. You don't have to pay us a prepayment charge. The terms of section 9.20 apply to this change. Variable Fixed rate closed term: Increasing the instalment5.17. instalment5.9. Your option to increase by up to 20%the instalment. Once in each calendar year, you can prepay by asking us to increase the instalment by up to 20%, or 10% for a BMO Smart Fixed Closed Mortgage, of the instalment just before the increase. If you don't use this option in one year (or you don't use all of it), you can't save it (or the rest of it) for another year. You don't have to pay us a prepayment charge. Your option, after an increase, to lower the instalment. After an increase under your option to increase the instalment, at any time during the term of the loan, you can ask us to lower the instalment. We don't have to lower the instalment if that would make the remaining actual amortization period after the change longer than the remaining contractual amortization period for the mortgage when you and we enter into the agreement to make the change. How we make the change. When we increase or lower the instalment under this section 9.179.9, the terms of section 9.20 apply. Variable Fixed rate closed term: Prepaying5.18 Prepaying5.10. Your option to prepay up to 20% a yearprepay. You can prepay part of what is owed as follows: The total of what you prepay under this section 9.18.2 9.10.1 in any calendar year cannot be more than than: 10% of the original amount of the loan, if you have a BMO Smart Fixed Closed Mortgage; or 20% of the original amount of the loan, if you have any other mortgage product. You can't prepay less than $100 at a time. You can prepay in this way at any time during the year. If you don't use this option in one year (or you don't use all of it), you can't save it (or the rest of it) for another year. You don't have to pay us a prepayment charge. You don't have to tell us in advance that you want to prepay. You can't prepay under this section 9.18.2 9.10.1 if you've obtained a payout statement and it hasn't expired or been cancelled. Your option to prepay, prepay with a prepayment charge. At Except for a BMO Smart Fixed Closed Mortgage, at any time during the term of the loan, in addition to your option to prepay 20% under section 9.18.29.10.1, you can prepay all or part of what is owed, but you owed as follows: You must at the same time also pay us a prepayment charge of the higher of: three months' interest on the amount that you're prepaying, at or the interest rate when differential charge, as described in section 9.21.1. Despite section 0.00.0.0: If the term of the loan is longer than five years and you prepayprepay all or part of what is owed after the fifth anniversary of the date of the mortgage, the prepayment charge is three months' interest on the amount that you're prepaying. If you prepay all of what is owed within the last three months of the term, the prepayment charge is the interest on the amount that you’re prepaying until the end of the term of the loan. You don't have to tell us in advance that you want to prepay. Variable rate closed term: Conversion5.19..

Your option. At any time during the term of the loan, you can ask us to convert the loan to any new mortgage product that you choose as follows: The new term of the loan begins when the change takes effect. If you choose a fixed rate term, the interest rate is our posted interest rate for the new mortgage product when you and we enter into the agreement to make the change. If you choose a variable rate term, the interest rate is our variable interest rate for the new mortgage product. The instalment is based on what is owed when the change takes effect, the new interest rate and the amortization period described as follows: The new interest rate is the interest rate described above when you and we enter into the agreement to make the change. The amortization period is the remaining actual amortization period just before the change takes effect. However, if that period is more than the remaining contractual amortization period for the term when the change takes effect, it's the latter. You don't have to pay us a prepayment charge. The terms of section 9.20 apply to this change. Variable Fixed rate closed term: Increasing the instalment5.17. instalment5.9. Your option to increase by up to 20%the instalment. Once in each calendar year, you can prepay by asking us to increase the instalment by up to 20%, or 10% for a BMO Smart Fixed Closed Mortgage, of the instalment just before the increase. If you don't use this option in one year (or you don't use all of it), you can't save it (or the rest of it) for another year. You don't have to pay us a prepayment charge. Your option, after an increase, to lower the instalment. After an increase under your option to increase the instalment, at any time during the term of the loan, you can ask us to lower the instalment. We don't have to lower the instalment if that would make the remaining actual amortization period after the change longer than the remaining contractual amortization period for the mortgage when you and we enter into the agreement to make the change. How we make the change. When we increase or lower the instalment under this section 9.179.9, the terms of section 9.20 apply. Variable Fixed rate closed term: Prepaying5.18 Prepaying5.10. Your option to prepay up to 20% a yearprepay. You can prepay part of what is owed as follows: The total of what you prepay under this section 9.18.2 9.10.1 in any calendar year cannot be more than than: 10% of the original amount of the loan, if you have a BMO Smart Fixed Closed Mortgage; or 20% of the original amount of the loan, if you have any other mortgage product. You can't prepay less than $100 at a time. You can prepay in this way at any time during the year. If you don't use this option in one year (or you don't use all of it), you can't save it (or the rest of it) for another year. You don't have to pay us a prepayment charge. You don't have to tell us in advance that you want to prepay. You can't prepay under this section 9.18.2 9.10.1 if you've obtained a payout statement and it hasn't expired or been cancelled. Your option to prepay, prepay with a prepayment charge. At Except for a BMO Smart Fixed Closed Mortgage, at any time during the term of the loan, in addition to your option to prepay 20% under section 9.18.29.10.1, you can prepay all or part of what is owed, but you owed as follows: You must at the same time also pay us a prepayment charge of the higher of: three months' interest on the amount that you're prepaying, at or the interest rate when differential charge as described in section 9.21.1. Despite section 0.00.0.0: If the term of the loan is longer than five years and you prepayprepay all or part of what is owed after the fifth anniversary of the date of the mortgage, the prepayment charge is three months' interest on the amount that you're prepaying. If you prepay all of what is owed within the last three months of the term, the prepayment charge is the interest on the amount that you’re prepaying until the end of the term of the loan. You don't have to tell us in advance that you want to prepay. Variable rate closed term: Conversion5.19..