Common use of Effect of a later agreement Clause in Contracts

Effect of a later agreement. An agreement changing the mortgage doesn't pay off the loan or make the loan into a new loan, but merely changes the terms of the mortgage (and there's no novation). The changes become part of the mortgage. For example, the loan continues even if it has a different type of mortgage product. Except where the agreement provides otherwise, the terms of the mortgage continue and apply to the loan as changed, and all security secures the loan as changed. If interest that's owing is treated as part of the loan under the agreement, that doesn't impair our priority. The agreement adds to our rights and doesn't take away or lessen a right that we have and we reserve those rights. Where the agreement extends the term of the loan, it changes the date of the mortgage to the effective date of the agreement. This means that, if section 10 of the Canada Interest Act or a similar law gives you a right to prepay with a prepayment charge of three months' interest, you don't have that right until five years after the new date. Section 10 of the Canada Interest Act and similar laws don't apply to a mortgage given by a corporation. Informal agreement or consent and electronic information, documents or disclosure12.13. In this section 16.13, an informal agreement or consent is one that isn't on paper and signed, for example, one that's made or given orally; through pressing phone keys; in an electronic way (for example, by e-mail); or by a person acting on the agreement. In this section 16.13, "electronic" includes created, recorded, transmitted or stored in digital form or in other intangible form by electronic, magnetic or optical means, or by any other similar means that can create, record, transmit or store. You agree that we can act on an informal agreement between you, us, a spouse, a guarantor or anyone having rights similar to those of a spouse, or on a consent by you, a guarantor, a spouse or anyone having rights similar to those of a spouse and, if we do, you and we are bound by it. We don't have to enter into an informal agreement or act on an informal consent. If we enter into an informal agreement, we can confirm the identity of a person agreeing and we don't have to act on the agreement until we've done so. You consent to our using, providing or accepting information or a document in an electronic form. We don't have to use, provide or accept information or a document in an electronic form. We can make a record of an informal agreement or consent (for example, by recording a phone call) and we can use the record to prove the informal agreement or consent. We can make a record of information or a document that we use, provide or accept in an electronic form (for example, by saving it electronically) and we can use the record to prove the information or document. Where we act on an informal agreement or consent, we can send a written confirming agreement or consent to you, and you must have it promptly signed and returned to us. We can terminate an informal agreement, if we think that it wasn't made with a person who should have been a party, wasn't consented to by a person who should have consented or isn't clear. You consent to any future disclosure being provided by electronic means in an electronic form that you can retrieve and retain, or by fax.

Effect of a later agreement. An agreement changing the mortgage doesn't pay off the loan or make the loan into a new loan, but merely changes the terms of the mortgage (and there's no novation). The changes become part of the mortgage. For example, the loan continues even if it has a different type of mortgage product. Except where the agreement provides otherwise, the terms of the mortgage continue and apply to the loan as changed, and all security secures the loan as changed. If interest that's owing is treated as part of the loan under the agreement, that doesn't impair our priority. The agreement adds to our rights and doesn't take away or lessen a right that we have and we reserve those rights. Where the agreement extends the term of the loan, it changes the date of the mortgage to the effective date of the agreement. This means that, if section 10 of the Canada Interest Act or a similar law gives you a right to prepay with a prepayment charge of three months' interest, you don't have that right until five years after the new date. Section 10 of the Canada Interest Act and similar laws don't apply to a mortgage given by a corporation. Informal agreement or consent and electronic information, documents or disclosure12.13. In this section 16.1317.13, an informal agreement or consent is one that isn't on paper and signed, for example, one that's made or given orally; through pressing phone keys; in an electronic way (for example, by e-mail); or by a person acting on the agreement. In this section 16.1317.13, "electronic" includes created, recorded, transmitted or stored in digital form or in other intangible form by electronic, magnetic or optical means, or by any other similar means that can create, record, transmit or store. You agree that we can act on an informal agreement between you, us, a spouse, a guarantor or anyone having rights similar to those of a spouse, or on a consent by you, a guarantor, a spouse or anyone having rights similar to those of a spouse and, if we do, you and we are bound by it. We don't have to enter into an informal agreement or act on an informal consent. If we enter into an informal agreement, we can confirm the identity of a person agreeing and we don't have to act on the agreement until we've done so. You consent to our using, providing or accepting information or a document in an electronic form. We don't have to use, provide or accept information or a document in an electronic form. We can make a record of an informal agreement or consent (for example, by recording a phone call) and we can use the record to prove the informal agreement or consent. We can make a record of information or a document that we use, provide or accept in an electronic form (for example, by saving it electronically) and we can use the record to prove the information or document. Where we act on an informal agreement or consent, we can send a written confirming agreement or consent to you, and you must have it promptly signed and returned to us. We can terminate an informal agreement, if we think that it wasn't made with a person who should have been a party, wasn't consented to by a person who should have consented or isn't clear. You consent to any future disclosure being provided by electronic means in an electronic form that you can retrieve and retain, or by fax.

Effect of a later agreement. An agreement changing the mortgage doesn't pay off the loan or make the loan into a new loan, but merely changes the terms of the mortgage (and there's no novation). The changes become part of the mortgage. For example, the loan continues even if it has a different type of mortgage product. Except where the agreement provides otherwise, the terms of the mortgage continue and apply to the loan as changed, and all security secures the loan as changed. If interest that's owing is treated as part of the loan under the agreement, that doesn't impair our priority. The agreement adds to our rights and doesn't take away or lessen a right that we have and we reserve those rights. Where the agreement extends the term of the loan, it changes the date of the mortgage to the effective date of the agreement. This means that, if section 10 of the Canada Interest Act or a similar law gives you a right to prepay with a prepayment charge of three months' interest, you don't have that right until five years after the new date. Section 10 of the Canada Interest Act and similar laws don't apply to a mortgage given by a corporation. Informal agreement or consent and electronic information, documents or disclosure12.13. In this section 16.1315.13, an informal agreement or consent is one that isn't on paper and signed, for example, one that's made or given orally; through pressing phone keys; in an electronic way (for example, by e-mail); or by a person acting on the agreement. In this section 16.1315.13, "electronic" includes created, recorded, transmitted or stored in digital form or in other intangible form by electronic, magnetic or optical means, or by any other similar means that can create, record, transmit or store. You agree that we can act on an informal agreement between you, us, a spouse, a guarantor or anyone having rights similar to those of a spouse, or on a consent by you, a guarantor, a spouse or anyone having rights similar to those of a spouse and, if we do, you and we are bound by it. We don't have to enter into an informal agreement or act on an informal consent. If we enter into an informal agreement, we can confirm the identity of a person agreeing and we don't have to act on the agreement until we've done so. You consent to our using, providing or accepting information or a document in an electronic form. We don't have to use, provide or accept information or a document in an electronic form. We can make a record of an informal agreement or consent (for example, by recording a phone call) and we can use the record to prove the informal agreement or consent. We can make a record of information or a document that we use, provide or accept in an electronic form (for example, by saving it electronically) and we can use the record to prove the information or document. Where we act on an informal agreement or consent, we can send a written confirming agreement or consent to you, and you must have it promptly signed and returned to us. We can terminate an informal agreement, if we think that it wasn't made with a person who should have been a party, wasn't consented to by a person who should have consented or isn't clear. You consent to any future disclosure being provided by electronic means in an electronic form that you can retrieve and retain, or by fax.