Common use of Our priority Clause in Contracts

Our priority. Our security under the mortgage has priority for the payment obligations over every interest in the property created after the mortgage in favour of any other person, including a spouse. It has priority even if we make an advance after the other person’s interest was created. It has priority even if an agreement creating or changing payment obligations is entered after the mortgage was given, and even if the agreement is not registered. If there are any executions, encumbrances or other claims or interests registered, filed or obtained against the property in addition to the mortgage, we may require them to be discharged, withdrawn or formally postponed. You must pay us our costs for the preparation, execution and registration of such discharges, withdrawals or postponements, including before we offer to renew or amend the mortgage or the Operating Agreement. This is required in order to preserve the priority of the mortgage. Where the law limits our priority after we have notice of an interest in the property in favour of another person, a notice is not valid unless it is in writing, is handed personally to a senior officer of ours, clearly refers to the mortgage, and clearly states its purpose. Every person acquiring an interest in the property must be taken to agree to the terms of this section. This section does not limit any other term of the mortgage or right of ours under it.

Our priority. Our security under the mortgage has priority for the payment obligations over every interest in the property created after the mortgage in favour of any other person, including a spousespouse or a domestic partner. It has priority even if we make an advance after the other person’s interest was created. It has priority even if an agreement creating or changing payment obligations is entered after the mortgage was given, and even if the agreement is not registered. If there are any executions, encumbrances or other claims or interests registered, filed or obtained against the property in addition to the mortgage, we may require them to be discharged, withdrawn or formally postponed. You must pay us our costs for the preparation, execution and registration of such discharges, withdrawals or postponements, including before we offer to renew or amend the mortgage or the Operating Agreement. This is required in order to preserve the priority of the mortgage. Where the law limits our priority after we have notice of an interest in the property in favour of another person, a notice is not valid unless it is in writing, is handed personally to a senior officer of ours, clearly refers to the mortgage, and clearly states its purpose. Every person acquiring an interest in the property must be taken to agree to the terms of this section. This section does not limit any other term of the mortgage or right of ours under it.