Common use of Readvances Clause in Contracts

Readvances. In the event the Mortgage does not already specify then the following provision shall be added to the mortgage terms and the Mortgage shall be considered as hereby amended: When not in default, the Borrower may request, and the Credit Union may, in its absolute and sole discretion, re- advance any principal portion of the within mortgage loan which has been repaid by the Borrower to the Credit Union, but only to the extent that the principal balance outstanding after such readvance shall not exceed the amount of the principal sum secured. The Borrower agrees that notwithstanding that the Mortgage may be reduced and readvances made, this Mortgage secures all sums ultimately due and owing by the Borrower to the Credit Union in respect of this Mortgage, including any readvancement of principal monies made by the Credit Union to the Borrower at any time. No change to the terms of repayment, the obligations of the Borrower, or the manner of payment or the amount of interest shall operate as a release or discharge of this Mortgage.

Readvances. In the event the Mortgage does not already specify then the following provision shall be added to the mortgage terms and the Mortgage shall be considered as hereby amended: When not in default, the Borrower may request, and the Credit Union may, in its absolute and sole discretion, re- advance readvance any principal portion of the within mortgage loan which has been repaid by the Borrower to the Credit Union, but only to the extent that the principal balance outstanding after such readvance re-advance shall not exceed the amount of the principal sum secured. The Borrower agrees that notwithstanding that the Mortgage may be reduced and readvances re-advances made, this Mortgage secures all sums ultimately due and owing by the Borrower to the Credit Union in respect of this Mortgage, including any readvancement re-advancement of principal monies made by the Credit Union to the Borrower at any time. No change to the terms of repayment, the obligations of the Borrower, or the manner of payment or the amount of interest shall operate as a release or discharge of this Mortgage.