2016 SIF Mortgage definition
Examples of 2016 SIF Mortgage in a sentence
All monies received by the Service Manager as a result of (i) a resale of an Eligible Unit prior to the end of the term of the 2016 SIF Loan, (ii) a default under the 2016 SIF Loan or 2016 SIF Mortgage, or (iii) the repayment of the principal of a 2016 SIF Loan prior to the end of its term, shall be transferred to the Revolving Loan Fund and used in accordance with the purposes of the Revolving Loan Fund.
Each 2016 SIF Mortgage shall incorporate the terms of the 2016 SIF Loan as stated in Section 4.2, shall include a clause that provides that all monies that the Service Manager spends in recovering mortgage monies shall be added to the amount secured, and shall be registered against title to the relevant Eligible Unit immediately after registration of any mortgage securing the primary financing for the acquisition of the Eligible Unit.