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CCSM 71.180 03/19

THE REAL PROPERTY ACT STANDARD CHARGE MORTGAGE TERMS

FILED BY: Credit Union Central of Manitoba Limited

FILING DATE: March 12, 2019

FILING NUMBER: 5049401/1

The following Standard Charge Mortgage Terms (“SCMT”) are included in every mortgage which refers to this set of terms by its name and filing number, as provided in The Real Property Act.

1. CONTENTS

Paragraph Heading ............................................................................................................................................................................................. Page

1. CONTENTS ............................................................................................................................................................................................ 1

2. DEFINITIONS AND INTERPRETATION ................................................................................................................................................ 3

3. OPERATION OF MORTGAGE ............................................................................................................................................................... 4

3.1 Mortgage Of Land ...................................................................................................................................................................... 4

3.2 Continuing Security/Readvancement ......................................................................................................................................... 4

3.3 Right to Deal Freely with any Loan Secured by this Mortgage .................................................................................................. 5

3.4 Continuation Of Mortgage .......................................................................................................................................................... 6

3.5 Assignment ................................................................................................................................................................................ 6

3.6 Discharge/Transfer ..................................................................................................................................................................... 6

4. INTEREST – FIXED RATE MORTGAGE ............................................................................................................................................... 6

4.1 Fixed Interest Rate ..................................................................................................................................................................... 6

4.2 Equivalent Rate .......................................................................................................................................................................... 6

5. INTEREST – VARIABLE RATE MORTGAGE OR CAPPED RATE MORTGAGE ................................................................................. 6

5.1 Variable Interest Rate ................................................................................................................................................................ 6

5.2 Convertibility ............................................................................................................................................................................... 6

5.3 Increases In Prime Rate ............................................................................................................................................................. 7

6. INTEREST – MULTI-PURPOSE MORTGAGE ....................................................................................................................................... 7

7. PAYMENT PROVISIONS ....................................................................................................................................................................... 7

8. COMPOUND INTEREST ........................................................................................................................................................................ 7

9. DEFERRED INTEREST .......................................................................................................................................................................... 7

10. INTEREST ON OTHER CHARGES ........................................................................................................................................................ 7

11. CALCULATION OF INTEREST COMPONENT OF PAYMENT ............................................................................................................. 7

12. TERMS OF PAYMENT – FIXED RATE MORTGAGE, VARIABLE RATE MORTGAGE, CAPPED RATE MORTGAGE ...................... 7

12.1 Payment Of Interest To The Interest Adjustment Date (I.A.D.) .................................................................................................. 8

12.2 Payments After The Interest Adjustment Date (I.A.D.) .............................................................................................................. 8

12.3 Mortgage Payable On Demand .................................................................................................................................................. 8

12.4 Application Of Payments ............................................................................................................................................................ 8

12.5 Payment On Sale Or Transfer .................................................................................................................................................... 8

12.6 Demand/Acceleration Of Repayment ......................................................................................................................................... 8

12.7 Prepayment Provisions .............................................................................................................................................................. 8

12.8 Loan Repayable On Different Terms ......................................................................................................................................... 9

13. TERMS OF PAYMENT – MULTI-PURPOSE MORTGAGE.................................................................................................................... 9

13.1 Terms Of Repayment ................................................................................................................................................................. 9

13.2 Payment On Sale Or Transfer .................................................................................................................................................... 9

13.3 Prepayment Provisions ............................................................................................................................................................ 10

13.4 Loan Amount Exceeding Mortgage Principal Amount.............................................................................................................. 10

14. YOUR COVENANTS AND PROMISES TO US .................................................................................................................................... 10

14.1 Application ................................................................................................................................................................................ 10

14.2 Title .......................................................................................................................................................................................... 10

14.3 Further Encumbrances ............................................................................................................................................................. 11

14.4 Use Of Loan ............................................................................................................................................................................. 11

14.5 Covenant To Pay ..................................................................................................................................................................... 11

14.6 Taxes, Etc. ............................................................................................................................................................................... 11

14.7 Insurance ................................................................................................................................................................................. 11

14.8 Vacancy, Waste ....................................................................................................................................................................... 12

14.9 Hazardous Substances ............................................................................................................................................................ 12

14.10 Repair ....................................................................................................................................................................................... 12

14.11 Quiet Possession On Default ................................................................................................................................................... 13