Amending agreements can be registered to vary almost all of the terms of a mortgage, including increasing the principal amount. They can also be used to correct an error in a mortgage that was made prior to the execution of the mortgage.
Amending agreements must always be signed by the current registered owners of the lands and the current owners of the mortgage or other instrument being amended.
Where a Schedule is attached to the Amending Agreement (Form 9) all parties must sign the Schedule as this is an agreement between the parties to modify their relationship and respective interests in the affected lands.
In addition to mortgages the following instruments may be amended by an amending agreement:
• Builders’ liens
• Encumbrances
• Judgments
• Liens
• Leases
• Caveats (if a caveat is being amended to add land, the underlying agreement must also be amended as a caveat is merely a notice of an interest in land and does not itself create any interest in land)
• Statutory easements
• Notices filed under The Personal Property Security Act