Box 5: Terms and payment provisions

Use this box to provide the terms and payment provisions of the mortgage or encumbrance. The fields that are available to complete will vary depending on the option you selected in Box 1.

Here are tips for common fields in this box:

Mortgage description	Insert if applicable a description of this mortgage.  e.g. Multi-purpose mortgage,  all loans obligations mortgage, conventional fixed rate mortgage, etc.
Mortgage principal amount	Insert the principal amount to be secured by this mortgage.
Loan description	Insert if applicable a description of the loans being secured by the mortgage e.g. fixed rate loan, line of credit loan 1, line of credit loan 2, etc.    You would then indicate the amount of each loan in the loan principal amount box.
Loan principal amount	Insert the loan amount applicable to the loan type.  Where the mortgage secures only one loan, the loan principal amount and the mortgage principal amount will be the same.

Mortgage, mortgage of mortgage, or mortgage of encumbrance

If you selected mortgage, mortgage of mortgage or mortgage of encumbrance in Box 1 then the above fields will be available in Box 5.

• You can provide multiple rate terms and provisions by selecting the to add additional fields under the scheduled payments option.
• There is a field to indicate if a covenantor will be signing the document.
• Select these options to provide details on a guarantee mortgage, collateral mortgage, whether the mortgage secures present and future liabilities, whether the mortgage secures a current or running account, prepayment terms and any other terms and provisions.
  • You can select multiple options in a mortgage.

Encumbrance

If you selected encumbrance in Box 1 then the above fields will be available in Box 5:

• There are several fields where you can provide specific details on the terms and provisions.
• There is a field to indicate if a covenantor will be signing the document as well as a field where you can provide additional provisions that may need to be included over and above the information in the fields that are already available.