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FirstLine Matrix – April 2012 Page 5

  • b.

    you have complied with the Protocol in the conduct of this mortgage transaction, and have acted in accordance with our Instructions to Solicitor (which are incorporated herein) with respect to the mortgage subject to any qualifications noted in your opinion which have been accepted by us;

  • c.

    you maintain minimum insurance coverage at least equal to the face amount of the mortgage;

  • d.

    you acknowledge and agree that if there is:

    • i.

      an intervening registered interest in the Property, or an unregistered interest in the Property of which you are aware which takes priority over the mortgage contrary to these instructions; or


a survey problem or title defect which would have been disclosed by an appropriate Plan of Survey or Surveyor's Certificate/Real Property Report prepared prior to the disbursement of mortgage funds, then you will be responsible to us for any actual losses (including the cost of repairs) that we suffer as a result.

For each of Option 1, Option 2 and Option 3

DO NOT SUBMIT to us any sheriff’s certificates, execution searches, zoning memorandum, or title abstracts that you obtain. We rely entirely on you to ensure that they are in accordance with our Instructions to Solicitor.

EXPIRY DATES No first advance may be made after the expiry date set out in our Mortgage Approval unless you have confirmation of an extension given by us.

DISBURSEMENT OF FUNDS When ready to disburse the mortgage funds, please proceed as follows:


prepare our Solicitor’s Interim Report/Requisition for Funds form and FAX it to us 4 business days prior to the date funds are required.


In addition to the foregoing, if the Mortgage Approval/Mortgage Commitment requires you to fax the fully completed IVF to us before the disbursement date, please fax it to us no later than 48 hours before the date funds are required. If the IVF is not received 48 hours prior to the date funds are required, there could be a delay in disbursement.

If Option 2 is chosen, contact the title insurance company at least 7 business days before funds are required. The title insurance company will advise you as to the information and documentation required. You must indicate the name of the title insurance company and the individual title insurance policy number on the Solicitor’s Interim Report/Requisition for Funds form;

  • (2)

    interest will accrue on the mortgage funds advanced from the date of the advance. If proceeds cannot be disbursed within 3 business days of the scheduled advance date, return the cheque or funds to us. If the funds are returned after 3 business days following the scheduled advance date, you will be responsible for any costs incurred and any accrued interest may be charged to your law firm. Accrued interest calculated to the interest adjustment date will be debited from the client’s bank account on the interest adjustment date. The accrued interest for mortgages on which progress advances are made will be deducted from the second and subsequent advances;

  • (3)

    if the property is to be registered under a provincial New Home Warranty Plan, the New Home Warranty Plan enrolment numbers for the builder and the housing unit must be obtained prior to the first advance, and a completed copy of a satisfactory Certificate of Completion and Possession including any attachments must be submitted to our office prior to the final advance;


if the mortgagors have selected a mortgage with a cash back offer, the cash back amount will be added to the net advance. If the mortgage proceeds cannot be disbursed within 3 business days of the scheduled advance date, you must return the cash back funds to us along with the mortgage funds as set out above.

INTEREST ADJUSTMENT AND DATE OF PAYMENTS The interest adjustment date to be used is as shown on the Mortgage Approval and any change to such date must be approved by us. The mortgage must be drawn using the payment dates in accordance with the monthly or flexi terms, as applicable, reflected in the Mortgage Approval. The payment amount must represent the blended principal and interest component only.

SURVEYS A Plan of Survey or Surveyor’s Certificate/Real Property Report of the Property signed by a qualified surveyor, which sets out the Property (including all buildings and structures) in its current state must be obtained and provided with your Solicitor’s Final Report and Certificate of Title. If any changes have been made to the Property since the date of the survey, a Declaration of Possession must be given to the effect that any changes or additions since the date of the survey comply with municipal by- laws.

The survey must indicate:

  • (1)

    the legal description (being the lot and plan number or concession number, if applicable), measurements and boundaries of the Property and any discrepancies between the legal description of the Property and the property described by the Plan of Survey;

  • (2)

    all buildings, structures or the foundations of the buildings under construction and their respective dimensions and distances from the boundaries of the lands;

  • (3)

    any encroachments on or from adjacent lands and the location of all easements; and

  • (4)

    the municipal address of the Property, if there is an existing building.

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