FirstLine Matrix – April 2012 Page 6
A PLAN/SURVEY IS NOT REQUIRED IF THE PROPERTY IS A SINGLE CONDOMINIUM/STRATA UNIT.
DO NOT SUBMIT AN ORIGINAL PLAN OF SURVEY OR SURVEYOR’S CERTIFICATE/REAL PROPERTY REPORT TO US AS IT WILL NOT BE RETURNED. HOWEVER, RETAIN A COPY IN YOUR FILES FOR A PERIOD OF 7 YEARS. PLEASE ENSURE THAT THE MORTGAGORS ARE FULLY AWARE OF THE IMPORTANCE OF RETAINING THE ORIGINAL SURVEY.
TITLE INSURANCE OPTION: If a Plan of Survey or a Surveyor’s Certificate/Real Property Report as described above (or, in Manitoba, a Building Location Certificate and Zoning Memorandum) is not available, we will accept title insurance issued by a title insurance company approved by us in advance. Please refer to Option 2 (Title Insurance Option) for further details.
PROTOCOL OPTION: If a Plan of Survey or Surveyor’s Certificate/Real Property Report (or, in Manitoba, a Building Location Certificate and Zoning Memorandum) is not available, then in lieu of such survey or report, we will rely on your opinion issued in accordance with the Protocol. Please refer to Option 3 (Protocol Option) above for further details.
TAXES The amount of the tax component (if any) is not to be included in the mortgage payment set out in the mortgage document. All tax bills issued and unpaid at the interest adjustment date are to be paid in full.
FIRE AND HAZARD INSURANCE You must verify that fire insurance and extended coverage for not less than the Guaranteed or Full Replacement Value, unless otherwise specified, is in force and that the mortgage clause of the Insurance Bureau of Canada is included in the policy, and arrange for loss to be payable to CIBC Mortgages Inc., trading as FirstLine Mortgages as first mortgagee. We cannot accept a mortgage clause, or amendments to the mortgage clause, that would effectively extend less coverage to us than that provided by the standard mortgage clause of the Insurance Bureau of Canada. For rental or income producing property, we require “loss of rental income” to be included in the insurance coverage. Unless specified under “Special Instructions”, please advise the insurance company that we DO NOT require a copy of the policy or renewals.
Any loss payable to CIBC Mortgages Inc., trading as Firstline Mortgages should be sent to the following address: FirstLine Mortgages 100 UNIVERSITY AVENUE, STE 400 TORONTO, ONTARIO M5J 2X4
REPORTING ON TITLE
At the time of first advance, we require the signed Solicitor’s Interim Report/Requisition for Funds form.
If there is no impediment to making a second or subsequent advance, it is not necessary to provide another Solicitor’s
Interim Report/Requisition for Funds.
Within thirty days after the loan has been disbursed in full, or if you have chosen Option 3, within 30 days after registration of the mortgage is complete, a Solicitor’s Final Report and Certificate of Title should be completed and forwarded to FirstLine Mortgages, 100 UNIVERSITY AVENUE, STE 400, TORONTO, ONTARIO M5J 2X4; ATTENTION: FINAL DOCUMENT DEPARTMENT. If the final documentation will be delayed, you should advise us in writing of the anticipated date of our receipt of that documentation.
COSTS All costs incurred with respect to this mortgage, unless otherwise specified in our Mortgage Approval must be borne by the mortgagor(s).