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Professional Standards Manual

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4. General Information

(a) Contract Clauses - View Entire Section

(XVII) Financing Information - View Subsection
(8) Second Mortgages

The term of the second mortgage should be concurrent with and not exceed the term of the first mortgage.

Ω If not using the standard form Contract of Purchase and Sale, refer to ‘‘Contracts under Seal’’.

New Second Mortgage Clause

Subject to a new second mortgage being made available to the Buyer on or before (date), in the amount of (amount) at an interest rate not to exceed ___ % per annum calculated (select either half-yearly or monthly), not in advance, with a ___year amortization period, ___year term and repayable in blended payments of approximately $(amount) per month including principal and interest (plus 1/12 of the annual taxes, if required by the mortgagee).

This condition is for the sole benefit of the Buyer.