A deferral of payment brings your mortgage at this time and delays the repayment of certain outstanding principal and monthly interest payments, as well as other amounts we paid on your behalf as part of the late monthly payments. You are responsible for paying the outstanding amounts after the maturity of the mortgage or earlier when the property is sold or transferred, when the mortgage is refinanced or when the unpaid interest is paid. The following table describes the specific conditions for the deferral of payment. Please note that rent deferral is not synonymous with rental. The rent is expected to be repaid to the landlord after the tenant has regained its creditworthiness, as indicated in the payment plan in the model. It is also the tenant`s responsibility to inform the lessor if its creditworthiness has been restored and that non-payment results in a substantial breach of contract. Contains all amounts we have paid on your behalf in connection with outstanding payments, such as taxes or insurance, as authorized by your mortgage documents. As the COVID 19 pandemic continues to have a negative impact on household incomes and employment, some tenants face difficulties in paying their rent on time. To assist stakeholders, Grant Haddock and Company Lawyers have established a proposed lease agreement that can be used by tenants and landlords in BC who have a rental agreement under the Residential Leases Act. The proposal aims to facilitate flexible agreements between landlords and tenants in order to defer full or partial payment of rents for a specified period of time. Please note that this model does not apply to tenants who receive subsidies to live in their unit, either through an income plan (IMR), or if the tenant receives a rent supplement such as bc Housing`s Rental Assistance Program (RAP) or Homelessness Assistance for Elderly Residents (SAFER).
The number of principal payments and outstanding interest payments that must be deferred as soon as your deferral of payment is in effect, you must continue to make your planned monthly payment to keep your mortgage up to date.