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Real Property Law - Mortgages - Mortgage agreement - Terms - Validity - Payment - Prepayment - Penalty

Thursday, July 21, 2016 @ 8:00 PM  

Appeal by the defendant, CIBC Mortgages, from an order certifying the action by the plaintiff, Sherry, as a class proceeding. The plaintiff took issue with contractual terms governing the prepayment of mortgage loans advanced by the defendant to borrowers from 2005 onward, particularly the imposition and calculation of prepayment charges, and the discretion accorded to the defendant in that regard under the terms of its mortgage agreements. The plaintiff’s action sought to have the relevant terms of the disputed mortgage contracts declared void for uncertainty or...