7 (1) A charge in the prescribed form shall be deemed to include the following covenants by the chargor, for the chargor and the chargor’s successors, with the chargee and the chargee’s successors and assigns: Usual covenants 1.  In a charge of freehold or leasehold land by the beneficial owner: i.  That the chargor or the chargor’s successors will pay, in the manner provided by the charge, the money and interest it secures, and will pay the taxes assessed against the land. ii.  That the chargor has the right to give the charge. iii.  That the chargor has not done, omitted or permitted anything whereby the land is or may be encumbered, except as the records of the land registry office disclose. iv.  That the chargor or the chargor’s successors will insure the buildings on the land as specified in the charge. v.  That the chargee on default of payment for the number of days specified in the charge or in the Mortgages Act, whichever is longer, may on giving the notice specified in the charge or required by that Act, whichever is longer, enter on and take possession of, receive the rents and profits of, lease or sell the land. vi.  That where the chargee enters on and takes possession of the land on default as described in subparagraph v, the chargee shall have quiet enjoyment of the land. vii.  That the chargor or the chargor’s successors will, on default, execute such assurances of the land and do such other acts, at the chargee’s expense, as may be reasonably required. viii.  That the chargee may distrain for arrears of interest. ix.  That on default of payment of the interest secured by the charge, the principal money shall, at the option of the chargee, become payable. Covenant re freehold 2.  In a charge of freehold land by the beneficial owner, that the chargor has a good title in fee simple to the land, except as the records of the land registry office disclose. Covenant re leasehold 3.  In a charge of leasehold land by the beneficial owner: i.  That, despite anything done, omitted or permitted by the chargor, the lease or grant creating the term or estate for which the land is held is, at the time the charge is given, a valid lease or grant of the land charged, in full force, unforfeited and unsurrendered, and that there is no subsisting default in the payment of the rents reserved by or in the performance of the covenants, conditions and agreements contained in the lease or grant at the time the charge is given. ii.  That the chargor or the chargor’s successors will, while the money secured by the charge remains unpaid, pay, observe and perform all the rents reserved by and all the covenants, conditions and agreements contained in the lease or grant and will indemnify the chargee against all costs and damages incurred by reason of any non-payment of rent or non-observance or non-performance of the covenants, conditions and agreements.  R.S.O. 1990, c. L.4, s. 7 (1). Multiple parties (2) Where a charge to which subsection (1) applies is given by or to more than one person, the covenants deemed to be included by that subsection are made, (a)  by the chargors jointly and severally, unless the charge specifies otherwise; and (b)  with the chargees jointly, unless the money secured is expressly secured to them in several shares or distinct sums.  R.S.O. 1990, c. L.4, s. 7 (2). Amendment of implied covenants (3) A covenant deemed to be included in a charge by subsection (1) may, in a schedule to the charge, or in a set of standard charge terms filed under subsection 8 (1) and referred to in the charge by its filing number, be expressly excluded or be varied by setting out the covenant, appropriately amended.  R.S.O. 1990, c. L.4, s. 7 (3). Enforcement of covenant (4) A covenant deemed to be included in a charge by subsection (1) may be enforced by a successor or assignee of the chargee.  R.S.O. 1990, c. L.4, s. 7 (4). Prescribed terms (5) A charge in the prescribed form shall be deemed to include the prescribed standard charge terms, unless a set of standard charge terms filed under subsection 8 (1) is referred to in the charge by its filing number.  R.S.O. 1990, c. L.4, s. 7 (5). Amendment of prescribed terms (6) A prescribed standard charge term deemed to be included in a charge by subsection (5) may, in a schedule to the charge, be expressly excluded or be varied by setting out the term, appropriately varied.  R.S.O. 1990, c. L.4, s. 7 (6). (7) Repealed:  1998, c. 18, Sched. E, s. 94. Section Amendments with date in force (d/m/y) 1998, c. 18, Sched. E, s. 94 - 18/12/1998 7.1-7.3 Section Amendments with date in force (d/m/y) 2002, c. 18, Sched. E, s. 5 (1) - see Table of Public Statute Provisions Repealed Under Section 10.1 of the Legislation Act, 2006 - 31/12/2011