What Does This Mean?
A "60-day notice" or "notice of exercise of a mortgage right" is a formal notification under the Civil Code by which a mortgagee notifies his debtor of a breach of the loan contract. The 60-day term begins when the notice, once served on the debtor, is officially filed in the Quebec land register.
Any sort of default can result in a mortgagee sending you a 60-day notice:
During the 60-day period, the debtor has the option of correcting the default mentioned in the notice and bringing his file up to date or paying the lender in full.
If no agreement or default payment has been made by the conclusion of the 60-day term, the mortgagee may apply to the Court by filing a "motion for forced surrender" to seize the building and to have it sold in order to be reimbursed.