Canada Wrap Around Mortgage for Condo Project

Prepare a Wrap Around Mortgage for a condominium project with this template form for Canada.

• The loan includes the remaining balance of an existing first mortgage plus an additional amount requested by the mortgagor ⁄ borrower.
• Full payments on both mortgages are made to the wrap around mortgagee ⁄ lender, who then forwards the payments for the first mortgage to the first mortgagee.
• Interest is calculated and compounded monthly.
• Property taxes are to be paid by the mortgagor in 12 equal monthly instalments.
• The mortgagee may pay the taxes as they come due and charge interest at the mortgage rate on any debit balance in the tax account.