Alberta Collateral Mortgage and Promissory Note
A collateral mortgage can be used to secure a line of credit, a revolving loan, or other credit facility where the balance owing changes from time to time. Use this template Collateral Mortgage and Promissory Note for credit facilities in Alberta.
- The borrower is responsible for insuring, repairing, and maintaining the mortgaged property and for paying all taxes and assessments.
- The lender is appointed as the borrower's attorney (agent) for the purpose of recovering any insurance proceeds with respect to the property.
- The lender has power of attorney to sell, lease or encumber the property if the borrower defaults in its obligations.
- The full balance owing is immediately payable if the borrower sells the property or, if the borrower is a corporation, there is a change in control.
- This is a downloadable legal template in MS Word format.
- Intended for use in the Province of Alberta, Canada.
Last Updated: 06-May-2021