Promissory Note with Collateral Charge on Land | Canada
Are you lending a large sum of money? Have the borrower put up land as collateral with this Promissory Note with Collateral Charge on Land, for use in Canada.
- The collateral charge on the land is held by the lender as additional security for repayment of the principal amount under the Note.
- Interest on the balance is a floating rate, calculated based on the then-current prime lending rate of the lender's bank.
- The outstanding balance may be prepaid by the borrower without penalty (no prepayment premium or fee will be charged).
- This legal document template is available in MS Word format and is easy to download, fill in with your details, and print.
- Governed by Canadian laws and intended for use in Canada.
Last Updated: 03-April-2021