Ontario Revolving Credit Agreement

Secure the repayment of a mortgage loan by having the borrower execute this Assignment of Rents Agreement for Canadian lenders.

• The borrower assigns to the lender all rent revenues from tenants in the property being mortgaged.
• The assignment is given as security for repayment of the mortgage and performance of the borrower's obligations to the lender.
• The rentals continue to be paid to the borrower / assignor until such time as the lender / assignee gives a demand in writing to the tenants to pay the rents to the assignee.
• The agreement stays in effective until all of the monies due under the mortgage have been paid in full.
• An Assignment of Rents Agreement is a good means of obtaining additional security for performance under a loan agreement. You can download it immediately following purchase.
• This form is governed by the laws of Canada.

Overview

This easy-to-use Balloon Promissory Note template is specifically designed for use in Canada and includes a provision requiring collateral as additional security. The form is suitable for any province or territory within the country.

Payment Terms

Under this Note, the borrower agrees to make regular monthly payments toward the total amount secured. These payments will continue up to the date specified for the final payment.

Balloon Payment

On the date of the final payment, the borrower is required to make a balloon payment. This means the borrower must pay the entire remaining balance, including all outstanding principal and accrued interest, in one lump sum.

Collateral Requirement

As an added security measure, this Note requires the borrower to provide collateral. The collateral can be in the form of personal property or real estate, which further secures the lender's interest in the loan.

How to Access the Template

To obtain this digital legal form, simply add the Balloon Promissory Note template to your shopping cart, complete the checkout process, and download the template immediately after your purchase.

Secure a loan or line of credit with this General Security Agreement for Canadian lenders.

• The borrower grants the lender a security interest in all of the borrower's personal property (inventory, equipment, accounts and book debts), and all income and proceeds from that personal property.
• The General Security Agreement secures payment and performance of all of the borrower's present and future indebtedness to the lender, including the lender's costs of enforcing the Agreement.
• The borrower agrees to protect and preserve the collateral property, to keep it in good condition and repair, to pay all taxes and charges levied against it, and to keep it fully insured.
• So long as the borrower is not in breach of its obligations, the borrower retains possession of the collateral and can use it in the ordinary course of its business.
• This legal document template is intended for use only in Canada.