Ontario Standard Terms for Commercial Collateral Mortgage
Use this downloadable template to prepare a set of Standard Charge Terms for a commercial collateral mortgage under Section 9 of the Ontario Land Registration Reform Act.
- You first need to complete and file the Set of Standard Charge Terms with the Land Titles Office, which issues you a filing number.
- Each time you enter into a loan transaction with a borrower which is secured by this type of mortgage, you simply file a Form 2 Charge â„ Mortgage of Land which refers to this set of standard terms by filing number.
- This set of standard terms, and any addenda filed with the Form 2, will then govern the loan agreement between the parties.
These Standard Terms for Commercial Collateral Mortgage are a must-have item for any commercial lender in Ontario.