Ontario Standard Terms for Commercial Collateral Mortgage

Use this template Collateral Mortgage and Promissory Note for credit facilities in Alberta.

• 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.
• 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.

Prepare a Fixed Rate Closed Term Mortgage with this template form for Canada.

• Standard provisions of the mortgage include:
  • Equal monthly payments of blended principal and interest (and taxes, if the lender requires).
  • On default, the lender has the right to take possession of the property by distress warrant or by foreclosing on the property.
  • The lender has the right to bring legal action to recover mortgage arrears and costs, plus interest and any other amounts owing.
• Available in MS Word format.
• This template can be used in most Canadian provinces except for Quebec.

Ontario lenders can use this template form to prepare Standard Charge Terms for a straight charge or mortgage under Section 9 of the Land Registration Reform Act.

• When you file your initial set of Standard Charge Terms with the Land Titles Office, they issue you a filing number.
• Each time you submit a Form 2 Charge / Mortgage of Land to secure a loan, you refer to the filing number.
• That will ensure that the loan agreement secured by the mortgage is governed by this set of standard terms.

To get your copy of the Standard Terms for Straight Charge / Mortgage, add it to your cart, check out and pay, and download the form to your computer.