Products tagged with 'canada promissory note'

Overview

This section provides an overview of the Balloon Mortgage Promissory Note template designed for Canadian mortgage lenders. The template is available in MS Word format, making it convenient to download, edit, and print according to specific requirements.

Payment Terms

• Under this note, the borrower is required to make monthly payments toward the secured amount. These payments will continue until the date of the final payment.
• On the maturity date, the borrower must make a balloon payment that covers the entire remaining balance of both principal and interest outstanding. This structure ensures that the loan is fully repaid at maturity.

Security

The Balloon Mortgage Promissory Note is secured by a mortgage on the borrower’s property. This security measure provides protection for the lender and helps ensure repayment of the loan.

Overview

This Installment Promissory Note is designed for loans that are secured by collateral owned by the borrower. It is specifically intended for use within Canada.

Repayment Terms

The principal amount of the loan, along with the accrued interest, will be repaid through a series of regular, fixed installment payments. These payments are not variable and remain consistent throughout the repayment period.

Prepayment Option

The borrower has the ability to prepay the Note before the final due date. However, should the borrower choose to pay off the loan early, the lender will impose a prepayment premium, or fee, as a condition for early repayment.

Default and Acceleration

In the event the borrower fails to make a scheduled payment, or if the borrower becomes bankrupt or insolvent, the entire outstanding balance of the loan, including all interest, becomes immediately due and payable.

Collateral and Lender Rights

If the borrower defaults on the loan, the lender is entitled to dispose of the pledged collateral. The lender may choose to sell the collateral privately or through a public auction.

How to Obtain the Form

To download the Canada Installment Note with Prepayment Fee, add the form to your shopping cart and proceed through the checkout process. Upon completion, the form will automatically download to your device.