Products tagged with 'canada promissory note'

Use this customizable template to prepare a Balloon Mortgage Promissory Note for mortgage loans made in Canada. 

Repayment 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.

Format and Scope of Template

This Balloon Mortgage Promissory Note template is available in MS Word format. It is fully editable and reusable. There are no additional fees for multiple use. Once you pay, the form is yours.

The Promissory Note can be used throughout Canada. A French language version may be required for use in Quebec.

This form of Installment Promissory Note is for a loan that is backed by collateral belonging to the borrower.

Repayment Terms

The principal amount of the loan, along with the accrued interest, will be repaid through a series of regular, fixed installment payments.

Prepayment Option

The borrower has the ability to prepay the Note before the final due date. However, if the borrower chooses to pay off the loan early, the lender will impose a prepayment 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.

Format and Legal Jurisdiction

The Installment Note with Prepayment Fee template is a downloadable MS Word document that is editable and reusable. Once you pay for the form, it's yours. There are no license fees or subscriptions.

This legal document can be used throughout Canada. English-language version only.