Products tagged with 'loan security form'

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.

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.

Prepare a Balloon Mortgage and Security Agreement for borrowers with this easy-to-use template.

• The entire unpaid balance of the mortgage loan and interest is due on the maturity date.
• The borrower (mortgagor) will pay all taxes, rates and assessments levied against the mortgaged property.
• The borrower must keep the mortgaged property insured for such risks and in such amounts as the lender may require.
• The borrower must get the lender's consent before making any alterations to the property, and must maintain the property in good condition and repair.
• If the borrower attempts to transfer all or any part of the property, the mortgage loan plus interest will immediately become due.
• The borrower waives all right of homestead exemption in the property.
• The mortgage will secure not only the borrower's existing debt to the lender, but any future advances made within 20 years of the date of the mortgage to the same extent as if they were made on the date of execution of the mortgage.
• This template is not state-specific. Some state laws require specific wording to be added to balloon mortgages. Check your state legislation online for details.
• Intended to be used only within the United States.

Obtain a personal guarantee from the principals of a corporate borrower with this Guarantee and Postponement of Claim for the Province of Alberta.

• The Guarantee would be given by a director, shareholder, or sole proprietor of the corporation as security to guarantee repayment of the borrower's indebtedness to a lender if the borrower defaults in paying back the debt.
• The guarantor also agrees that any debts owed by the borrower to the guarantor will be postponed to the debts owed to the lender, and the lender's claims would take priority.
• A Guarantee and Postponement of Claim secures repayment of your debt. If you lend money or extend credit to customers in Alberta, you should have this form.
• The form includes the required Guarantees Acknowledgement Act acknowledgement, as well as an affidavit of execution.
• This legal document is intended solely for use in the Province of Alberta, Canada.