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Alberta Collateral Mortgage and Promissory Note
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.
$29.99
Fixed Rate Closed Term Mortgage | 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.
$29.99
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.
$17.99