Products tagged with 'participating mortgage agreement'

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Participating Mortgage on Condo Project | Canada

A participating mortgage is a loan under which the lender (Mortgagee) participates in the revenues of the property.
A portion of the interest on the loan is to be paid to the Mortgagee annually.
A further portion of the interest will be paid from the balance of sale proceeds of each of the condo units (if any), after payment of development costs, financing charges and marketing costs.
The borrower (Mortgagor) will be paid a general and administrative fee for construction and management of the project.
A further project expense consisting of interest on the equity is to be paid to the developer.
After one year, the Mortgagor can prepay all or part of the mortgage loan without bonus or penalty.
Available in MS Word format.
Intended to be used in Canada.

$44.99

The Buyer receives a percentage yield on its interest, plus a pro rata participation in any interest collected.
The Seller is entitled to the remainder of the interest plus any default penalties, late charges, etc.
The Seller will act as trustee with fiduciary duties to hold the participation ownership and legal title to the loans and receipts, and to make the required remittances.
The Seller, as trustee, will retain all loan documents, mortgage notes, and related items.
The Seller will continue to service the loans in the same manner as it services loans for its own account.
Available as a fully editable MS Word template.
Intended to be used only in the United States.

$34.99