Products tagged with 'postponement form'

Prepare a Purchaser's Acknowledgement and Consent to Postponement of Caveat with this template form for Alberta.

• The purchaser of a real estate property consents to the postponement of its Purchaser's Caveat to a mortgage, meaning that the mortgage will take priority over the caveat.
• This consent will extend to all advances under the mortgage, any amendment to the mortgage, and to any new mortgage registered by the mortgage lender (mortgagee).
• The purchaser also releases and indemnifies the lawyers acting on behalf of the mortgagee and covenants not to sue them with respect to the postponement.
• This consent is given as an inducement to get the mortgage lender to advance the mortgage loan, which the purchaser requires in order to buy the property.
• The form is available in MS Word format.
• Intended for use only in the Province of Alberta, Canada.

Prepare a Subordination Agreement between two lenders with this long form template.

• The purpose of the Subordination Agreement (also called a Postponement Agreement) is to induce a new lender to extend a loan to a borrower.
• One lender (postponing creditor) agrees to subordinate and postpone its security interest under a loan agreement or similar instrument to the interest of a second lender (senior creditor) until the indebtedness owing to the senior creditor has been satisfied.
• If the borrower's assets are distributed among its creditors, the indebtedness owing to the senior creditor would be paid out first, before distribution to any other creditors.
• If the borrower is not in default under its obligations to the senior creditor, it may continue to make payments to the postponing creditor in accordance with the terms of the agreement.
• If the borrower is in default under its obligations to the senior creditor, no payments on the subordinated indebtedness shall be made by the borrower. If the postponing creditor receives any such payments, it must pay them over to the senior creditor.
• This generic Subordination Agreement is provided in MS Word and is fully editable to meet your needs.

Use this template to prepare a Postponement Agreement between two mortgage lenders holding mortgages on the same property in Nova Scotia.

• The parties agree that the second mortgage will take priority over the first mortgage.
• The first mortgagee agrees to postpone its security, in return for the second mortgagee paying the first mortgagee a specified sum.
• The template can be re-used over and over again, and edited to fit your business' requirements.
• Available in MS Word format.
• Intended to be used only in the Province of Nova Scotia, Canada.

Prepare a Guarantee of the debts of a corporate borrower with this downloadable template form for British Columbia lenders.

Overview of Guarantee and Postponement Form

• When a corporate borrower applies for a loan, lenders generally require an additional level of security to ensure repayment.
• One effective approach is to obtain a personal guarantee from a principal of the borrower, using a form such as this Guarantee and Postponement template.

Who Should Provide the Guarantee?

• The guarantee must be supplied by an individual who has a significant stake in the company, such as a director, shareholder, or sole proprietor.
• By signing the guarantee, the individual agrees to repay the corporate borrower's indebtedness to the lender if the borrower defaults on its obligations under the loan agreement.

Priority of Debts

• Under the terms of the Postponement section of the agreement, the guarantor also agrees that any debts the borrower owes to them will be deferred (postponed) in favour of the debt owed to the lender.
• The Postponement ensures that the lender's claims will take priority over any other claims the guarantor may have against the borrower.

Format and Jurisdiction

• Once purchased, the Guarantee and Postponement form can be used multiple times without incurring additional fees.
• It is available for immediate download following purchase, allowing lenders to quickly integrate it into their loan documentation. Every lender in the province should include a Guarantee form as a standard part of their lending process.
• This legal document template is intended to be used only within the Province of British Columbia, Canada.