The Deed of Trust Note is a sophisticated legal instrument used in Canadian lending transactions where additional security and oversight are required beyond a standard mortgage arrangement. This document type is particularly useful in complex lending scenarios, multi-party arrangements, or when independent oversight of the security is desired. A Deed of Trust Note combines the payment obligations of a promissory note with the security features of a trust deed, creating a three-party arrangement between lender, borrower, and trustee. It must comply with Canadian federal regulations regarding interest rates and lending practices, as well as provincial requirements for property transfers and trust administration. The document typically includes detailed provisions for payment terms, security arrangements, trustee duties, default remedies, and property maintenance obligations.
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1. Parties: Identifies the Lender, Borrower, and Trustee, including full legal names and addresses
2. Background: Explains the context of the loan arrangement and the purpose of creating the trust deed
3. Definitions: Defines key terms used throughout the document
4. Promise to Pay: States the principal amount, interest rate, and payment terms
5. Security Interest: Describes the property being held in trust as security
6. Trust Arrangements: Details the role and responsibilities of the trustee
7. Payment Terms: Specifies payment schedule, methods of payment, and allocation of payments
8. Interest Provisions: Details interest calculation methods, compounding periods, and default interest
9. Events of Default: Lists circumstances constituting default and consequences
10. Remedies: Outlines available remedies in case of default
11. Property Maintenance and Insurance: Requirements for maintaining and insuring the secured property
12. Assignment and Transfer: Terms governing the transfer or assignment of the note
13. Governing Law: Specifies applicable Canadian jurisdiction and laws
14. Execution: Signature blocks and attestation requirements
1. Prepayment Provisions: Include when early payment options are offered, specifying terms and any penalties
2. Secondary Security: Include when additional collateral is being provided beyond the primary security
3. Guarantor Provisions: Include when there are third-party guarantors for the loan
4. Construction Provisions: Include when the loan relates to property under construction
5. Environmental Warranties: Include when the secured property has potential environmental concerns
6. Subordination Terms: Include when the trust deed needs to be subordinated to other financing
7. Cross-Collateralization: Include when the security interests secure multiple loans
8. Release Provisions: Include when partial releases of security may be permitted
1. Schedule A - Property Description: Detailed legal description of the secured property
2. Schedule B - Payment Schedule: Amortization schedule showing payment amounts and dates
3. Schedule C - Permitted Encumbrances: List of approved existing liens or encumbrances on the property
4. Schedule D - Insurance Requirements: Detailed insurance requirements for the secured property
5. Appendix 1 - Form of Transfer: Standard form for transferring interests in the note
6. Appendix 2 - Notice Requirements: Forms and procedures for various required notices
7. Appendix 3 - Compliance Certificate: Template for periodic compliance certification
Relevant legal definitions
Agreement
Applicable Law
Borrower
Business Day
Default Interest Rate
Default Rate
Event of Default
Governing Law
Interest Payment Date
Interest Rate
Lender
Loan
Maturity Date
Note
Obligations
Payment Date
Permitted Encumbrances
Principal Amount
Property
Security Interest
Term
Trust Deed
Trust Property
Trustee
Secured Obligations
Security
Charges
Enforcement Event
Insurance Proceeds
Legal Costs
Permitted Transfers
Power of Sale
Prepayment
Register
Required Insurance
Tax Assessment
Title Documents
Applicable Law
Borrower
Business Day
Default Interest Rate
Default Rate
Event of Default
Governing Law
Interest Payment Date
Interest Rate
Lender
Loan
Maturity Date
Note
Obligations
Payment Date
Permitted Encumbrances
Principal Amount
Property
Security Interest
Term
Trust Deed
Trust Property
Trustee
Secured Obligations
Security
Charges
Enforcement Event
Insurance Proceeds
Legal Costs
Permitted Transfers
Power of Sale
Prepayment
Register
Required Insurance
Tax Assessment
Title Documents
Clauses
Loan Terms
Payment Obligations
Security Interest
Trust Arrangements
Interest Calculation
Default Provisions
Enforcement Rights
Property Maintenance
Insurance Requirements
Assignment and Transfer
Notice Requirements
Representations and Warranties
Covenants
Events of Default
Remedies
Prepayment Rights
Property Rights
Registration
Subordination
Amendment and Modification
Trustee Powers
Trustee Duties
Release Provisions
Indemnification
Expenses and Costs
Tax Provisions
Insurance Proceeds
Governing Law
Dispute Resolution
Force Majeure
Severability
Entire Agreement
Further Assurances
Payment Obligations
Security Interest
Trust Arrangements
Interest Calculation
Default Provisions
Enforcement Rights
Property Maintenance
Insurance Requirements
Assignment and Transfer
Notice Requirements
Representations and Warranties
Covenants
Events of Default
Remedies
Prepayment Rights
Property Rights
Registration
Subordination
Amendment and Modification
Trustee Powers
Trustee Duties
Release Provisions
Indemnification
Expenses and Costs
Tax Provisions
Insurance Proceeds
Governing Law
Dispute Resolution
Force Majeure
Severability
Entire Agreement
Further Assurances
Relevant Industries
Real Estate
Banking
Financial Services
Construction
Property Development
Commercial Lending
Mortgage Services
Trust Services
Investment Management
Property Management
Relevant Teams
Legal
Lending
Risk Management
Compliance
Real Estate
Credit
Operations
Collections
Documentation
Property Management
Trust Administration
Investment
Underwriting
Relevant Roles
Legal Counsel
Trust Officer
Loan Officer
Mortgage Specialist
Real Estate Manager
Credit Risk Manager
Compliance Officer
Property Manager
Financial Advisor
Investment Manager
Senior Underwriter
Collections Manager
Real Estate Attorney
Banking Operations Manager
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