The Note Secured By (Real Estate) is a crucial document in Canadian secured lending transactions, commonly used when a lender provides financing secured against real property. This document serves as both evidence of debt and security instrument, protecting the lender's interests while clearly defining the borrower's obligations. It is particularly useful in private lending arrangements, real estate financing, and situations where traditional mortgage products may not be suitable. The document must comply with Canadian federal laws such as the Interest Act and provincial property and security legislation. It typically includes comprehensive details about the loan amount, interest rate, payment terms, property description, security provisions, and enforcement mechanisms. This type of document is essential for both commercial and residential real estate transactions where the lender requires security for their loan.

1. Parties: Identifies the lender (Payee) and borrower (Maker) with their complete legal names and addresses

2. Background: Brief context of the loan transaction and security arrangement

3. Definitions: Key terms used throughout the document including Property, Security Interest, Event of Default, etc.

4. Promise to Pay: The fundamental promise to repay the principal amount with specified interest

5. Payment Terms: Details of payment schedule, including amount, frequency, and maturity date

6. Interest Rate: Specification of interest rate, calculation method, and compounding frequency

7. Security Interest: Description of the real estate property securing the note and creation of the security interest

8. Property Description: Legal description of the real estate property serving as security

9. Representations and Warranties: Borrower's declarations regarding property ownership, authority to grant security, etc.

10. Covenants: Ongoing obligations of the borrower regarding property maintenance, insurance, taxes, etc.

11. Events of Default: Circumstances constituting default and triggering enforcement rights

12. Remedies: Lender's rights and remedies upon default, including foreclosure rights

13. Notice Provisions: Requirements and methods for giving notices between parties

14. Governing Law: Specification of applicable Canadian jurisdiction