A Private Mortgage Note is utilized in situations where financing is provided by private individuals or entities rather than traditional lending institutions in Canada. This document is essential for private lending transactions secured by real estate, combining elements of a promissory note and security agreement. It must comply with various Canadian federal regulations, including the Interest Act and anti-money laundering legislation, as well as provincial property and consumer protection laws. The Private Mortgage Note includes crucial information such as loan amount, interest rate, payment schedule, default provisions, and property details, while also incorporating necessary security registration requirements. It's commonly used in situations where conventional financing isn't suitable or available, providing an alternative funding source while ensuring legal protection for all parties involved.
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1. Parties: Identification of the lender and borrower with full legal names and addresses
2. Background: Context of the loan arrangement and brief description of the property being mortgaged
3. Definitions: Key terms used throughout the document defined for clarity and consistency
4. Loan Amount and Interest Rate: Principal amount, interest rate (expressed as per Interest Act requirements), and calculation method
5. Payment Terms: Payment schedule, amounts, due dates, and method of payment
6. Security: Description of the property serving as security and its legal registration details
7. Representations and Warranties: Borrower's declarations regarding their authority, property ownership, and financial status
8. Covenants: Borrower's ongoing obligations including property maintenance, insurance, and tax payments
9. Default Events: Circumstances constituting default and the lender's remedies
10. Enforcement Rights: Lender's rights and procedures for enforcing security upon default
11. Notice Provisions: How and where formal notices must be delivered between parties
12. Governing Law: Specification of Canadian jurisdiction governing the agreement
13. Execution: Signature blocks and witnessing requirements
1. Prepayment Provisions: Terms for early repayment, including any penalties or notice requirements
2. Assignment Rights: Rights and restrictions regarding transfer of the mortgage note by either party
3. Insurance Requirements: Detailed insurance obligations beyond standard requirements
4. Property Management: Additional requirements for property maintenance and improvements
5. Guarantor Provisions: Terms applying to any guarantors of the mortgage
6. Environmental Warranties: For commercial properties, specific environmental compliance requirements
7. Secondary Financing: Provisions regarding additional financing or subordinate mortgages
8. Electronic Communications: Terms for accepting electronic notices and documents
1. Schedule A - Property Description: Legal description of the mortgaged property
2. Schedule B - Payment Schedule: Detailed amortization schedule showing payment dates and amounts
3. Schedule C - Insurance Requirements: Specific insurance coverage requirements and minimum amounts
4. Schedule D - Permitted Encumbrances: List of accepted existing liens or encumbrances on the property
5. Appendix 1 - Property Appraisal: Professional appraisal report for the security property
6. Appendix 2 - Title Search Results: Current title search showing property ownership and encumbrances
Relevant legal definitions
Agreement
Additional Security
Applicable Laws
Business Day
Charge
Commencement Date
Default
Default Rate
Encumbrance
Event of Default
Interest Payment Date
Interest Rate
Lands
Lender
Loan
Maturity Date
Mortgaged Property
Mortgagor
Mortgagee
Payment Date
Permitted Encumbrances
Principal
Principal Amount
Property
Property Taxes
Registered Charge
Regular Payment
Security
Security Interest
Term
Title
Transfer
Insurance Requirements
Improvements
Interest Adjustment Date
Outstanding Balance
Prepayment Privilege
Prime Rate
Registration
Related Documents
Additional Security
Applicable Laws
Business Day
Charge
Commencement Date
Default
Default Rate
Encumbrance
Event of Default
Interest Payment Date
Interest Rate
Lands
Lender
Loan
Maturity Date
Mortgaged Property
Mortgagor
Mortgagee
Payment Date
Permitted Encumbrances
Principal
Principal Amount
Property
Property Taxes
Registered Charge
Regular Payment
Security
Security Interest
Term
Title
Transfer
Insurance Requirements
Improvements
Interest Adjustment Date
Outstanding Balance
Prepayment Privilege
Prime Rate
Registration
Related Documents
Clauses
Loan Terms
Interest Rate
Payment Obligations
Security Interest
Property Description
Insurance Requirements
Tax Obligations
Default Provisions
Remedies
Representations and Warranties
Covenants
Property Maintenance
Assignment
Notice Requirements
Prepayment Rights
Registration
Environmental Compliance
Title Warranties
Further Assurances
Severability
Entire Agreement
Amendment
Governing Law
Force Majeure
Indemnification
Successors and Assigns
Survival
Costs and Expenses
Default Interest
Acceleration
Interest Rate
Payment Obligations
Security Interest
Property Description
Insurance Requirements
Tax Obligations
Default Provisions
Remedies
Representations and Warranties
Covenants
Property Maintenance
Assignment
Notice Requirements
Prepayment Rights
Registration
Environmental Compliance
Title Warranties
Further Assurances
Severability
Entire Agreement
Amendment
Governing Law
Force Majeure
Indemnification
Successors and Assigns
Survival
Costs and Expenses
Default Interest
Acceleration
Relevant Industries
Real Estate
Private Lending
Financial Services
Legal Services
Insurance
Property Management
Banking
Mortgage Brokerage
Wealth Management
Professional Services
Relevant Teams
Legal
Real Estate
Compliance
Risk Management
Credit
Operations
Finance
Lending
Investment
Property Management
Document Management
Client Services
Relevant Roles
Mortgage Broker
Private Lender
Real Estate Lawyer
Legal Counsel
Property Manager
Financial Advisor
Wealth Manager
Real Estate Agent
Loan Officer
Compliance Officer
Risk Manager
Credit Analyst
Portfolio Manager
Real Estate Investment Manager
Title Examiner
Underwriter
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