The Promissory Note Secured By A Deed Of Trust is a crucial financial and legal instrument used in Canadian lending transactions where real property serves as collateral. This document type is commonly employed when a lender requires strong security for a loan while maintaining flexibility in enforcement options. It combines the straightforward promise to pay characteristic of a promissory note with the security features of a trust deed, creating a robust legal framework for secured lending. The document must comply with Canadian federal legislation, including the Bills of Exchange Act and Interest Act, as well as provincial property and security laws. It's particularly useful in commercial lending, real estate development, and private lending arrangements where traditional mortgage structures may not be optimal. The trust deed aspect allows for potential power of sale proceedings in case of default, often providing a more streamlined enforcement process compared to traditional mortgages.
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1. Parties: Identification of the Lender (Beneficiary), Borrower (Trustor), and Trustee
2. Background: Context of the loan agreement and purpose of the promissory note
3. Definitions: Key terms used throughout the document
4. Promise to Pay: The fundamental promise to repay the principal amount with specified interest
5. Payment Terms: Details of payment schedule, amount, frequency, and maturity date
6. Interest Rate: Specification of interest rate, calculation method, and compound periods
7. Security: Description of the property securing the note and trust deed arrangements
8. Default Provisions: Circumstances constituting default and consequences
9. Remedies: Rights and remedies of the lender in case of default
10. Notice Requirements: How and where notices must be delivered to all parties
11. Governing Law: Specification of applicable Canadian province and federal laws
12. Signatures: Execution blocks for all parties
1. Prepayment Provisions: Terms for early payment of the note, including any penalties - include when prepayment is allowed
2. Late Payment Charges: Additional fees for late payments - include when late fees will be charged
3. Insurance Requirements: Required property insurance terms - include when property insurance is mandatory
4. Assignment and Transfer: Rights to assign or transfer the note - include when note is transferable
5. Property Maintenance Requirements: Obligations to maintain the secured property - include for commercial properties
6. Due on Sale Clause: Acceleration of the note upon property sale - include when required by lender
7. Escrow Requirements: Terms for escrow of taxes and insurance - include when escrow is required
8. Subordination Provisions: Terms regarding subordination to other loans - include when other liens exist
1. Schedule A - Property Description: Legal description of the property securing the note
2. Schedule B - Payment Schedule: Detailed amortization schedule showing payment breakdown
3. Schedule C - Insurance Requirements: Detailed insurance requirements and minimum coverage
4. Appendix 1 - Property Appraisal: Current appraisal of the securing property
5. Appendix 2 - Property Title Report: Current title report showing existing liens and encumbrances
6. Appendix 3 - Property Survey: Current survey of the securing property
Relevant legal definitions
Beneficiary
Borrower
Business Day
Default
Default Rate
Deed of Trust
Event of Default
Governing Law
Interest Rate
Late Charge
Legal Costs
Lender
Loan
Maturity Date
Note
Notice
Obligations
Payment Date
Permitted Encumbrances
Power of Sale
Prepayment
Principal Amount
Property
Regular Payment
Security
Security Interest
Term
Title
Trust Property
Trustee
Trustor
Borrower
Business Day
Default
Default Rate
Deed of Trust
Event of Default
Governing Law
Interest Rate
Late Charge
Legal Costs
Lender
Loan
Maturity Date
Note
Notice
Obligations
Payment Date
Permitted Encumbrances
Power of Sale
Prepayment
Principal Amount
Property
Regular Payment
Security
Security Interest
Term
Title
Trust Property
Trustee
Trustor
Clauses
Promise to Pay
Security Interest
Interest Rate
Payment Terms
Default
Acceleration
Remedies
Property Rights
Insurance
Taxes
Assignment
Notice
Prepayment
Late Payment
Property Maintenance
Title Covenants
Power of Sale
Severability
Governing Law
Amendment
Waiver
Registration
Further Assurance
Costs and Expenses
Indemnification
Representations and Warranties
Events of Default
Enforcement
Subordination
Release
Security Interest
Interest Rate
Payment Terms
Default
Acceleration
Remedies
Property Rights
Insurance
Taxes
Assignment
Notice
Prepayment
Late Payment
Property Maintenance
Title Covenants
Power of Sale
Severability
Governing Law
Amendment
Waiver
Registration
Further Assurance
Costs and Expenses
Indemnification
Representations and Warranties
Events of Default
Enforcement
Subordination
Release
Relevant Industries
Real Estate
Banking & Financial Services
Legal Services
Insurance
Construction & Development
Commercial Property
Residential Property
Mortgage Lending
Private Lending
Relevant Teams
Legal
Real Estate
Lending
Credit Risk
Compliance
Property Management
Investment
Finance
Trust Services
Documentation
Relevant Roles
Real Estate Lawyer
Commercial Lending Officer
Mortgage Broker
Property Developer
Legal Counsel
Credit Risk Manager
Trust Officer
Real Estate Manager
Loan Officer
Financial Services Manager
Compliance Officer
Real Estate Investment Manager
Private Lender
Property Manager
Title Examiner
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