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.
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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
1. Prepayment Provisions: Include when early payment is allowed, specifying any penalties or conditions
2. Late Payment Charges: Include when additional fees or higher interest rates apply to late payments
3. Cross-Default Provisions: Include when the note is part of a larger financing arrangement with multiple documents
4. Assignment and Transfer: Include when the note is intended to be transferable
5. Insurance Requirements: Include detailed insurance requirements when property requires specific coverage
6. Environmental Provisions: Include when property has potential environmental concerns or risks
7. Secondary Security: Include when additional collateral besides real estate is being pledged
8. Guarantor Provisions: Include when there are third-party guarantors of the debt
1. Schedule A - Property Description: Detailed legal description of the real estate property
2. Schedule B - Payment Schedule: Amortization table or detailed payment schedule if installment payments
3. Schedule C - Permitted Encumbrances: List of existing liens or encumbrances allowed on the property
4. Schedule D - Insurance Requirements: Detailed specifications for required insurance coverage
5. Appendix 1 - Property Title Documents: Copies of relevant property title documentation
6. Appendix 2 - Property Appraisal: Current appraisal of the real estate property
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