The Facility Letter Mortgage is a crucial document in Canadian secured lending, used when a financial institution extends credit secured against real property. This document type merges the formal elements of a credit facility with mortgage security requirements, providing a comprehensive agreement that meets both federal banking regulations and provincial property laws. The Facility Letter Mortgage typically includes detailed terms about the loan amount, interest rates, repayment schedule, security requirements, conditions precedent, and borrower covenants. It's particularly important in commercial and residential property financing, serving as the foundation for the lending relationship and subsequent mortgage registration. The document must comply with various Canadian regulatory requirements, including the Bank Act, provincial property legislation, and consumer protection laws, making it essential for both the initial credit approval and ongoing loan administration.
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1. Letter Header and Date: Bank's letterhead, date, and reference number
2. Addressee Details: Full legal name and address of the borrower(s)
3. Salutation: Formal greeting to the borrower(s)
4. Purpose: Clear statement that this is an offer of mortgage financing
5. Facility Summary: Key terms including amount, purpose, interest rate, and term
6. Property Details: Legal description of the mortgaged property
7. Security Requirements: Details of the mortgage and any additional security required
8. Conditions Precedent: Conditions that must be met before funding
9. Representations and Warranties: Standard borrower representations
10. Covenants: Ongoing obligations of the borrower
11. Events of Default: Circumstances that constitute default
12. Fees and Costs: All applicable fees, charges and legal costs
13. Acceptance: Signature blocks and acceptance terms
14. Contact Information: Bank's contact details for queries
1. Insurance Requirements: Detailed insurance requirements when property requires specific coverage
2. Guarantee Details: When a guarantee is required as additional security
3. Construction Provisions: For properties under construction or renovation
4. Environmental Matters: For commercial properties or when environmental concerns exist
5. Multiple Borrowers: Additional provisions for joint borrowers
6. Prepayment Terms: Detailed prepayment privileges and penalties if offered
7. Property Management: For income-producing properties
8. Foreign Currency Provisions: For facilities offered in non-Canadian currency
1. Schedule A - Property Description: Detailed legal description of the property
2. Schedule B - Payment Schedule: Amortization schedule and payment details
3. Schedule C - Standard Charge Terms: Reference to standard charge terms filed with land registry
4. Schedule D - Fee Schedule: Detailed breakdown of all fees and charges
5. Schedule E - Insurance Requirements: Detailed insurance requirements and minimum coverage
6. Appendix 1 - Definitions: Definitions of key terms used in the facility letter
7. Appendix 2 - Supporting Documents: List of required supporting documents
8. Appendix 3 - Disclosure Statement: Cost of borrowing disclosure as required by regulations
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Legal Services
Insurance
Construction & Development
Property Management
Commercial Property
Residential Property
Mortgage Broking
Financial Advisory
Relevant Teams
Legal
Credit Risk
Compliance
Mortgage Administration
Commercial Banking
Retail Banking
Operations
Document Management
Property Underwriting
Client Relations
Relevant Roles
Credit Manager
Mortgage Specialist
Commercial Banker
Legal Counsel
Risk Manager
Compliance Officer
Loan Officer
Property Underwriter
Relationship Manager
Credit Analyst
Branch Manager
Mortgage Administrator
Chief Credit Officer
Legal Document Specialist
Banking Operations Manager
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