The Mortgage Loan Agreement is a crucial legal document used in Canadian real estate financing transactions to establish and document the terms of a loan secured by real property. This agreement is essential when a borrower seeks financing to purchase or refinance real estate, whether residential or commercial. The document must comply with various Canadian federal laws governing banking and interest rates (such as the Bank Act and Interest Act) and provincial legislation concerning property rights and consumer protection. A properly structured Mortgage Loan Agreement includes detailed provisions about the loan amount, interest calculations, payment terms, security arrangements, borrower obligations, default scenarios, and enforcement rights. It serves to protect both the lender's security interest and the borrower's rights while ensuring transparency and compliance with applicable regulations.
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1. Parties: Identification of the lender and borrower(s), including full legal names and addresses
2. Background: Context of the loan agreement, including purpose of the loan and brief property description
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Details: Principal amount, interest rate, term, and payment schedule
5. Security: Description of the mortgaged property and the security interest being granted
6. Payment Terms: Details of payment obligations, including frequency, method, and application of payments
7. Interest Calculations: Method of calculating interest, compounding periods, and annual percentage rate
8. Borrower's Covenants: Borrower's promises regarding property maintenance, insurance, taxes, and other obligations
9. Lender's Rights: Lender's rights regarding property inspection, insurance proceeds, and enforcement
10. Default Events: Circumstances constituting default and consequences thereof
11. Enforcement Rights: Lender's remedies upon default, including power of sale or foreclosure
12. Property Insurance: Requirements for property insurance and handling of claims
13. Property Taxes: Obligations regarding payment of property taxes and tax escrow if applicable
14. Representations and Warranties: Statements of fact by the borrower regarding their situation and the property
15. General Provisions: Standard clauses including notices, amendments, governing law, and severability
1. Guarantor Provisions: Required when there is a guarantor for the mortgage loan, detailing guarantor's obligations and rights
2. Construction Provisions: Included for construction mortgages or when property improvements are part of the loan purpose
3. Prepayment Terms: Details of prepayment rights and penalties, if applicable
4. Assignment and Transfer: Terms for when the mortgage may be sold or transferred by either party
5. Secondary Financing: Provisions regarding additional financing or second mortgages
6. Rental Provisions: Required when the property may be rented out, including restrictions and requirements
7. Line of Credit Provisions: Included when the mortgage includes a home equity line of credit component
8. Environmental Warranties: Required for commercial properties or when environmental concerns exist
9. Condominium Provisions: Required when the mortgaged property is a condominium unit
1. Schedule A - Property Description: Legal description of the mortgaged property
2. Schedule B - Payment Schedule: Detailed amortization schedule showing payments, interest, and principal allocation
3. Schedule C - Standard Charge Terms: Standard mortgage terms filed with the land registry office
4. Schedule D - Insurance Requirements: Detailed requirements for property insurance coverage
5. Schedule E - Cost of Borrowing Disclosure: Mandatory disclosure of all borrowing costs as required by federal regulations
6. Appendix 1 - Property Appraisal: Professional appraisal of the property value
7. Appendix 2 - Title Search Results: Results of property title search showing existing charges or encumbrances
8. Appendix 3 - Environmental Assessment: Environmental assessment report, if required
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