The Private Loan Agreement For (Real Estate) is essential for documenting private lending transactions secured by real property in Canada. This document is typically used when traditional bank financing is not the preferred or available option, such as in rapid closing requirements, unique property circumstances, or specific borrower situations. The agreement must comply with Canadian federal regulations, including the Interest Act and Criminal Code interest rate provisions, as well as provincial property and consumer protection laws. It details loan terms, security arrangements, default provisions, and enforcement mechanisms while protecting both lender and borrower interests. The document is particularly relevant in today's dynamic real estate market where private lending has become an increasingly important financing alternative.
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1. Parties: Identification of the lender and borrower with full legal names and addresses
2. Background: Context of the loan agreement, including purpose of the loan and basic property details
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Details: Principal amount, interest rate, term, and payment schedule
5. Security Interest: Description of the real estate property securing the loan and registration details
6. Representations and Warranties: Borrower's declarations regarding their legal capacity, property ownership, and financial status
7. Covenants: Ongoing obligations of the borrower including property maintenance, insurance, and tax payments
8. Events of Default: Circumstances constituting default and consequences thereof
9. Remedies: Lender's rights and remedies upon default
10. Payment Terms: Detailed payment provisions, including prepayment rights and penalties
11. Expenses and Costs: Allocation of legal fees, registration costs, and other expenses
12. Notice Provisions: Methods and addresses for formal communications
13. General Provisions: Standard clauses including governing law, amendment process, and severability
1. Guarantor Provisions: Required when a third party guarantees the loan
2. Insurance Requirements: Detailed insurance obligations beyond standard coverage
3. Property Management: Required when specific property management conditions are imposed
4. Environmental Matters: Required for properties with potential environmental concerns
5. Construction/Renovation Provisions: Required when loan involves property improvements
6. Assignment and Transfer: Required when transfer rights need specific regulation
7. Priority Arrangements: Required when there are multiple lenders or security interests
8. Special Purpose Vehicle Requirements: Required when borrower is a special purpose entity
1. Schedule A - Property Description: Legal description of the mortgaged property
2. Schedule B - Payment Schedule: Detailed amortization schedule and payment terms
3. Schedule C - Permitted Encumbrances: List of approved existing liens or encumbrances
4. Schedule D - Insurance Requirements: Detailed insurance specifications and minimum coverage
5. Schedule E - Property Condition Report: Current condition assessment of the property
6. Appendix 1 - Form of Promissory Note: Standard form of promissory note if required
7. Appendix 2 - Security Registration Forms: Required property registration and security forms
8. Appendix 3 - Guarantor Agreement: Standard form of guarantee if applicable
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Private Lending
Banking & Financial Services
Legal Services
Property Management
Insurance
Construction & Development
Property Investment
Mortgage Services
Relevant Teams
Legal
Real Estate
Compliance
Risk Management
Finance
Credit
Operations
Investment
Property Management
Document Management
Relevant Roles
Private Lender
Real Estate Lawyer
Mortgage Broker
Real Estate Investor
Property Developer
Legal Counsel
Loan Officer
Risk Manager
Compliance Officer
Real Estate Agent
Property Manager
Investment Manager
Financial Advisor
Title Officer
Underwriter
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