The Straight Note (Real Estate) is a fundamental document in Canadian real estate financing, used when a borrower needs to secure a loan using real estate property as collateral. This document type is particularly common in private lending arrangements, property development financing, and commercial real estate transactions across Canadian provinces. It must comply with federal legislation such as the Interest Act and provincial property laws, making it essential to adapt the document to the specific province's requirements. The note typically includes detailed information about the loan amount, interest calculations, payment terms, property description, and enforcement mechanisms, providing security for the lender while clearly defining the borrower's obligations.
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1. Parties: Identifies the lender and borrower with their full legal names and addresses
2. Promise to Pay: States the principal amount, currency, and unconditional promise to repay
3. Interest Rate: Specifies the interest rate, calculation method, and payment frequency
4. Payment Terms: Details the payment schedule, including due dates, installment amounts, and maturity date
5. Security: Describes the real estate property securing the note, including legal description
6. Default Provisions: Defines events of default and consequences
7. Remedies: Outlines the lender's rights and remedies upon default
8. Prepayment Terms: Specifies conditions and any penalties for early payment
9. Governing Law: States that Canadian law governs the agreement and specifies the applicable province
10. Notice Provisions: Details how and where formal notices must be delivered
11. Signatures: Space for dated signatures of all parties and witnesses
1. Late Payment Charges: Additional fees or interest rates that apply to late payments - include when specifically requested by lender
2. Acceleration Clause: Allows lender to demand full payment under specific circumstances - include for higher-risk loans
3. Cross-Default Provisions: Links default on this note to other obligations - include when borrower has multiple loans with same lender
4. Assignment Rights: Details whether and how the note can be assigned - include when note may be sold or transferred
5. Insurance Requirements: Specifies required property insurance - include for higher-value properties
6. Tax Provisions: Addresses responsibility for property taxes - include when taxes are part of payment structure
7. Subordination Terms: Establishes priority relative to other liens - include when there are multiple lenders
8. Guarantor Provisions: Terms applying to any guarantors - include when there are third-party guarantors
1. Property Description Schedule: Detailed legal description of the property securing the note
2. Payment Schedule: Amortization table showing payment dates, amounts, and interest/principal breakdown
3. Insurance Requirements Schedule: Detailed specifications for required insurance coverage
4. Property Tax Schedule: Current property tax assessment and payment schedule
5. Title Report Schedule: Summary of title search showing existing liens and encumbrances
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Clauses
Relevant Industries
Real Estate
Banking & Financial Services
Legal Services
Insurance
Property Development
Construction
Property Management
Mortgage Lending
Private Lending
Investment
Relevant Teams
Legal
Real Estate
Credit
Compliance
Risk Management
Commercial Lending
Property Management
Investment
Documentation
Due Diligence
Relevant Roles
Real Estate Lawyer
Mortgage Specialist
Credit Manager
Loan Officer
Real Estate Agent
Property Developer
Commercial Banking Manager
Legal Counsel
Compliance Officer
Risk Manager
Investment Manager
Real Estate Investment Officer
Title Examiner
Mortgage Broker
Property Manager
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