Directors Resolutions to Grant a Mortgage | Canada

Use this template Collateral Mortgage and Promissory Note for credit facilities in Alberta.

• A collateral mortgage can be used to secure a line of credit, a revolving loan, or other credit facility where the balance owing changes from time to time.
• The borrower is responsible for insuring, repairing, and maintaining the mortgaged property and for paying all taxes and assessments.
• The lender is appointed as the borrower's attorney (agent) for the purpose of recovering any insurance proceeds with respect to the property.
• The lender has power of attorney to sell, lease or encumber the property if the borrower defaults in its obligations.
• The full balance owing is immediately payable if the borrower sells the property or, if the borrower is a corporation, there is a change in control.
• This is a downloadable legal template in MS Word format.
• Intended for use in the Province of Alberta, Canada.

Document your security interest in a borrower's property with this Accounts Receivable Security Agreement template for Canadian lenders.

• The Agreement is part of the documentation that the borrower must provide to the lender, to secure a loan or line of credit.
• The Agreement grants the lender a security interest in all of the borrower's present and future personal property including inventory, equipment, accounts receivable and book debts.
• The form is governed by Canadian laws and can be used in any province or territory which has Personal Property Security Act legislation.
• Buy and download the template in MS Word format. Other formats available on request.

Secure a loan or line of credit with this General Security Agreement for Canadian lenders.

• The borrower grants the lender a security interest in all of the borrower's personal property (inventory, equipment, accounts and book debts), and all income and proceeds from that personal property.
• The General Security Agreement secures payment and performance of all of the borrower's present and future indebtedness to the lender, including the lender's costs of enforcing the Agreement.
• The borrower agrees to protect and preserve the collateral property, to keep it in good condition and repair, to pay all taxes and charges levied against it, and to keep it fully insured.
• So long as the borrower is not in breach of its obligations, the borrower retains possession of the collateral and can use it in the ordinary course of its business.
• This legal document template is intended for use only in Canada.

If you are offering a line of credit to a customer, secure your interest with this Line of Credit Promissory Note form.

• The Note allows for multiple advances, up to a specified maximum amount.
• Interest on the secured amount is simple interest, accruing monthly.
• The Note is secured by a mortgage on the Borrower's property.
• There is no prepayment penalty.
• This is a generic legal template which is not specifically written for any country, state or province.
• This form is provided in MS Word format and is easy to customize.

This General Assignment of Rents template is for lenders in Ontario to obtain additional security for the repayment of a borrower's debt.

• Under the Assignment a corporate borrower (debtor) assigns to the lender all rents, income and revenue from a mortgaged property, as security for a loan or line of credit being advanced to the borrower by the lender.
• The borrower agrees not to accept prepayment of the rents or to further assign or encumber the rents or the leases.
• The borrower may continue to receive the rents unless it is in default under the Assignment. In that event, the rents must be paid to the lender.
• The lender has the right to enter the property and collect the rent, enforce the lease or maintain the property.

If you lend money or extend credit facilities in Ontario, you should have a copy of the General Assignment of Rents as part of your documentation package.