[{"data":1,"prerenderedAt":529},["ShallowReactive",2],{"document-mortgage-D1183":3},{"document":4,"label":23,"preview":11,"thumb":24,"description":5,"descriptionCustom":6,"apiDescription":5,"pages":8,"extension":10,"parents":25,"breadcrumb":29,"related":37,"customDescModule":182,"customdescription":6,"mdFm":183,"mdProseHtml":528},{"description":5,"descriptionCustom":6,"label":7,"pages":8,"size":9,"extension":10,"preview":11,"thumb":12,"svgFrame":13,"seoMetadata":14,"parents":15,"keywords":22},"MORTGAGE This Mortgage (the \"Agreement\") is made and effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"Mortgagor\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [MORTGAGEE NAME] (the \"Mortgagee\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] RECITALS WHEREAS, Mortgagor is justly indebted to Mortgagee in the sum of [AMOUNT] in lawful money of [COUNTRY], and has agreed to pay the same, with interest thereon, according to the terms of a certain note (the \"Note\") given by Mortgagor to Mortgagee, bearing even date herewith. DESCRIPTION OF PROPERTY SUBJECT TO LIEN: \"PREMISES\" NOW, THEREFORE, in consideration of the premises and the sum hereinabove set forth, and to secure the payment of the Secured Indebtedness as defined herein, Mortgagor has granted, bargained, sold and conveyed, and by these presents does grant, bargain, sell and convey unto Mortgagee property situated in [CITY, STATE/PROVINCE] more particularly described in Exhibit\" A\" attached hereto and by this reference made a part hereof; TOGETHER with all buildings, structures and other improvements now or hereafter located on, above or below the surface of the property herein before described, or any part and parcel thereof; and, TOGETHER with all and singular the tenements, easements, riparian and littoral rights, and appurtenances thereunto belonging or in anywise appertaining, whether now owned or hereafter acquired by Mortgagor, and including all rights of ingress and egress to and from adjoining property (whether such rights now exist or subsequently arise) together with the reversion or reversions, remainder and remainders, rents, issues and profits thereof; and also all the estate, right, title, interest, claim and demand whatsoever of Mortgagor of, in and to the same and of, in and to every part and parcel thereof; and, TOGETHER with all machinery, apparatus, equipment, fittings, fixtures, whether actually or constructively attached to said property and including all trade, domestic and ornamental fixtures, and articles of personal property of every kind and nature whatsoever (hereinafter collectively called \"Equipment\"), now or hereafter located in, upon or under said property or any part thereof and used or usable in connection with any present or future operation of said property and now owned or hereafter acquired by Mortgagor; and, TOGETHER with all the common elements appurtenant to any parcel, unit or lot which is all or part of the Premises; and, ALL the foregoing encumbered by this Mortgage being collectively referred to herein as the \"Premises\"; TO HAVE AND TO HOLD the Premises hereby granted to the use, benefit and behalf of the Mortgagee, forever. EQUITY OF REDEMPTION Conditioned, however, that if Mortgagor shall promptly pay or cause to be paid to Mortgagee, at its address listed in the Note, or at such other place which may hereafter be designated by Mortgagee, its or their successors or assigns, with interest, the principal sum of [AMOUNT] with final maturity, if not sooner paid, as stated in said Note unless amended or extended according to the terms of the Note executed by Mortgagor and payable to the order of Mortgagee, then these presents shall cease and be void, otherwise these presents shall remain in full force and effect. COVENANTS OF MORTGAGOR Mortgagor covenants and agrees with Mortgagee as follows: Secured Indebtedness: This Mortgage is given as security for the Note and also as security for any and all other sums, indebtedness, obligations and liabilities of any and every kind arising, under the Note or this Mortgage, as amended or modified or supplemented from time to time, and any and all renewals, modifications or extensions of any or all of the foregoing (all of which are collectively referred to herein as the \"Secured Indebtedness\"), the entire Secured Indebtedness being equally secured with and having the same priority as any amounts owed at the date hereof. Performance of Note, Mortgage: Mortgagor shall perform, observe and comply with all provisions hereof and of the Note and shall promptly pay, in lawful money of [COUNTRY], to Mortgagee the Secured Indebtedness with interest thereon as provided in the Note, this Mortgage and all other documents constituting the Secured Indebtedness. Extent Of Payment Other Than Principal And Interest: Mortgagor shall pay, when due and payable, (1) all taxes, assessments, general or special, and other charges levied on, or assessed, placed or made against the Premises, this instrument or the Secured Indebtedness or any interest of the Mortgagee in the Premises or the obligations secured hereby; (2) premiums on policies of fire and other hazard insurance covering the Premises, as required herein; (3) ground rents or other lease rentals; and (4) other sums related to the Premises or the indebtedness secured hereby, if any, payable by Mortgagor. Insurance: Mortgagor shall, at its sole cost and expense, keep the Premises insured against all hazards as is customary and reasonable for properties of similar type and nature located in [CITY, STATE/PROVINCE]. Care of Property: Mortgagor shall maintain the Premises in good condition and repair and shall not commit or suffer any material waste to the Premises. ",null,"Mortgage","4",50,"doc","https://templates.business-in-a-box.com/imgs/1000px/mortgage-D1183.png","https://templates.business-in-a-box.com/imgs/250px/1183.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#1183.xml",{"title":6,"description":6},[16,19],{"label":17,"url":18},"Real Estate","/templates/real-estate-business/",{"label":20,"url":21},"Business Checklists","/templates/business-checklists/","mortgage","Mortgage Template","https://templates.business-in-a-box.com/imgs/400px/1183.png",[26,16,19],{"label":27,"url":28},"Templates","/templates/",[30,31,34],{"label":27,"url":28},{"label":32,"url":33},"Legal Agreements","/templates/business-legal-agreements/",{"label":35,"url":36},"Loans & Promissory Notes","/templates/loans-and-promissory-notes/",[38,42,46,50,54,58,62,66,70,74,78,82,86,107,122,136,151,167],{"label":39,"url":40,"thumb":41,"extension":10},"Assignment of Mortgage","/template/assignment-of-mortgage-D1156","https://templates.business-in-a-box.com/imgs/250px/1156.png",{"label":43,"url":44,"thumb":45,"extension":10},"Mortgage Deed","/template/mortgage-deed-D988","https://templates.business-in-a-box.com/imgs/250px/988.png",{"label":47,"url":48,"thumb":49,"extension":10},"Mortgage Note","/template/mortgage-note-D1182","https://templates.business-in-a-box.com/imgs/250px/1182.png",{"label":51,"url":52,"thumb":53,"extension":10},"Release Of Mortgage","/template/release-of-mortgage-D12710","https://templates.business-in-a-box.com/imgs/250px/12710.png",{"label":55,"url":56,"thumb":57,"extension":10},"Checklist Business Deductions","/template/checklist-business-deductions-D304","https://templates.business-in-a-box.com/imgs/250px/304.png",{"label":59,"url":60,"thumb":61,"extension":10},"Checklist Business Insurance","/template/checklist-business-insurance-D12993","https://templates.business-in-a-box.com/imgs/250px/12993.png",{"label":63,"url":64,"thumb":65,"extension":10},"List Of Business Tasks For Startups","/template/list-of-business-tasks-for-startups-D12955","https://templates.business-in-a-box.com/imgs/250px/12955.png",{"label":67,"url":68,"thumb":69,"extension":10},"Business Management Checklist","/template/business-management-checklist-D12941","https://templates.business-in-a-box.com/imgs/250px/12941.png",{"label":71,"url":72,"thumb":73,"extension":10},"Business Partnership Checklist","/template/business-partnership-checklist-D12962","https://templates.business-in-a-box.com/imgs/250px/12962.png",{"label":75,"url":76,"thumb":77,"extension":10},"Business Licenses Checklist","/template/business-licenses-checklist-D13150","https://templates.business-in-a-box.com/imgs/250px/13150.png",{"label":79,"url":80,"thumb":81,"extension":10},"Checklist Sale of a Business","/template/checklist-sale-of-a-business-D327","https://templates.business-in-a-box.com/imgs/250px/327.png",{"label":83,"url":84,"thumb":85,"extension":10},"Business Continuity Policy","/template/business-continuity-policy-D13461","https://templates.business-in-a-box.com/imgs/250px/13461.png",{"description":87,"descriptionCustom":6,"label":88,"pages":89,"size":90,"extension":10,"preview":91,"thumb":92,"svgFrame":93,"seoMetadata":94,"parents":95,"keywords":105,"url":106},"PROMISSORY NOTE This Promissory Note (the \"Note\") is made and effective the [DATE], BETWEEN: [LENDER NAME] (the \"Lender\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [YOUR COMPANY NAME] (the \"Borrower\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] TERMS FOR VALUE RECEIVED, the Borrower promises to pay to the order of Lender, at its principal office located at [ADDRESS], or at such other place that is designated in writing by the holder hereof, the principal sum of [AMOUNT], together with all charges and interest herein provided, payable at the rate and in the manner hereinafter set forth: Borrower shall make monthly payments of principal and interest at the rate of [%] per annum based upon an amortization of [NUMBER] months. Monthly payments shall be due on or before the first day of each month with the first payment being due on or before [DATE]. If not sooner paid, all amounts due under this Note, including principal, interest and other charges shall be due and payable in full on or before the first day of [MONTH], [YEAR] (the \"Maturity Date\"). Time is of the essence of the payment obligations hereunder and each monthly payment shall be due and payable on or before the first day of each month. This Note is and will be secured by a certain first priority security interest in all of the tangible and intangible property of the Borrower, to be recorded in all applicable governmental offices. The parties shall execute a separate security agreement, in form and substance acceptable to the Lender in all respects. Borrower agrees to execute any such security agreements presented by the Lender or other documents required by the Lender in order to perfect its security interest in the above described property. Said Security Agreement and any other instruments and documents executed in connection with or given as security for this Note shall hereinafter be referred to collectively as the \"Loan Documents.\" All of the terms, covenants, Conditions, representations and warranties contained in the Loan Documents are hereby made part of this Note to the same extent and with the same force and effect as if fully set forth herein. If all or any portion of any payment due hereunder is not received by the Lender within [NUMBER] calendar days after the date when such payment is due, Borrower shall pay a late charge equal to [%] of such payment, such late charge to be immediately due and payable without demand by Lender. Borrower shall have the right to prepay all (but not a portion) of the indebtedness evidenced by this Note at any time, by paying the Lender an amount equal to the sum of (I) the principal balance then outstanding, (ii) all interest accrued to the date of such prepayment, (iii) all interest calculated through the Maturity Date, and (iv) any late charge or charges then due and owing. If any payment under this Note is not paid in full by the [DAY] of any month during the term hereof or if the entire amount due as represented by this Note is not paid in full on or before the Maturity Date, or should default be made in the performance or observation of any of the terms, covenants, or conditions contained in the Loan Documents, or if any representation or warranty contained in the Loan Documents is breached or is or becomes untrue, this Note shall be in default, and the entire principal amount outstanding hereunder, accrued interest thereon, all late charges, if any, and any and all other charges due hereunder, shall, at Lender's option, immediately become due and payable, without further notice, the giving of such notice being expressly waived by the Borrower","Promissory Note","3",39,"https://templates.business-in-a-box.com/imgs/1000px/promissory-note-D434.png","https://templates.business-in-a-box.com/imgs/250px/434.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#434.xml",{"title":6,"description":6},[96,99,102],{"label":97,"url":98},"Finance & Accounting","finance-accounting",{"label":100,"url":101},"Business Loans","business-loan",{"label":103,"url":104},"Promissory Notes","promisory-note","promissory note","/template/promissory-note-D434",{"description":108,"descriptionCustom":6,"label":109,"pages":110,"size":111,"extension":10,"preview":112,"thumb":113,"svgFrame":114,"seoMetadata":115,"parents":117,"keywords":116,"url":121},"CONSTRUCTION AGREEMENT This Construction Agreement (the \"Agreement\") is effective as of [DATE], BETWEEN: [FIRST PARTY NAME], (the \"Owner\") a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE] with its head office located at: [YOUR COMPLETE ADDRESS] AND: [SECOND PARTY NAME], (the \"Contractor\") a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE] with its head office located at: [YOUR COMPLETE ADDRESS] NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: THE WORK The Contractor agrees to furnish and pay for all supervision, contract administration, services, labor, materials, equipment, tools, and other costs necessary to perform all requirements of the Contract Documents (as hereinafter defined) for the scope of work described in Exhibit A, a form of which is attached hereto, said Work (hereinafter defined) to be performed as part of the Owner's Project located at [PROJECT LOCATION] (the \"Project\"). The Contractor shall perform the Work in a workmanlike manner and in strict accordance with this Agreement. The Contractor shall be solely responsible for all construction means, methods, techniques, sequences, procedures, and safety precautions or programs, and for supervising, coordinating and performing all of the Work. The Agreement contains the general terms and conditions which will govern all future specifications and scope intended to be issued to and performed by the Contractor with respect to the Project. The Parties acknowledge and agree that the Project involves several discrete \"phases\" of Work, and each phase to be performed by the Contractor shall be incorporated into this Agreement by an amendment executed by both Parties. Each amendment shall be consecutively numbered (e.g., Exhibit A1, Exhibit A2) and shall describe and detail: (i) the scope of Work to be performed; (ii) the cost of the Work (as defined in Section 5) and the Contractor's Fee (as defined in Section 4) for the Work to be performed; (iii) any attendant and requisite changes to the Project Schedule, Preliminary Schedule of Values, required completion dates, Liquidated Damages, or fees; and (iv) any other changes to the Agreement terms and conditions necessitated by the particular phase of Work. All Work described and incorporated in any Exhibit A hereto shall be collectively referred to as the \"Work\". The Contractor agrees that [PROJECT MANAGER'S NAME] shall serve as the Project Manager of the Contractor for the Work, and, in that capacity, he shall be responsible for personally managing and administering the performance of the Contractor's obligations under this Agreement, subject to his continuing employment by the Contractor and the needs, staffing and skill requirements of the specific Project stage. The Project Superintendent of the Contractor for the Project will be mutually agreed upon by the Parties. Provided they remain in the employ of or otherwise affiliated with the Contractor, the persons referenced in this section shall not be replaced without the prior written approval of the Owner. The Owner shall have the right to approve persons proposed as replacements for the Project Manager and Project Superintendent. The Owner's approvals under this section shall not unreasonably be withheld. Furthermore, the Contractor agrees that the primary members of the Contractor's Project team will be available to perform the Work on throughout its duration. The Contractor agrees that throughout the Project's duration, the Contractor will have sufficient resources available to perform and complete the Work in accordance with the Project Schedule (as defined in Exhibit D). Furthermore, the Contractor represents and warrants that any labor or other agreement it may have with its employees or any entity representing them does not expire prior to the Guaranteed Completion Date [SPECIFY GUARANTEED COMPLETION DATE], provided however, that the Collective Bargaining Agreements governing craft labor required for the performance of the Work do contain wage escalation provisions that may increase wage rates, and, accordingly, the costs of labor over the course of the Project. Copies of these agreements will be made available to the Owner upon request. CONTRACT DOCUMENTS The Contract Documents shall be defined as the following, which are all incorporated herein by this reference: This Agreement. Scope of Work or \"Work,\" including without limitation the Drawings and Specifications listed therein, attached as Exhibit A. Preliminary Schedule of Values, attached as Exhibit B, provided solely as a preliminary estimate of cash flow needs for the Owner. Form of Waivers and Releases, attached as Exhibit C. Project Schedule, attached as Exhibit D. Contractor Rates as of the effective date of Agreement: Craft Rates, Equipment Rates and Fabrication Rates, attached as Exhibit E. Form of Subcontractors' Express Warranties, attached as Exhibit F. In the event of conflicts or inconsistencies between the Contract Documents, this Agreement shall take precedence over the Scope of Work (including without limitation its Drawings and Specifications), the Drawings shall take precedence over the Specifications, and larger-scale detailed Drawings shall take precedence over smaller-scale general Drawings. In the event of any remaining conflicts or inconsistencies between the Contract Documents, the Contractor shall perform the higher quality and the greater quantity of the Work, except as directed in advance of the Work in writing by the Owner to do otherwise. TOTAL PRICE The Owner shall pay the Contractor for the Contractor's performance of its obligations under this Agreement the Cost of the Work (as defined in Section 5) plus the Contractor's Fee (as defined in Section 4). CONTRACTOR'S FEE The Contractor's Fee shall be as specified in Exhibit A (the \"Contractor's Fee\"). The Contractor's Fee shall be compensation for all of the Contractor's costs not included in the Cost of the Work. In the event that change orders and/or added or deleted Work increase or decrease the total Cost of Work over the sum specified in Exhibit A, then the Contractor's Fee shall be increased or decreased in accordance with the formula set forth in Section 10.1.2 for all amounts over or below said threshold. COST OF THE WORK The Cost of the Work shall be limited to costs reasonably incurred by the Contractor in the proper performance of the Work (as further described below), which shall exclude any components supplied by the Owner or others. The Contractor's equipment, labor and supervision shall be billed in accordance with the Contractor's then current rate schedules. (The version effective as of the execution date of this Agreement is attached hereto as Exhibit E.) All remaining costs shall be at rates comparable to the standard paid at the place of the Project. The Contractor is directed to employ a [NUMBER OF HOURS]-hour work week and not utilize overtime or premium time rates or incur material or equipment expediting costs, unless the Owner has approved the use of such overtime or premium time or expediting costs in writing in advance. In addition, the Contractor shall keep the Owner regularly apprised of crew sizes and shall provide written monthly reports documenting actual versus estimated man-hours expended in the course of the Work. The Cost of the Work shall include only the items set forth in this Section 5, as follows: Wages of construction workers directly employed by the Contractor to perform the construction of the Work at the site or in Contractor's fabrication facilities. Wages of construction workers directly employed by the Contractor to perform the construction of the Work at locations other than the site, provided that the nature and scope of such off-site Work is approved in writing in advance by the Owner.","Construction Agreement","25",513,"https://templates.business-in-a-box.com/imgs/1000px/video-flow-D13002.png","https://templates.business-in-a-box.com/imgs/250px/13002.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#13002.xml",{"title":116,"description":6},"construction agreement",[118,120],{"label":32,"url":119},"business-legal-agreements",{"label":32,"url":119},"/template/construction-agreement-D13002",{"description":123,"descriptionCustom":6,"label":124,"pages":125,"size":111,"extension":10,"preview":126,"thumb":127,"svgFrame":128,"seoMetadata":129,"parents":131,"keywords":130,"url":135},"LOAN AGREEMENT This Loan Agreement (\"Agreement\") is made and effective the [DATE], BETWEEN: [LENDER NAME] (the \"Lender\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [YOUR COMPANY NAME] (the \"Borrower\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] Promise to Pay Within [NUMBER] months from today, Borrower promises to pay to Lender the sum of [AMOUNT], and interest and other charges stated below. Responsibility Although this Agreement may be signed below by more than one person, Borrower understands that both parties are individuals responsible for paying back the full amount. Breakdown of Loan Amount of Loan: Other (Describe): Amount Financed: Finance Charge: Total of Payments: Annual Rate: Repayment Borrower will repay the amount of this note in [NUMBER] equal uninterrupted monthly installments of [AMOUNT] each on the [DAY] of each month starting on the [DATE], and ending on [DATE]. Prepayment Borrower has the right to prepay the whole outstanding amount at any time","Loan Agreement","2","https://templates.business-in-a-box.com/imgs/1000px/loan-agreement-D417.png","https://templates.business-in-a-box.com/imgs/250px/417.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#417.xml",{"title":130,"description":6},"loan agreement",[132,133,134],{"label":97,"url":98},{"label":100,"url":101},{"label":100,"url":101},"/template/loan-agreement-D417",{"description":137,"descriptionCustom":6,"label":138,"pages":125,"size":111,"extension":10,"preview":139,"thumb":140,"svgFrame":141,"seoMetadata":142,"parents":144,"keywords":143,"url":150},"PERSONAL GUARANTEE This Personal Guarantee (the \"Agreement\") is effective [DATE], BETWEEN: [FIRST PARTY NAME] (the \"Guarantor\"), an individual with his main address located at: [YOUR COMPLETE ADDRESS] AND: [YOUR COMPANY NAME] (the \"Second Party\"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] I, [NAME OF GUARANTOR], residing at [COMPLETE ADDRESS], hereby personally and solidarity guarantee all of the obligations of [YOUR COMPANY NAME] and agree to be bound solidarity with [YOUR COMPANY NAME] for the prompt performance of [YOUR COMPANY NAME]'s obligations under that certain [SPECIFY] Agreement dated [DATE] (the \"Agreement\") between [YOUR COMPANY NAME] and [COMPANY NAME], including without limitation the payment of all goods, wares and merchandise as [YOUR COMPANY NAME] may from time to time select and purchase on credit from [COMPANY NAME], and hereby expressly renounce to the benefits of division and discussion. Furthermore, I agree that waive may extend the time for payment of any amounts owing to it by waive and/or may waive any default by waive without it in any way lessening or limiting my liability hereunder. Notwithstanding the foregoing, my guarantee hereunder to pay any and all amounts owing by [YOUR COMPANY NAME] to [COMPANY NAME] shall be limited to the sum of [AMOUNT] OR [%] of such outstanding amount.","Personal Guarantee","https://templates.business-in-a-box.com/imgs/1000px/personal-guarantee-D405.png","https://templates.business-in-a-box.com/imgs/250px/405.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#405.xml",{"title":143,"description":6},"personal guarantee",[145,146,147],{"label":97,"url":98},{"label":100,"url":101},{"label":148,"url":149},"Guaranties & Collateral","guaranties-collateral","/template/personal-guarantee-D405",{"description":152,"descriptionCustom":6,"label":153,"pages":154,"size":155,"extension":10,"preview":156,"thumb":157,"svgFrame":158,"seoMetadata":159,"parents":160,"keywords":165,"url":166},"DEED OF SALE AND ASSIGNMENT This Deed of Sale and Assignment (the \"Agreement\") is effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"First Party\"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [COMPANY NAME] (the \"Second Party\"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] WHEREAS the First Party, as lessor, has entered into a [PRODUCT] equipment rental agreement (Contract No. [NUMBER]) [DATE] with the First Party; WHEREAS the Lessor has agreed to sell, assign, transfer and convey to the First Party, and the First Party has agreed to purchase, subject to the terms and conditions hereinafter provided, the Lease, as well as all of the Lessor's rights, title and interest in and to the Lease including, without limitation, the right to all rentals, fees, charges and all other monies or proceeds to become owing and due under the Lease by [NAME OF PRODUCT SUPPLIER] or any other party (collectively and individually, the \"Rentals\") and the equipment and other property, if any, described in the Lease and the Special Conditions or Annexes attached to the Lease (hereinafter, together with all equipment delivered in replacement therefore, all accessories and attachments thereto and spare parts therefore, and all owner manuals and user guides, collectively and individually referred to as the \"Equipment\"); NOW, THEREFORE, in consideration of the mutual promises herein made and the mutual benefits to be derived from this Agreement, and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereby agree as follows: DEFINITIONS AND INTERPRETATION Definitions The following words and expressions, wherever used in this Agreement or in its Schedules, or in any deed, document, agreement or instrument supplementary or ancillary thereto, unless there be something in the subject or the context inconsistent therewith, shall have the following meanings: \"Business Day\" means any day excluding Saturday, Sunday and any other day which in [STATE/PROVINCE], [COUNTRY], is a legal holiday or a day on which financial institutions are authorized by law or by local proclamation to close; \"Collateral Rights\" has the meaning ascribed thereto in Section 2.1; \"Lessor\" means the Party of the Second Part and includes its successors and permitted assigns; \"The Lessor Acceptance\" has the meaning ascribed thereto in Section 2.9; \"The Lessor Notice\" has the meaning ascribed thereto \"the First Party\" means the Party of the First Part and includes its successors and assigns; \"the First Party Acceptance\" has the meaning ascribed thereto in Section 2.9; \"the First Party Notice\" has the meaning ascribed thereto in Section 2.9; \"the First Party Refusal\" has the meaning ascribed thereto in Section 2.9; \"Lease Term\" means, in respect of the Lease, the period beginning on the date of commencement thereof and ending on the earlier of: the last day of the term specified in Schedule \"A\" hereto; and the date as of which the Lease is terminated prior to the date referred to in paragraph for whatever reason, including, without limitation, by reason of loss or destruction of the [PRODUCT]. \"Lien\" means any interest in property or the income or profits therefrom securing an obligation owed to, or a claim by, a Person (including an individual) other than the owner of such property, whether such interest is based on common law, civil law, statute or contract, and including, but not limited to, any security interest, hypothec, mortgage, pledge, privilege, lien, claim, charge, cession, transfer, assignment, encumbrance, title retention agreement, lessor's interest under a lease which would be capitalized on a balance sheet of the owner of such property or analogous interest in, of or on any property or the income or profits therefrom of a Person (including an individual); \"Minimum Disposal Value\" means, in respect of any Lease, where such \"Minimum Disposal Value\" is to be determined on a date: between the date of execution of such Lease and up to and including the date being the last day of the [NUMBER] month of the Lease Term, the sum of the present value of the Rentals remaining due under such Lease on such date and the present value of the Residual Value of such Lease, each calculated by employing for the purposes of such calculation the \"Discount Rate\"; however, if the Residential Mortgage Rate on the date as of which such calculation must be made is less than the Residential Mortgage Rate which existed on the date of the relevant Deed of Sale and Assignment, then \"Minimum Disposal Value\" shall be equal to the sum of the product resulting from the aforementioned calculation and an amount equal to the amount certified by the First Party to be sufficient to compensate it for all losses, expenses and costs incurred by the First Party in connection with the redeployment of funds; being the [NUMBER] day of the [NUMBER] month of the Lease Term or at any time thereafter, the sum of the present value of the Rentals remaining due under such Lease on such date and the present value of the Residual Value of such Lease, each calculated by employing for the purposes of such calculation the \"Discount Rate\" hereof, less [%]; \"Person\" means any corporation, firm, joint venture, partnership, trust, unincorporated organization, government or any department, agency or instrumentality of any government; \"Prime Rate\" has the meaning ascribed thereto in Section 6.6 hereof; \"Purchase Price\" has the meaning ascribed thereto in Section 2.1 hereof; \"Residential Mortgage Rate\" means interest at a rate per annum equal to the rate published or quoted from time to time by the the First Party as the reference rate of interest in order to determine rates for loans in [CURRENCY] funds to [NATIONALITY] borrowers secured by first-ranking mortgages against the personal residences of such borrowers for terms approximately equal to the Lease Term or the balance of the Lease Term, as the case may be, in all cases adjusted automatically upon each change in such rate; save and except, however, that if said rate, by reason of the proclamation, imposition or change in any [YOUR COUNTRY LAW], statute, regulation, decree, order or directive applicable to or binding upon the First Party, does not represent, by an amount which [COUNTRY] Bank of [COUNTRY] deems in its sole discretion to be material, what otherwise would be the prevailing market rate for such loans, then, for the purposes hereof, \"Residential Mortgage Rate\" shall be equal to the rate determined by the First Party as would be the prevailing market rate therefore; \"Stipulated Loss Value\" means, in respect of any Lease, where such \"Stipulated Loss Value\" is to be determined on a date upon which a rental payment is due, the amount appearing opposite the number of such rental payment on Schedule [SPECIFY] hereto. In all other cases, \"Stipulated Loss Value\" means the amount appearing opposite the number of the immediately preceding rental payment, which was due, multiplied by a rate equal to the Prime Rate plus two [%] per annum; \"this Agreement\", \"these presents\", \"herein\", \"hereby\", \"hereunder\", \"hereof\" and similar expressions refer collectively to this Master Assignment Agreement and the accompanying Schedules and include any and every deed, document or instrument which is supplementary or ancillary hereto or in implementation hereof; \"Transaction Date\" has the meaning ascribed thereto in Section 2.6 hereof; \"Upgraded Lease\" has the meaning ascribed thereto in Section 2.9. Singular, Plurals and Currency","Deed of Sale and Assignment Lease","14",134,"https://templates.business-in-a-box.com/imgs/1000px/deed-of-sale-and-assignment_lease-D1171.png","https://templates.business-in-a-box.com/imgs/250px/1171.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#1171.xml",{"title":6,"description":6},[161,163],{"label":17,"url":162},"real-estate-business",{"label":20,"url":164},"business-checklists","deed sale assignment lease","/template/deed-of-sale-and-assignment-lease-D1171",{"description":168,"descriptionCustom":6,"label":169,"pages":170,"size":111,"extension":10,"preview":171,"thumb":172,"svgFrame":173,"seoMetadata":174,"parents":176,"keywords":175,"url":181},"REAL ESTATE PURCHASE AGREEMENT This Real Estate Purchase Agreement (the \"Agreement\") is effective [DATE], BETWEEN: [SELLER NAME], (the \"Seller\") an individual with his main address located at OR a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [PURCHASER NAME], (the \"Purchaser\") an individual with his main address located at OR a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] Collectively, the Seller and Purchaser shall be referred to as the \"Parties.\" WHEREAS, the Seller is the owner of the real property located at [ADDRESS OF PROPERTY] (hereinafter referred to as the \"Property\") and the Purchaser is interested in buying the Property from the Seller pursuant to the following terms and conditions. WHEREAS, in consideration of and as a condition of the Seller selling the Property and the Purchaser purchasing the Property and other valuable consideration, the receipt and sufficiency of which are acknowledged here; NOW, THEREFORE, the Parties agree as follows: PROPERTY The Property is situated at [SPECIFY ADDRESS] and the legal description of the Property is as follows: [SPECIFY LEGAL DESCRIPTION OF PROPERTY] which includes with it but is not limited to permits, easements, and cooperative and association memberships (the \"Property\"). The Seller agrees to sell and convey to the Purchaser and the Purchaser agrees to purchase the Property from the Seller. The Seller shall release possession, occupancy, existing keys and/or means to operate all locks, mailbox, security system/alarms and all common area facilities to the Purchaser on the Closing Date. The Seller agrees that all the existing fixtures on the Premises, and any existing personal property including but not limited to light fixtures, fireplace, ceiling fans, lighting, and storage sheds shall be included in this sale and shall be transferred with no monetary value, and free and clear of all liens or encumbrances. PAYMENT OF PURCHASE PRICE The Purchaser agrees to pay to the Seller [SPECIFY AMOUNT] for the Property. At the time of signing of the Agreement, the Purchaser shall make the payment of [SPECIFY PERCENTAGE] % of the total amount. The remaining amount shall be transferred to the Seller on the Closing Date. The Purchaser is entitled to pay the amount by any of the following modes: [SPECIFY MODES OF PAYMENT]. TITLE INSURANCE The Seller shall furnish to the Purchaser an owner's policy of title insurance (the \"Title Insurance\") from [SPECIFY INSURANCE COMPANY] (the \"Title Company\") in an amount of the Sales Price dated as of the date that the sale of the Property becomes final, and the Purchaser takes possession, which insures and indemnifies the Purchaser against loss, as stipulated under the provisions of the Title Policy, subject to exceptions contained therein. TITLE COMMITMENT At the Seller's sole cost, the Seller will furnish or cause to be furnished to the Purchaser a commitment for the Title Insurance and copies of restrictive covenants and documents evidencing the exceptions in the Commitment. DISCLOSURES BY THE SELLER The Seller shall send disclosures to the Purchaser, within 28 days of signing of this Agreement, in which he shall disclose the details of the Property under various categories. The categories include: Boundaries. Changes made to the Property (extensions, alterations). Shared areas with neighbors, formal and informal agreements. Disputes or complaints (made by or about the Seller). Occupiers (who live at the Property). Guarantees and warranties affecting the Property. Environmental matters. The relevant issues disclosed to the Purchaser shall include, but are not limited to the following: Any disputes with neighbors that have resulted in written exchanges, or police or local authority involvement. Whether the neighbors have any anti-social behavior orders. Planning permission on the Property that is pending, granted or denied. Problems with pests, current or historic. Flooding issues, current or historic. Structural issues. Whether there is a flight path nearby or one planned. Whether there is a motorway within view or one planned. A previous sale falling through due to bad survey results on the Property. The neighborhood having high levels of crime. A violent death that occurred at the Property. Notwithstanding anything contained in the foregoing provisions, the Seller shall disclose all such information which would materially affect the Purchaser's consent to purchase the Property. WARRANTY BY THE SELLER The Seller has full power and authority to enter into and perform this Agreement in accordance with its terms; The individuals executing this Agreement on behalf of the Seller are authorized to do so and, upon execution hereof, this Agreement shall be binding upon and enforceable against the Seller; The Seller has no actual knowledge of any impending lawsuits with respect to the Property; The Seller represents and warrants that there will be no liens, assessments, or security interests from third parties against the Property on the Closing Date; The Seller warrants and shall maintain and repair the Premises so that at the time of possession, all the heating, cooling, mechanical, plumbing and electrical systems, and built-in appliances shall be in working condition; The Seller warrants that the Premises, including all additional existing personal property included in the sale, will be in substantially the same condition, except the changes caused by reasonable wear and tear or irresistible force, as on the date of acceptance of the Agreement; The Seller warrants that no damage would be caused to the Property, by any improvement work being carried out by the Seller in the Property, to substantially reduce its value or damage it in a way to make its enjoyment difficult. WARRANTY BY THE PURCHASER The Purchaser has full power and authority to enter into and perform this Agreement in accordance with its terms; and Any individual executing this Agreement on behalf of the Purchaser is authorized to do so, and, upon execution hereof, this Agreement shall be binding upon and enforceable against the Purchaser. INDEMNIFICATION The Seller will bear all the risk of loss to the Property or its improvements, which includes but is not limited to physical damage or destruction to the Property, or loss caused by eminent domain, until the Closing Date. If prior to the Closing Date, the Property is damaged or destroyed, the Seller will restore the Property to its previous condition as soon as possible before the Closing Date. The Seller agrees to defend, indemnify, and hold the Purchaser harmless from and against all claims, liabilities, obligations, costs, expenses, and reasonable attorney's fees arising out of or related to: Any breach or inaccuracy of representation or warranty of the Seller made in this Agreement; Any failure by the Seller to perform any covenant required to be performed by it under this Agreement; Any liability or obligation of any third party assumed by the Seller in accordance with the terms of this Agreement; Use of the Property before the Closing Date. PRORATION The Seller and the Purchaser agree to proration of the following items: Title Insurance and Closing Fee: The Seller shall pay all costs of the Title Commitment and the premium as applicable under law. Recording Costs: The Purchaser shall pay the cost of the deed and all other documents. Real Estate Taxes and Special Assessments: All real estate property taxes, levies and assessments as of the Closing","Real Estate Purchase Agreement","8","https://templates.business-in-a-box.com/imgs/1000px/real-estate-purchase-agreement-D13234.png","https://templates.business-in-a-box.com/imgs/250px/13234.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#13234.xml",{"title":175,"description":6},"real estate purchase agreement",[177,178],{"label":32,"url":119},{"label":179,"url":180},"Purchase & Sale Agreements","purchase-sale-agreement","/template/real-estate-purchase-agreement-D13234",false,{"seo":184,"reviewer":196,"legal_disclaimer":200,"quick_facts":201,"at_a_glance":203,"personas":207,"variants":232,"glossary":260,"clauses":296,"how_to_fill":347,"common_mistakes":388,"faqs":413,"industries":441,"comparisons":458,"diy_vs_lawyer":471,"jurisdictions":484,"related_template_ids_curated":505,"schema":516,"classification":517},{"meta_title":185,"meta_description":186,"primary_keyword":187,"secondary_keywords":188},"Mortgage Template — Free Word Download | Free Word Download","Free mortgage template covering loan terms, property description, payment schedule, default, and foreclosure.","mortgage template",[189,190,191,192,193,194,195],"mortgage agreement template","mortgage contract template","mortgage template word","mortgage template free","real estate mortgage template","residential mortgage agreement","commercial mortgage template",{"name":197,"credential":198,"reviewed_date":199},"Bruno Goulet","CEO, Business in a Box","2026-05-02",true,{"difficulty":202,"legal_review_recommended":200,"signature_required":200,"notarization_required":200},"advanced",{"what_it_is":204,"when_you_need_it":205,"whats_inside":206},"A Mortgage is a legally binding security agreement in which a borrower pledges real property as collateral to a lender in exchange for a loan. This free Word download gives you a professionally structured template covering the loan amount, interest rate, repayment schedule, property description, default conditions, and lender remedies — ready to edit online and export as PDF.\n","Use it when a lender is financing the purchase, refinancing, or improvement of real property and requires a registered security interest in that property as collateral for the loan. It is required at closing for any real-estate-secured financing transaction.\n","Borrower and lender identification, property legal description, loan amount and interest terms, amortization and payment schedule, escrow obligations, insurance and tax covenants, default triggers, acceleration clause, foreclosure and power-of-sale remedies, and governing law.\n",[208,212,216,220,224,228],{"title":209,"use_case":210,"icon_asset_id":211},"Private lenders and hard-money lenders","Securing a short-term real estate loan with a registered charge on the property","persona-lender",{"title":213,"use_case":214,"icon_asset_id":215},"Small business owners","Borrowing against commercial property to fund operations or expansion","persona-small-business-owner",{"title":217,"use_case":218,"icon_asset_id":219},"Real estate investors","Documenting seller-financed or bridge-loan arrangements on investment properties","persona-real-estate-investor",{"title":221,"use_case":222,"icon_asset_id":223},"Attorneys and title companies","Preparing closing documentation for residential or commercial transactions","persona-attorney",{"title":225,"use_case":226,"icon_asset_id":227},"Developers and builders","Securing construction financing against land or partially completed structures","persona-developer",{"title":229,"use_case":230,"icon_asset_id":231},"Family and private parties","Formalizing an intra-family property loan with an enforceable security instrument","persona-family-lender",[233,237,241,245,248,252,256],{"situation":234,"recommended_template":235,"slug":236},"Financing a primary residence purchase through a bank or credit union","Residential Mortgage Agreement","residential-service-agreement-D14047",{"situation":238,"recommended_template":239,"slug":240},"Lending against an income-producing commercial property","Commercial Mortgage Agreement","lease-agreement-D1179",{"situation":242,"recommended_template":243,"slug":244},"Short-term high-LTV lending secured by real property","Hard Money Mortgage Agreement","mortgage-D1183",{"situation":246,"recommended_template":247,"slug":244},"Seller carrying part of the purchase price as a second lien","Second Mortgage Agreement",{"situation":249,"recommended_template":250,"slug":251},"Financing construction before a permanent takeout loan","Construction Loan Agreement","construction-agreement-D13002",{"situation":253,"recommended_template":254,"slug":255},"Recording a charge without a promissory note in the same instrument","Deed of Trust","assignment-of-deed-of-trust-D975",{"situation":257,"recommended_template":258,"slug":259},"Owner retaining title and making instalment payments before full transfer","Land Contract (Contract for Deed)","audit-contract-D13507",[261,264,267,269,272,275,278,281,284,287,290,293],{"term":262,"definition":263},"Mortgagor","The borrower who pledges real property as collateral and grants the security interest to the lender.",{"term":265,"definition":266},"Mortgagee","The lender who holds the security interest in the property until the loan is repaid in full.",{"term":88,"definition":268},"The companion debt instrument that records the borrower's promise to repay the loan — the mortgage secures it against the property.",{"term":270,"definition":271},"Amortization","The scheduled repayment of a loan through equal periodic payments that cover both principal and interest over a fixed term.",{"term":273,"definition":274},"Loan-to-Value Ratio (LTV)","The loan amount expressed as a percentage of the property's appraised value — lenders use it to assess collateral risk.",{"term":276,"definition":277},"Acceleration Clause","A provision allowing the lender to demand the entire outstanding loan balance immediately upon the borrower's default.",{"term":279,"definition":280},"Escrow","An account managed by a third party — often the lender — into which the borrower makes monthly deposits to cover property taxes and insurance premiums.",{"term":282,"definition":283},"Power of Sale","A clause granting the lender the right to sell the mortgaged property through a non-judicial process upon default, without a court order.",{"term":285,"definition":286},"Foreclosure","The legal process by which a lender enforces its security interest, terminates the borrower's ownership rights, and recovers the outstanding debt from the property's sale proceeds.",{"term":288,"definition":289},"Subordination","An agreement ranking one mortgage lien below another in priority — the first mortgage is paid out before any second or junior mortgage upon sale or foreclosure.",{"term":291,"definition":292},"Due-on-Sale Clause","A provision requiring the borrower to repay the outstanding loan balance in full if the property is sold or transferred to a new owner.",{"term":294,"definition":295},"Title Insurance","A policy protecting the lender or owner against losses arising from defects in the property title that were not discovered before closing.",[297,302,307,312,317,322,327,332,337,342],{"name":298,"plain_english":299,"sample_language":300,"common_mistake":301},"Parties and property identification","Identifies the borrower (mortgagor) and lender (mortgagee) by full legal name and address, and describes the mortgaged property by its full legal description as recorded in the land registry.","This Mortgage is granted by [BORROWER FULL LEGAL NAME] ('Mortgagor') of [ADDRESS] to [LENDER FULL LEGAL NAME] ('Mortgagee') of [ADDRESS], in respect of the property legally described as [LEGAL DESCRIPTION], [MUNICIPALITY], [STATE/PROVINCE] ('Property').","Using a street address instead of the full registered legal description. A street address is insufficient for registration — title offices require the lot, plan, and folio number exactly as they appear on the certificate of title.",{"name":303,"plain_english":304,"sample_language":305,"common_mistake":306},"Loan amount, interest rate, and term","States the principal amount advanced, the annual interest rate, whether the rate is fixed or variable, the calculation basis, and the total term of the mortgage.","Mortgagee has advanced to Mortgagor the principal sum of $[AMOUNT] ('Principal'), bearing interest at [X]% per annum, calculated [semi-annually / monthly] not in advance, for a term of [X] years commencing [DATE] and maturing [DATE].","Omitting the interest calculation basis. In Canada, residential mortgages must state semi-annual compounding not in advance; using monthly compounding without disclosing it overstates the effective rate and may render the interest provision unenforceable.",{"name":308,"plain_english":309,"sample_language":310,"common_mistake":311},"Payment schedule and amortization","Specifies the payment amount, frequency, due date, and the amortization period over which the loan is fully repaid, along with any balloon payment due at maturity.","Mortgagor shall pay to Mortgagee [AMOUNT] on the [DAY] of each [month / bi-week], beginning [DATE], comprising blended principal and interest, fully amortized over [X] years. Any outstanding balance shall be due and payable in full on the maturity date.","Confusing the mortgage term with the amortization period. A 5-year term on a 25-year amortization means the full balance is due in 5 years — not that the loan disappears. Borrowers who miss this often face an unexpected balloon payment.",{"name":313,"plain_english":314,"sample_language":315,"common_mistake":316},"Escrow for taxes and insurance","Requires the borrower to deposit a pro-rated monthly amount into an escrow account managed by the lender to ensure property taxes and insurance premiums are paid on time.","Mortgagor shall pay to Mortgagee, together with each scheduled payment, [1/12] of the estimated annual property taxes and hazard insurance premiums, to be held in escrow by Mortgagee and disbursed when due.","Omitting the escrow clause and relying on the borrower's self-certification of insurance and tax payments. A lapsed insurance policy or tax lien can subordinate or extinguish the lender's security interest without warning.",{"name":318,"plain_english":319,"sample_language":320,"common_mistake":321},"Borrower's covenants","Sets out the borrower's ongoing obligations — maintaining the property, keeping it insured, paying taxes, not committing waste, and notifying the lender of any material change in the property's condition.","Mortgagor covenants to: (a) keep the Property in good repair; (b) maintain hazard insurance of not less than $[AMOUNT] naming Mortgagee as loss payee; (c) pay all property taxes and assessments when due; and (d) not alter, demolish, or encumber the Property without Mortgagee's prior written consent.","Listing covenants without specifying the cure period. A borrower who receives no notice and no time to remedy a minor covenant breach — such as a lapsed insurance renewal — should not face immediate acceleration; vague drafting invites disputes.",{"name":323,"plain_english":324,"sample_language":325,"common_mistake":326},"Default and acceleration","Defines what constitutes a default — including missed payments, breach of covenants, insolvency, and unauthorized transfer — and triggers the lender's right to accelerate the entire outstanding balance.","An Event of Default includes: (a) failure to make any payment within [X] days of its due date; (b) breach of any covenant not remedied within [30] days of written notice; (c) insolvency or bankruptcy of Mortgagor; or (d) any unauthorized transfer of the Property. Upon an Event of Default, Mortgagee may, at its option, declare the entire Principal and accrued interest immediately due and payable.","Not specifying a grace or cure period before acceleration. Courts in several jurisdictions will decline to enforce an acceleration triggered without any notice or opportunity to cure, particularly for consumer mortgages.",{"name":328,"plain_english":329,"sample_language":330,"common_mistake":331},"Power of sale and foreclosure remedies","Grants the lender the right, upon default, to sell the property by power of sale or to commence judicial foreclosure proceedings to recover the outstanding debt.","Upon an uncured Event of Default, Mortgagee shall have the right, in addition to all other remedies at law or equity, to sell the Property by public or private sale pursuant to the [APPLICABLE STATUTE] with [X] days' prior written notice to Mortgagor, and to apply net proceeds first to costs and expenses of sale, then to accrued interest, then to Principal.","Relying on a generic power-of-sale clause without referencing the applicable statutory authority and notice period. Power-of-sale procedures are strictly governed by statute in every jurisdiction — a non-compliant notice period voids the sale.",{"name":333,"plain_english":334,"sample_language":335,"common_mistake":336},"Due-on-sale clause","Requires the borrower to repay the full outstanding loan balance immediately if the property is sold, transferred, or title changes without the lender's prior written consent.","If all or any part of the Property or any interest in it is sold or transferred without Mortgagee's prior written consent, Mortgagee may require immediate payment in full of all sums secured by this Mortgage.","Omitting the due-on-sale clause in private or seller-financed mortgages. Without it, a borrower can transfer the property to a new owner — including someone with poor credit — while leaving the original debt outstanding and the lender with no contractual basis to call the loan.",{"name":338,"plain_english":339,"sample_language":340,"common_mistake":341},"Discharge and release","Obligates the lender to provide a formal discharge or release of the mortgage upon full repayment, and sets a timeline within which the discharge must be registered.","Upon full payment of all Principal, interest, and other amounts secured by this Mortgage, Mortgagee shall, within [30] days of receipt of payment, execute and deliver to Mortgagor a discharge of this Mortgage in registrable form at Mortgagor's expense.","Omitting the discharge timeline entirely. Without a contractual deadline, borrowers have been left unable to refinance or sell because an ex-lender failed to register a discharge promptly — title remains encumbered until the instrument is formally removed.",{"name":343,"plain_english":344,"sample_language":345,"common_mistake":346},"Governing law and registration","Specifies the jurisdiction whose laws govern the mortgage and confirms the borrower's obligation to register the instrument against title in the applicable land registry at the borrower's cost.","This Mortgage shall be governed by and construed in accordance with the laws of [STATE / PROVINCE / COUNTRY]. Mortgagor shall promptly register this Mortgage against the title to the Property in the [LAND REGISTRY / RECORDER OF DEEDS] at Mortgagor's sole cost and expense.","Failing to register the mortgage against title. An unregistered mortgage is generally unenforceable against third parties — a subsequent buyer or creditor who registers first will take priority over an unregistered prior lender.",[348,353,358,363,368,373,378,383],{"step":349,"title":350,"description":351,"tip":352},1,"Identify the parties using full legal names","Enter the borrower's and lender's complete legal names exactly as they appear on government-issued identification or corporate registration documents. For corporate parties, include the entity type and jurisdiction of incorporation.","For trusts or estates acting as mortgagor or mortgagee, name the trustee individually and in their trustee capacity — 'Jane Smith, as Trustee of the Smith Family Trust' — not the trust entity alone.",{"step":354,"title":355,"description":356,"tip":357},2,"Insert the full legal property description","Copy the legal description from the current certificate of title or land registry record — lot number, plan reference, municipality, and folio. Do not substitute a street address or PIN number.","Order a title search before finalizing the description to confirm no existing undisclosed encumbrances or title defects.",{"step":359,"title":360,"description":361,"tip":362},3,"Set the loan amount, interest rate, and compounding basis","Enter the exact principal advanced, the annual interest rate expressed to two decimal places, and whether interest is calculated monthly or semi-annually. For variable-rate mortgages, state the index, margin, and adjustment frequency.","In Canada, residential mortgage interest must be stated as semi-annual compounding not in advance to comply with the Interest Act — any other basis requires explicit written disclosure.",{"step":364,"title":365,"description":366,"tip":367},4,"Define the payment schedule and amortization period","Specify the payment amount, frequency (monthly, bi-weekly, or weekly), the first payment date, and the amortization period. Clearly state any balloon or lump-sum payment due at the end of the term.","Include an optional prepayment privilege clause — for example, 10% of original principal per year without penalty — to give the borrower flexibility without compromising the lender's yield.",{"step":369,"title":370,"description":371,"tip":372},5,"Complete the covenant and escrow provisions","Confirm the insurance minimums, specify the coverage types required (hazard, liability, flood if applicable), name the lender as additional insured or loss payee, and set the monthly escrow contribution formula.","Require the borrower to deliver evidence of insurance renewal at least 15 days before each policy expiry — this gives the lender time to force-place coverage if the borrower lapses.",{"step":374,"title":375,"description":376,"tip":377},6,"Tailor the default, cure period, and acceleration clause","Set the payment grace period (typically 10–15 days) and the covenant cure period (typically 30 days with written notice). Confirm that the acceleration clause applies to all sums secured, including advances, costs, and default interest.","Add a default interest rate — typically 2–5% above the contract rate — to compensate the lender for the cost of enforcement and to incentivize prompt cure.",{"step":379,"title":380,"description":381,"tip":382},7,"Confirm the power-of-sale or foreclosure remedy and statutory references","Reference the specific statute governing non-judicial sale in the applicable jurisdiction and insert the correct statutory notice period. For jurisdictions using deed-of-trust structures, confirm that the correct instrument type is used.","In states and provinces where judicial foreclosure is the only remedy, the power-of-sale clause has no effect — confirm the correct enforcement mechanism for the property's location before finalizing.",{"step":384,"title":385,"description":386,"tip":387},8,"Execute, notarize, and register","Have the mortgagor sign before a notary public or commissioner of oaths as required by the jurisdiction. File the executed instrument with the applicable land registry, recorder of deeds, or land titles office and retain the registered copy with the original loan file.","Most jurisdictions require registration within a specific window after execution to preserve priority against subsequent encumbrances — confirm the local deadline before signing.",[389,393,397,401,405,409],{"mistake":390,"why_it_matters":391,"fix":392},"Using a street address instead of the legal property description","Title registries reject instruments that do not reference the exact legal description. An incorrectly described mortgage cannot be registered, leaving the lender with no security interest enforceable against third parties.","Pull the legal description directly from the current title search or certificate of title and copy it verbatim into the mortgage instrument.",{"mistake":394,"why_it_matters":395,"fix":396},"Failing to register the mortgage against title","An unregistered mortgage is typically ineffective against subsequent purchasers or creditors who register first. If the borrower sells or refinances before the mortgage is registered, the lender may lose priority or have no enforceable claim against the property.","Register the executed mortgage with the applicable land registry as soon as possible after signing — in most jurisdictions, same-day or next-day registration is achievable.",{"mistake":398,"why_it_matters":399,"fix":400},"Omitting a cure period before triggering acceleration","Courts in consumer-mortgage jurisdictions routinely refuse to enforce accelerations that gave the borrower no notice and no opportunity to remedy a technical breach, exposing the lender to litigation costs and delays.","Include a grace period of 10–15 days for missed payments and a 30-day written-notice cure period for covenant breaches before any acceleration right arises.",{"mistake":402,"why_it_matters":403,"fix":404},"Conflating the mortgage term with the amortization period","A 5-year term on a 25-year amortization creates a balloon payment at year five. Borrowers who misread this face unexpected payoff obligations they cannot meet, and lenders face credit risk they did not price.","State both the term and the amortization period explicitly and separately, and confirm the maturity date and expected balloon balance in the payment schedule.",{"mistake":406,"why_it_matters":407,"fix":408},"No due-on-sale clause in private or seller-financed mortgages","Without it, the borrower can transfer the property to a new owner without the lender's knowledge or consent, saddling the lender with a debtor they never underwrote and no contractual right to call the loan.","Include a due-on-sale clause requiring full repayment on any transfer of title or beneficial interest, subject only to exceptions the lender explicitly consents to in writing.",{"mistake":410,"why_it_matters":411,"fix":412},"Power-of-sale clause that does not match the local statutory notice period","Non-judicial sale procedures are strictly statutory. A notice period shorter than the statutory minimum — even by one day — renders the sale voidable, exposing the lender to damages and title defects on any onward sale.","Research the exact statutory notice period for the jurisdiction where the property is located and insert that specific number of days into the power-of-sale clause.",[414,417,420,423,426,429,432,435,438],{"question":415,"answer":416},"What is a mortgage?","A mortgage is a security agreement in which a borrower pledges real property as collateral to a lender in exchange for a loan. The borrower retains possession and title but grants the lender a registered interest in the property that remains in place until the loan is repaid in full. If the borrower defaults, the lender can enforce the security by selling the property to recover the outstanding debt.\n",{"question":418,"answer":419},"What is the difference between a mortgage and a promissory note?","A promissory note is the personal debt instrument — the borrower's written promise to repay a specific amount on specific terms. A mortgage is the security instrument that attaches that debt to a specific piece of real property. Both documents are typically signed at closing and must be read together. The note creates personal liability; the mortgage creates the lender's right to seize and sell the property.\n",{"question":421,"answer":422},"What is the difference between a mortgage and a deed of trust?","In a deed-of-trust structure, the borrower transfers legal title to a neutral third-party trustee who holds it for the lender's benefit until the loan is repaid. In a mortgage, the borrower retains title and grants only a security interest. Deeds of trust are common in roughly 30 US states and allow non-judicial trustee sales on default; mortgages are used in the remaining states and typically require judicial foreclosure. The practical difference for most borrowers is the speed of the lender's enforcement remedy.\n",{"question":424,"answer":425},"Does a mortgage need to be notarized?","In most jurisdictions, yes. A mortgage or deed of trust must be signed before a notary public or commissioner of oaths to be eligible for registration against the property title. Some states and provinces also require witnesses. Check the execution requirements of the jurisdiction where the property is located before signing — execution defects discovered after the fact can be expensive to cure.\n",{"question":427,"answer":428},"What happens if a mortgage is not registered?","An unregistered mortgage is generally enforceable only between the original parties. It provides no protection against a subsequent buyer, lender, or creditor who acquires an interest in the property without actual knowledge of the prior unregistered mortgage. In most land registration systems, priority is determined by order of registration, not order of execution. Failing to register promptly is one of the most common and costly errors in private mortgage lending.\n",{"question":430,"answer":431},"What is an acceleration clause in a mortgage?","An acceleration clause allows the lender to declare the entire outstanding principal and accrued interest immediately due and payable upon a specified event — most commonly a missed payment or material covenant breach. Without an acceleration clause, the lender can only sue for each missed installment as it falls due, which makes enforcement slow and expensive. Acceleration is typically a precondition to commencing power-of-sale or foreclosure proceedings.\n",{"question":433,"answer":434},"What is the difference between a first mortgage and a second mortgage?","Priority between mortgages on the same property is generally determined by the order of registration. A first mortgage has priority over all subsequently registered interests and is paid out first from sale proceeds. A second mortgage sits behind the first and is paid only from what remains after the first mortgage is discharged. Second mortgages carry higher risk for the lender and typically command a higher interest rate to compensate.\n",{"question":436,"answer":437},"Can a private individual act as a mortgagee?","Yes. Private individuals, family members, corporations, and institutional lenders can all serve as mortgagees. Seller-financed and intra-family mortgages are common — particularly where a buyer cannot qualify for conventional financing. The same formal requirements apply regardless of who the lender is: written instrument, proper execution, and registration against title. In some jurisdictions, private lenders who make mortgages regularly may require a lending licence.\n",{"question":439,"answer":440},"Do I need a lawyer to prepare a mortgage?","For any mortgage that will be registered against title, legal involvement is strongly recommended and often required. Most land registries will only accept instruments prepared or certified by a licensed attorney or notary. Even in jurisdictions where self-preparation is technically permitted, errors in the legal description, execution, or covenant language can render the instrument unenforceable. A template is a starting point; a lawyer's review ensures the document meets local registration requirements and adequately protects the lender's interest.\n",[442,446,450,454],{"industry":443,"icon_asset_id":444,"specifics":445},"Real estate investment","industry-real-estate","Bridge loans, fix-and-flip financing, and portfolio mortgages where speed of execution and flexible covenant structures are prioritized over institutional underwriting standards.",{"industry":447,"icon_asset_id":448,"specifics":449},"Construction and development","industry-construction","Construction mortgages advance funds in draw tranches tied to completion milestones, with interest calculated only on amounts drawn, and convert to a term mortgage upon project completion.",{"industry":451,"icon_asset_id":452,"specifics":453},"Commercial real estate","industry-commercial-real-estate","Commercial mortgages include DSCR covenants, assignment of rents clauses, environmental indemnities, and cash management provisions not typically found in residential instruments.",{"industry":455,"icon_asset_id":456,"specifics":457},"Professional services and law firms","industry-professional-services","Attorneys and notaries prepare, review, and register mortgage instruments at closing, advise on title insurance requirements, and manage lender compliance with jurisdiction-specific consumer-protection statutes.",[459,462,465,468],{"vs":254,"vs_template_id":460,"summary":461},"D{DEED_OF_TRUST_ID}","A deed of trust transfers legal title to a neutral trustee who holds it for the lender's benefit, enabling non-judicial trustee sales on default in states that permit them. A mortgage retains title with the borrower and typically requires judicial foreclosure in states without a power-of-sale statute. Deeds of trust are used in roughly 30 US states; mortgages are used where judicial process is mandated.",{"vs":88,"vs_template_id":463,"summary":464},"promissory-note-D1193","A promissory note records the borrower's personal promise to repay a debt and creates personal liability. A mortgage secures that promise against a specific piece of real property. Both documents are executed at closing and must be read together — the note is the debt; the mortgage is the security. A note without a mortgage creates unsecured debt; a mortgage without a note creates a security interest with no defined repayment obligation.",{"vs":250,"vs_template_id":466,"summary":467},"construction-loan-agreement-D13303","A construction loan agreement governs a short-term facility that advances funds in draws as construction milestones are met. A standard mortgage is a term loan secured by an existing, completed property. Construction loans typically convert to a permanent term mortgage upon project completion; the two instruments are often executed simultaneously at closing.",{"vs":258,"vs_template_id":469,"summary":470},"D{LAND_CONTRACT_ID}","In a land contract, the seller retains legal title and transfers it only when the buyer completes all instalment payments. In a mortgage, the buyer takes title at closing and grants a security interest back to the lender. A land contract exposes the buyer to forfeiture of all payments upon default in states with strict forfeiture rules; a mortgage borrower retains equity and is entitled to surplus sale proceeds after the debt is satisfied.",{"use_template":472,"template_plus_review":476,"custom_drafted":480},{"best_for":473,"cost":474,"time":475},"Intra-family or private party loans where both parties understand the terms and will engage independent counsel for registration","Free","1–2 hours to complete the instrument",{"best_for":477,"cost":478,"time":479},"Private lenders, small commercial transactions, and seller-financed deals where the template needs to be adapted to local registration requirements","$500–$1,500","2–5 business days",{"best_for":481,"cost":482,"time":483},"Institutional lenders, commercial properties, multi-jurisdiction transactions, complex covenant structures, or any mortgage exceeding $500,000","$1,500–$5,000+","1–3 weeks",[485,490,495,500],{"code":486,"name":487,"flag_asset_id":488,"note":489},"us","United States","flag-us","Mortgage law is state-specific. Approximately 30 states are deed-of-trust states allowing non-judicial trustee sales; the remaining states use mortgage instruments requiring judicial foreclosure. Foreclosure timelines range from 90 days in some states to over 3 years in New York and New Jersey. The federal Truth in Lending Act (TILA) and RESPA impose disclosure requirements on lenders; consumer mortgages must include an APR disclosure and loan estimate.",{"code":491,"name":492,"flag_asset_id":493,"note":494},"ca","Canada","flag-ca","Mortgage law is provincially regulated. Ontario and most common-law provinces use charge instruments under the Land Titles Act rather than traditional mortgage deeds. Alberta uses Land Titles Act charges with a power-of-sale remedy available after 3 months in default. Quebec uses the hypothec under the Civil Code. The federal Interest Act requires that interest on residential mortgages be calculated semi-annually not in advance and that any prepayment penalty be stated in equivalent annual rate terms.",{"code":496,"name":497,"flag_asset_id":498,"note":499},"uk","United Kingdom","flag-uk","In England and Wales, mortgages over registered land are created by a legal charge registered at HM Land Registry using Form CH1; unregistered land mortgages use a deed of mortgage. Lenders must be authorised by the FCA to provide regulated mortgage contracts. The Financial Services and Markets Act 2000 and Mortgage Credit Directive impose conduct-of-business rules on residential lending. Scotland uses a standard security instrument governed by the Conveyancing and Feudal Reform (Scotland) Act 1970.",{"code":501,"name":502,"flag_asset_id":503,"note":504},"eu","European Union","flag-eu","The EU Mortgage Credit Directive (2014/17/EU) harmonises consumer-mortgage standards across member states, requiring a standardised European Standardised Information Sheet (ESIS), a 7-day reflection period before binding commitment, and annual percentage rate disclosure. Individual member states retain significant variation in enforcement mechanisms — France uses the hypothèque, Germany the Grundschuld, and Spain the hipoteca — with notarial authentication required in most civil-law jurisdictions.",[506,251,507,508,509,510,511,240,512,513,514,515],"promissory-note-D434","loan-agreement-D417","personal-guarantee-D405","deed-of-sale-and-assignment-lease-D1171","real-estate-purchase-agreement-D13234","exclusive-lease-agreement-D12808","non-disclosure-agreement-nda-D12692","general-power-of-attorney-D1037","letter-of-intent_acquisition-of-business-D5197","security-agreement-D1180",{"emit_how_to":200,"emit_defined_term":200},{"primary_folder":119,"secondary_folder":518,"document_type":519,"industry":520,"business_stage":521,"tags":522,"confidence":527},"loans-and-promissory-notes","agreement","general","all-stages",[523,524,22,525,526],"loan","real-estate","collateral","security-agreement",0.95,"\u003Ch2>What is a Mortgage?\u003C/h2>\n\u003Cp>A \u003Cstrong>Mortgage\u003C/strong> is a legally binding security instrument in which a \u003Cstrong>Mortgagor\u003C/strong> (borrower) pledges real property as collateral to a \u003Cstrong>Mortgagee\u003C/strong> (lender) in exchange for a loan. The borrower typically retains possession and title to the property, but grants the lender a registered interest that remains attached to the title until the debt is fully repaid. If the borrower defaults on the repayment obligations, the lender is entitled to enforce the security by exercising power of sale or commencing foreclosure proceedings to recover the outstanding balance from the property's sale proceeds. A mortgage is always paired with a promissory note — the note records the personal repayment promise, while the mortgage ties that obligation to the specific property.\u003C/p>\n\u003Ch2>Why You Need This Document\u003C/h2>\n\u003Cp>Advancing money secured by real estate without a properly drafted and registered mortgage instrument exposes the lender to catastrophic risk. An oral arrangement or unregistered agreement creates only personal liability against the borrower — if the borrower sells the property, refinances it with another lender, or becomes insolvent, the unpaid creditor has no claim against the land itself and joins the general unsecured creditor queue. A registered mortgage, by contrast, gives the lender priority over subsequently registered interests and the right to sell the property to recover the debt regardless of who holds title. For borrowers, a clear mortgage instrument prevents disputes over interest calculation, prepayment rights, and discharge obligations that routinely escalate into expensive litigation. This template provides the structural foundation for a compliant, registrable security instrument — reviewed by a lawyer for your jurisdiction, it protects both parties and gives the transaction the legal certainty that every real-estate-secured loan requires.\u003C/p>\n",1779480598736]