Canada Purchase Money Promissory Note to Purchase Real Estate by Megadox


More Info
									                       PURCHASE MONEY PROMISSORY NOTE
PRINCIPAL: CAD$[principal amount] (the “Principal”)                                                   DATE: [date]

For value received, [Name(s) of Party(ies) making the note] (the “Maker”) [if more than one: jointly and
severally] promise to pay to [Name of Lender / Note Holder] (the “Holder”), or order, in lawful money
of Canada, the above-noted Principal, together with interest thereon or so much thereof as shall from
time to time remain unpaid at the rate of [INTEREST RATE] (___%) PER CENT per year, in ________
monthly instalments of $###.## each, to be made on the ______ day of each and every month,
commencing on [insert first payment date] and continuing thereafter until [insert last payment date], or until
said Principal and interest have been paid in full, at [insert full address of holder, including zip/post code] or at
such other place as the holder hereof may designate in writing from time to time.

All payments received on account of this Note shall be applied firstly to interest, secondly to charges and
fees payable hereunder, and lastly to the unpaid principal balance hereof.

This Note is a purchase money note give in payment and for the purchase of [insert description of property
being purchased]. To the extent that any provision in this Promissory Note conflicts with the laws of the
Province of _____________ applicable to purchase money promissory notes, then such provision shall be
deemed to be modified to the extent so required by law.

Each Maker and endorser hereby severally waives all presentment, demand, protest, notice of maturity,
non-payment, protest or dishonour, and all requirements necessary to hold each of them liable as Makers
and endorsers and, should litigation be necessary to enforce this Note, each Mak
To top