Alberta Collateral Mortgage and Promissory Note

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

• 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.

Secure your interest as lender and the repayment of the loan by having the borrower sign this Alberta Collateral Mortgage and Promissory Note. Buy it, download it, use it as often as you need to.