A Hard Money Second Trust Deed is utilized in Canadian real estate financing when a borrower requires additional funding beyond their first mortgage, typically in situations where conventional lending isn't suitable or available. This document is essential for private lenders providing short-term, higher-interest loans secured by real estate that already has a primary mortgage. The agreement must comply with provincial property laws and federal interest rate regulations while protecting the lender's security interest in a subordinate position. It's commonly used in time-sensitive situations such as business opportunities, construction projects, or debt consolidation, where the borrower has sufficient equity in the property but may not qualify for traditional financing. The document includes comprehensive details about the security interest, payment terms, borrower obligations, and remedies available to the lender, while acknowledging and working within the constraints of being in second position to the first trust deed.
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1. Parties: Identification of the Lender, Borrower, and Trustee, including full legal names and addresses
2. Background: Context of the loan agreement, acknowledgment of first trust deed, and purpose of this second trust deed
3. Definitions: Key terms used throughout the document, including specific definitions related to second position lending
4. Trust Property: Detailed legal description of the property being used as security
5. Secured Obligations: Description of the debt and other obligations secured by this trust deed
6. Interest Rate and Payment Terms: Specification of interest rate, payment schedule, and calculation methods in compliance with Canadian interest rate laws
7. Security Grant: Legal language creating the security interest in the property
8. Priority and Subordination: Clear acknowledgment of first trust deed priority and terms of subordination
9. Borrower's Covenants: Borrower's obligations including property maintenance, insurance, taxes, and other standard requirements
10. Default Provisions: Definition of default events and cross-default with first trust deed
11. Remedies: Lender's rights and remedies upon default, including foreclosure process
12. Notice Requirements: Process and requirements for serving notices between parties
13. Due on Sale: Terms regarding loan acceleration upon property transfer
14. Governing Law: Specification of applicable Canadian provincial law
15. Execution: Signature requirements and acknowledgment provisions
1. Cross-Collateralization: Section to be included if additional properties are being used as security
2. Personal Property Security: To be included if personal property is also being taken as additional security
3. Environmental Provisions: Detailed environmental warranties and indemnities, necessary for commercial properties
4. Assignment and Syndication: Include if the lender may want to assign or syndicate the loan
5. Construction Provisions: Required if loan proceeds will be used for construction or improvements
6. Prepayment Provisions: Include if there are specific prepayment penalties or requirements
7. Guaranty Provisions: Include when there are personal or corporate guarantors
8. Lockbox Requirements: Include for commercial properties with rental income
1. Schedule A - Legal Description: Detailed legal description of the property
2. Schedule B - Permitted Encumbrances: List of allowed liens and encumbrances, including first trust deed details
3. Schedule C - Payment Schedule: Detailed amortization and payment schedule
4. Schedule D - Insurance Requirements: Specific insurance requirements and minimum coverage amounts
5. Schedule E - Environmental Reports: List of environmental reports and findings (if applicable)
6. Appendix 1 - First Trust Deed Summary: Key terms and conditions of the first trust deed
7. Appendix 2 - Guarantor Information: Details of guarantors if applicable
8. Appendix 3 - Property Photographs: Recent photographs of the property and improvements
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