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Wrap around mortgage

Addendum

This document can be used as a template for Wrap around mortgage addendum to the property sale and purchase agreement.

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Document Description

This document can be used as a template for Wrap around mortgage addendum to the property sale and purchase agreement. It enables the seller to maintain their existing mortgage while the buyer's mortgage wraps around the amount owed.

If the Seller herein fails to adhere to all the terms, conditions and provisions of the Mortgage Deed which may lead to a default thereunder (other than with respect to payments of principal and interest due), which shall entitle the Buyer, at its options, to intercede and cure Seller’s default in order to prevent actual or threatened foreclosure upon the Property as a result of the said default by the Seller. Any payments made by the Buyer to cure Seller’s default shall be credited against the next instalment of principal and interest due under the Wraparound Note.

In case that the Buyer defaults in making any payment owed to under the Wraparound Note, and such default is not cured within 7 days after written notice of such default, then Seller may, at its option, shall declare all outstanding sums owed on this Wraparound Note to be immediately due and payable, in addition to any other rights or remedies that Seller may have under the applicable law.

 

How to use this Document?

This document should be carefully read by the Seller and Buyer

Both parties should sign and return a copy, and once signed, both parties should get a copy. To avoid any future disputes, both parties may wish to have their signatures witnessed by 1-2 witnesses.

If either party wishes to amend the agreement in the future, both parties should agree to do so, and the original agreement and amendments should be recorded in writing and signed by both parties.

 

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