Click "Create Document" button and the document will be prepared with your account details automatically filled in.
Please fill in any additional information by following the step-by-step guide on the left hand side of the preview document and click the "Next" button.
When you are done, click the "Get Document" button and you can download the document in Word or PDF format.
Please review the document carefully and make any final modifications to ensure that the details are correct before publication / distribution.
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.
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.