Canadian land developers, are you planning to raise money through a syndicated mortgage? Use this template to prepare a
Co-ownership Agreement between the various investors (co-owners of undivided interests in the syndicated mortgage), a trustee holding the land and an agent acting on behalf of the co-owners.
- The co-owners grant the agent power to act as attorney on their behalf with respect to leasing, subdividing, rezoning, sale or otherwise dealing with the lands which are subject to the mortgage.
- The mortgaged lands are registered in the name of the trustee, who holds the lands in trust for the co-owners. The co-owners each hold an undivided interest in the lands as tenants-in-common.
- The agent will collect funds under the mortgage on behalf of the co-owners and make distributions to the owners from those funds.
- The agreement provides for meetings of co-owners, and the keeping of books, records and financial information by the agent.
This
Canada Co-Ownership Agreement for Syndicated Mortgage is in MS Word format, and is fully editable to meet your particular circumstances.
