Mortgage Assumption Agreement - Original Holder Liable (Canada)

Agreement among a homeowner, a mortgage lender and a purchaser of the home allowing the purchaser to assume the existing mortgage on the home.

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Agreement among a homeowner, a mortgage lender and a purchaser of the home allowing the purchaser to assume the existing mortgage on the home. In this agreement, the original homeowner remains responsible for payments under the mortgage in the event of a default by the purchaser


This form can be used in the following provinces: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Saskatchewan and Yukon.
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Mortgage Assumption Agreement (Original Mortgage Holder Remains Responsible)

 

 

 
THIS AGREEMENT made as of Date of Assumption Agreement (Should be the same date as sale of home to purchaser) among Name of Original Homeowner (Original Mortage Borrower), of Address of Original Homeowner (the "Original Mortgagor"), Name of Mortgage Lender, of Address of Mortgage Lender (the "Mortgagee") and Name of Purchaser of Home, of Address of Purchaser of Home (the "Purchaser").
 
 
WHEREAS:
 
(A)   By mortgage dated Date of Mortgage (the "Mortgage"), and registered on Date of Registration/Recordal of Mortgage as Number Registration Number of Mortgage, the Mortgagor mortgaged the property described as Brief Description of Property (ie. 123 Whiteacre Road, Anyplace, Anywhere) (the "Property"), to secure payment of the principal sum of Original Principal Amount of Mortgage (ie. $85,000.00) and interest as therein set out;
 
(B)   The Purchaser has purchased the Property and has agreed with the Mortgagor to assume payment of the Mortgage and to covenant with the Mortgagee to pay the moneys secured thereby and to observe and perform and be bound by the terms, conditions, covenants and provisions therein contained;
 
(C)   The principal sum of Principal Amount Outstanding on Mortgage as of Date of Assignment (ie. $76,555.21) remains outstanding on the Mortgage as of the date hereof;
 
(D)   The Mortgagee is prepared to permit the Purchaser to assume the obligations of the Original Mortgagor under the Mortgage, provided that the Original Mortgagor remains responsible for all of the terms, conditions, covenants and provisions contained in the Mortgage;
 
NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration of the premises and of the premises, the mutual covenants and agreements hereinafter contained, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, it is hereby agreed that:
 
1.   The parties hereto acknowledge and agree that the recitals herein are true and correct in all material respects.
 
2.   The Purchaser hereby covenants, promises and agrees to and with the Mortgagee to pay all moneys now or hereafter due or payable under the Mortgage, and to observe, perform, keep and be bound by every covenant, attornment, term, condition and agreement contained in the said Mortgage to the same extent as if the Purchaser had been the original mortgagor and as such had executed the Mortgage.
 
3.   The Original Mortgagor hereby covenants, promises and agrees to and with the Mortgagee as principal debtor and not as surety, to pay all moneys now or hereafter due or payable under the Mortgage and to observe, perform, keep and be bound by every covenant, term, condition and agreement contained in the Mortgage, and the Original Mortgagor hereby waives notice of default under the Mortgage.  The Original Mortgagor further agrees that the Mortgagee may at any time or times and from time to time release or discharge any part or parts of the said Property or any securities now or hereafter held as collateral or otherwise to the Mortgage for such consideration as the Mortgagee may see fit and that the Mortgagee may allow the principal moneys and/or interest or any part or parts thereof to be in arrears and may alter, extend or revise in any way whatsoever the terms and conditions of repayment and may refrain from enforcing payment or otherwise deal with the Mortgage and with the Mortgagor in whatseover manner the Mortgagee shall think proper from time to time without prior approval or knowledge of or ntoice to the Original Mortgagor.
 
4.   The Purchaser hereby acknowledges and agrees that the Mortgage is and shall be and remain a first mortgage or charge and shall have priority for the full amount of the said principal sum over any right, title or interest which the Purchaser may have as Purchaser of the Property and the Purchaser covenants, promises and agrees not to alienate the interest of the Purchaser in the Property until the full amount of the said principal sum has been paid to the Mortgagee.
 
5.   Except as herein provided nothing shall alter or prejudice the rights and priorities of the Mortgagee as against the Original Mortgagor or any surety or any subsequent encumbrancer or other person whomsoever interested in the Property or liable for the Mortgage debt or any part thereof and not a party hereto, or the rights of any such Mortgagor, surety, subsequent encumbrancer or other person, all of which rights and priorities are hereby reserved.
 
6.   Without prejudice to its rights against the Purchaser and the Original Mortgagor under this Agreement the Mortgagee may release and discharge the Original Mortgagor and any other person or persons from all liability under his or their personal covenants in the Mortgage for payment of the moneys hereby secured or other moneys payable under the Mortgage but any such release shall be without prejudice to the rights of the Mortgagee under all other covenants and provisions contained in the Mortgage and to their rights and remedies against the Property, all of which rights and remedies of the Mortgagee are hereby reserved.
 
7.   This Agreement shall be binding upon and enure to the benefit of the respective heirs, executors, administrators, successors and assigns of the parties hereto, and wherever the singular and masculine genders are used in this Agreement the same shall be construed as meaning the plural and feminine or neuter genders where the fact or context so requires, and if there be more than one Purchaser or Original Mortgagor all covenants shall be deemed to be joint and several.
 
IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date first above written.
 
 
 
 
 
 
Witness
 
Name of Original Homeowner (Original Mortage Borrower)
 
 
 
 
Witness
 
Name of Mortgage Lender
 
 
 
 
Witness
 
Name of Purchaser of Home
 
Number of Pages5
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#28809
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Mortgage Assumption Agreement (Original Mortgage Holder Remains Responsible)

 

 

 
THIS AGREEMENT made as of Date of Assumption Agreement (Should be the same date as sale of home to purchaser) among Name of Original Homeowner (Original Mortage Borrower), of Address of Original Homeowner (the "Original Mortgagor"), Name of Mortgage Lender, of Address of Mortgage Lender (the "Mortgagee") and Name of Purchaser of Home, of Address of Purchaser of Home (the "Purchaser").
 
 
WHEREAS:
 
(A)   By mortgage dated Date of Mortgage (the "Mortgage"), and registered on Date of Registration/Recordal of Mortgage as Number Registration Number of Mortgage, the Mortgagor mortgaged the property described as Brief Description of Property (ie. 123 Whiteacre Road, Anyplace, Anywhere) (the "Property"), to secure payment of the principal sum of Original Principal Amount of Mortgage (ie. $85,000.00) and interest as therein set out;
 
(B)   The Purchaser has purchased the Property and has agreed with the Mortgagor to assume payment of the Mortgage and to covenant with the Mortgagee to pay the moneys secured thereby and to observe and perform and be bound by the terms, conditions, covenants and provisions therein contained;
 
(C)   The principal sum of Principal Amount Outstanding on Mortgage as of Date of Assignment (ie. $76,555.21) remains outstanding on the Mortgage as of the date hereof;
 
(D)   The Mortgagee is prepared to permit the Purchaser to assume the obligations of the Original Mortgagor under the Mortgage, provided that the Original Mortgagor remains responsible for all of the terms, conditions, covenants and provisions contained in the Mortgage;
 
NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration of the premises and of the premises, the mutual covenants and agreements hereinafter contained, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, it is hereby agreed that:
 
1.   The parties hereto acknowledge and agree that the recitals herein are true and correct in all material respects.
 
2.   The Purchaser hereby covenants, promises and agrees to and with the Mortgagee to pay all moneys now or hereafter due or payable under the Mortgage, and to observe, perform, keep and be bound by every covenant, attornment, term, condition and agreement contained in the said Mortgage to the same extent as if the Purchaser had been the original mortgagor and as such had executed the Mortgage.
 
3.   The Original Mortgagor hereby covenants, promises and agrees to and with the Mortgagee as principal debtor and not as surety, to pay all moneys now or hereafter due or payable under the Mortgage and to observe, perform, keep and be bound by every covenant, term, condition and agreement contained in the Mortgage, and the Original Mortgagor hereby waives notice of default under the Mortgage.  The Original Mortgagor further agrees that the Mortgagee may at any time or times and from time to time release or discharge any part or parts of the said Property or any securities now or hereafter held as collateral or otherwise to the Mortgage for such consideration as the Mortgagee may see fit and that the Mortgagee may allow the principal moneys and/or interest or any part or parts thereof to be in arrears and may alter, extend or revise in any way whatsoever the terms and conditions of repayment and may refrain from enforcing payment or otherwise deal with the Mortgage and with the Mortgagor in whatseover manner the Mortgagee shall think proper from time to time without prior approval or knowledge of or ntoice to the Original Mortgagor.
 
4.   The Purchaser hereby acknowledges and agrees that the Mortgage is and shall be and remain a first mortgage or charge and shall have priority for the full amount of the said principal sum over any right, title or interest which the Purchaser may have as Purchaser of the Property and the Purchaser covenants, promises and agrees not to alienate the interest of the Purchaser in the Property until the full amount of the said principal sum has been paid to the Mortgagee.
 
5.   Except as herein provided nothing shall alter or prejudice the rights and priorities of the Mortgagee as against the Original Mortgagor or any surety or any subsequent encumbrancer or other person whomsoever interested in the Property or liable for the Mortgage debt or any part thereof and not a party hereto, or the rights of any such Mortgagor, surety, subsequent encumbrancer or other person, all of which rights and priorities are hereby reserved.
 
6.   Without prejudice to its rights against the Purchaser and the Original Mortgagor under this Agreement the Mortgagee may release and discharge the Original Mortgagor and any other person or persons from all liability under his or their personal covenants in the Mortgage for payment of the moneys hereby secured or other moneys payable under the Mortgage but any such release shall be without prejudice to the rights of the Mortgagee under all other covenants and provisions contained in the Mortgage and to their rights and remedies against the Property, all of which rights and remedies of the Mortgagee are hereby reserved.
 
7.   This Agreement shall be binding upon and enure to the benefit of the respective heirs, executors, administrators, successors and assigns of the parties hereto, and wherever the singular and masculine genders are used in this Agreement the same shall be construed as meaning the plural and feminine or neuter genders where the fact or context so requires, and if there be more than one Purchaser or Original Mortgagor all covenants shall be deemed to be joint and several.
 
IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date first above written.
 
 
 
 
 
 
Witness
 
Name of Original Homeowner (Original Mortage Borrower)
 
 
 
 
Witness
 
Name of Mortgage Lender
 
 
 
 
Witness
 
Name of Purchaser of Home
 

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