Mod 10 Flashcards
On a commercial lease and purchase of assets, which party’s lawyer is responsible for registering the Caveat with respect to the lease at the LTO?
Seller’s lawyer
What are the names of five possible docs prepared when there is a change in corporate structure and new directors, shareholders and officers are being added to the corp?
-Director Resolution
-Shareholder Resolution
-Share Certificates
-Shareholder Ledger
-Director Ledger and Notice of Change of Director
Which lawyer is responsible for the preparation of a mortgage?
The lender
Which lawyer is responsible for the registration of a mortgage?
The borrower/buyer’s lawyer
On the purchase and mortgage of a commercial real property transaction, what are three closing docs prepared by the seller’s lawyer?
-Transfer of Land
-Statement of Adjustments
-GST Warranty and Indemnity
What are the names of the docs prepared by the bank’s lawyer?
-mortgage
-general assignment of rents and leases
-general security agreement
-promissory note
-guarantee
-opinion letter
On a commercial purchase and finance of a real property transaction, what docs will the borrower/purchaser’s lawyer need to prepare?
-Affidavit of Transferee
-Order and Direction to Pay
Why would a checklist be used in a commercial transaction?
to ensure searches and detailed routine tasks are completed the same way each and every time
What does a Closing Agenda replace on a commercial transaction?
replaces a trust letter
