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Use this template to create a wrap-around mortgage for a condominium project specifically for use in Canada. Key provisions of this mortgage include (among others): The loan includes the remaining balance of an existing first mortgage plus an additional amount requested by the mortgagor / borrower. Full payments on both mortgages are made to the wraparound mortgagee / lender, who then forwards the payments for the first mortgage to the first mortgagee. Interest is calculated and compounded monthly. Property taxes are to be paid by the mortgagor in 12 equal monthly instalments. The mortgagee may pay the taxes as they come due and charge interest at the mortgage rate on any debit balance in the tax account. This is a Canadian legal mortgage document in MS Word format.