Local Church Forms Page 5

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Chapter 3, Local Forms, page
5
¶385A
APPLICATION TO MORTGAGE PROPERTY OF THE FREE METHODIST
CHURCH
Name of Church: _________________________________________________________________
Address: ________________________________________________________________________
________________________________________________________________________
Legal description of property: ______________________________________________________
________________________________________________________________________________
Type of Building: _________________________________________________________________
Amount of Mortgage required:
Amount of existing
Church debt:
Estimated value of property:
The title for all property deeds is to be drawn up in accordance with the Second Schedule
of the Act of Incorporation and Paragraph 385 of The Manual.
Date mortgage authorized by Society: _______________________________________________
Date mortgage approved by the Trustees, FMCC: ______________________________________
Names & Addresses of Trustees:
_________________________________________________________________________
__________________________________________________________________________________________
__________________________________________________________________________________________
__________________________________________________________________________________________
MORTGAGE TERMS
Mortgage term is 1, 3, or 5 years, renewable.
Interest rate is as established at date of mortgage advance, adjusted annually on the anniversary
date to the rate then in effect.
Mortgage financing limit is $600,000.
Repayment schedule is based on blended payments of principal and interest, amortized over 20
years.
Mortgage is open and can be paid in full or in part at any time without notice or penalty.
Adequate insurance coverage is mandatory; the interest of The Free Methodist Church in Canada as
First Mortgage is to be shown in the insurance policy.
All legal fees are to be paid by the Church for which the mortgage financing is provided.
Note: Please provide last year’s financial statement, budget interim statements for current year.
___________________________
___________________________________
Application Date
Secretary, Official Board
_______________________________________
Director, Administrative Services
The Free Methodist Church in Canada
*BOA
Revised 11/08/14

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