Mortgage Loans

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Mortgage Loans

9. Mortgage loans

Loans payable is disclosed as follows:

	Interest  rate			Maturity date	Principal  Outstanding		Accrued  interest		June  30, 2020		December 31, 2019
Cranberry Cove Holdings, Ltd.
Pace Mortgage		4.2	%	July 19, 2022	$	3,750,442	$	4,747	$	3,755,189	$	3,995,235
Disclosed as follows:
Short-term portion									$	110,623	$	114,290
Long-term portion										3,644,566		3,880,945
									$	3,755,189	$	3,995,235

The aggregate amount outstanding at June 30, 2020 is payable as follows:

	Amount
Within 12 months			110,623
Within 12 to 24 months			110,369
Within 24 to 36 months			3,534,197
Total		$	3,755,189

Cranberry Cove Holdings, Ltd.

On July 19, 2017, CCH, a wholly owned subsidiary, closed on a loan agreement in the principal amount of CDN$5,500,000. The loan is secured by a first mortgage on the premises owned by CCH located at 3571 Muskoka Road 169, Bala, Ontario (the “Property”). The loan bears interest at the fixed rate of 4.2% with a 5-year primary term and a 25-year amortization. The Company has guaranteed the loan and the Company’s chief executive officer and controlling shareholder also has personally guaranteed the Loan. CCH and the Company have granted the Lender a general security interest in its assets to secure repayment of the Loan. The loan is amortized with monthly installments of CDN $29,531.