Mortgage Loans

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Mortgage Loans

9. Mortgage loan

Mortgage Loan payable is disclosed as follows:

	Interest  rate			Maturity date	Principal  Outstanding		Accrued  interest		September  30, 2020		December 31, 2019
Cranberry Cove Holdings, Ltd.
Pace Mortgage		4.2	%	July 19, 2022	$	3,805,081	$	4,818	$	3,809,899	$	3,995,235
Disclosed as follows:
Short-term portion									$	114,115	$	114,290
Long-term portion										3,695,784		3,880,945
									$	3,809,899	$	3,995,235

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

	Amount
Within 12 months			114,115
Within 12 to 24 months			3,695,784
Total		$	3,809,899

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.