Mortgage Loans

3 Months Ended

Mar. 31, 2021

Notes to Financial Statements

Mortgage Loans

10. Mortgage loans

Mortgage loans is disclosed as follows:

	Interest  rate			Maturity date	Principal  Outstanding		Accrued  interest		March 31, 2021		December 31, 2020
Cranberry Cove Holdings, Ltd.
Pace Mortgage		4.2	%	July 19, 2022	$	3,978,909	$	5,495	$	3,984,404	$	3,963,781
Disclosed as follows:
Short-term portion									$	118,538	$	115,704
Long-term portion										3,865,866		3,848,077
									$	3,984,404	$	3,963,781

The aggregate amount outstanding is payable as follows:

	Amount
Within the next twelve months		118,538
Thereafter		3,865,866
Total	$	3,984,404

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 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.