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Mortgage loans
 3 Months Ended
Mar. 31, 2022
Mortgage Loans  
Mortgage loans

 

12. Mortgage loans

 

Mortgage loans is disclosed as follows:

 

                                 
    Interest 
rate		     Maturity
date		   Principal 
Outstanding		     Accrued 
interest		     March 31,
2022		     December 31,
2021		  
                                   
Cranberry Cove Holdings, Ltd.                                            
Pace Mortgage     4.2 %   July 19, 2022   $ 3,884,941     $ 5,365     $ 3,890,306     $ 3,864,312  
Disclosed as follows:                                            
Short-term portion                               $ 3,890,306     $ 3,864,312  

 

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.