The Board of Directors is calling a brief Special Congregational Meeting to take place immediately following the service on Sunday, October 22, 2017. The purpose of this meeting is to update the congregation on the status of the mortgage renewal on the property held by Royal Bank of Canada and to ask the congregation for approval of a motion:
Whereas the Congregation approved and entered into a Loan Agreement (mortgage) with Royal Bank of Canada on September 24, 2012 for a five year term, move that the Congregation support the Board signing a renewal of the current Agreement on the following terms:
• Amortization: 15 years
• Term: 5 years (23 October 2017 – 23 October 2022)
• Interest rate: 4.49%
• Loan amount: $630,890 est (Balance owing 2022 $465,000 est)
• Monthly payments (principal and interest): $4,862.86
All other clauses in our current mortgage will remain in force. Only the amortization (now 15 years vs 20) and interest rate (4.49% vs 4.35%) are changing upon renewal.
The loan agreement also continues to provide access to an additional line of credit for $50,000 (in $5,000 increments) at an interest rate of RBC Prime + 2%.
The Board has discussed and voted to approve this renewal.
Further background information will be provided prior to the meeting.
Secretary, Board of Directors