(A Canadian Registered Religious Charitable Organization - Registration # 860244110RR001
INTEREST BEARING LOANS
FOR CONSTRUCTION OF TEMPLE
125 Father Tobin Road, Unit 5 & 6, Brampton, ON L6R 0W9, Canada. Phone 905 799 0900
www.guruvayur.ca
(A Canadian Registered Religious Charitable Organization - Registration # 860244110RR001
PROMISSORY NOTE
Amount in CAD/USD____________________
Date:________________________
The lender/s, whose details are given below, has/have lent to Guruvayurappan Temple of Brampton, (hereafter called the ‘beneficiary’)
represented by its President, Dr. P. K. Kutty, for the time being, the sum of Canadian Dollars
__________________________________________________ subject to the following terms and conditions:
1.
2.
3.
4.
5.
6.
The loan shall bear interest at the rate of 4% per annum payable at the end of each calendar year.
The lender/s agree/s that since the loan amount is to be utilized for the construction of the temple, the loan amount will be
locked in for a period of five years from the date it is deposited by the beneficiary.
The beneficiary undertakes to use the loan amount solely for the construction of the temple and related activities and not
for the operational expenses of the temple.
The beneficiary will issue a T5 form to the lender/s for the interest income paid for each calendar year.
The lender/s who desire/s to waive the payment of interest will be entitled to get a charitable tax receipt for the notional
interest @ 4% per annum for each calendar year.
Unless the lender/s expressly state/s otherwise, names of donors and lenders will be published at the present temple and
on the temple’s website.
Name(s) of the lender/s:___________________________________________________________________________
Address______________________________________________________________________________________
_____________________________________________________________________________________________
Telephone # (Home)_____________________(Cell)________________________email_________________________________
IN WITNESS WHEREOF the beneficiary acknowledges receipt of the amount of Canadian $____________ from the lender/s and has executed
this promissory note on this the _______day of _____________________, 20…… at the City of ___________________ in the presence of the
undersigned witnesses.
For and on behalf of GURUVAYURAPPAN TEMPLE OF BRAMPTON, ONTARIO
________________________
Dr. P. K. Kutty, President, for the time being.
WITNESS
WITNESS
Signature_________________________
Signature_________________________
Name____________________________
Name____________________________
Address__________________________
Address__________________________
_________________________________
_________________________________
125 Father Tobin Road, Unit 5 & 6, Brampton, ON L6R 0W9, Canada. Phone 905 799 0900
www.guruvayur.ca
(A Canadian Registered Religious Charitable Organization - Registration # 860244110RR001
LOAN PLEDGE FORM
I/We, __________________________________________________ (hereafter the ‘lender/s’) hereby agree that, with a notice
of not less than two weeks, I/We am/are willing to provide a loan to Guruvayurappan Temple of Brampton (hereafter the
‘beneficiary) for the purpose of constructing a temple at the land donated at/around Torbram and Countryside, in the City of
Brampton.
The lender/s understand/s that the loan will be subject to the following terms and conditions:
1.
2.
3.
4.
5.
6.
The loan shall bear interest at the rate of 4% per annum payable at the end of each calendar year.
The lender/s agree/s that since the loan amount is to be utilized for the construction of the temple, the loan
amount will be locked in for a period of five years from the date it is deposited by the beneficiary.
The beneficiary undertakes to use the loan amount solely for the construction of the temple and related
activities and not for the operational expenses of the temple.
The beneficiary will issue a T5 form to the lender/s for the interest income paid for each calendar year.
The lender/s who desire/s to waive the payment of interest will be entitled to get a charitable tax receipt for
the notional interest @ 4% per annum for each calendar year.
Unless the lender/s expressly state/s otherwise, names of donors and lenders will be published at the
present temple and on the temple’s website.
Name(s) of the person(s) pledging (lenders)__________________________________________________________
Address______________________________________________________________________________________
_____________________________________________________________________________________________
Telephone # (Home)_____________________(Cell)________________________email_________________________________
Amount of Pledge: CAD/USD_____________________________________________________________________
Nominee ___________________________________________________Relationship_____________________
Date_______________________
Signature(s)_____________________________________________________
125 Father Tobin Road, Unit 5 & 6, Brampton, ON L6R 0W9, Canada. Phone 905 799 0900
www.guruvayur.ca
(A Canadian Registered Religious Charitable Organization - Registration # 860244110RR001
Rules for the Loans:

Loans will be interest bearing loans.

Proposed interest rate is 4% per annum; interest will be accrued from the date of encashment of cheques.

A suitably drafted legal promissory note, prepared by the Legal Committee, is to be signed by both the parties.

Loan amounts will be collected by way of undated cheques and will be cashed after verbal approval from the member.

Cheques are required to show to the Bank that members have made firm commitments.

Cheques will only be cashed after ensuring the following:

We have all the necessary approval to commence construction.

We have secured Bank loan on suitable conditions.

We have sufficient funds to complete the construction of the temple.

Members will have to sign an undertaking that they will not seek repayment of the principal loan amount for 5 years. This
will help us get the Bank loan.

As far as possible, cheques will be cashed on the first day of a calendar month for ease of administration.

The loan amount received will be deposited into a separate Bank account.

Cheques will be issued to the Construction company/consultants/engineering firms only on approval from:

Project Manager

Building Committee Chair

Executive Committee of the Board

The loan will only be used for the purpose of construction related activities and not for operation of the temple.

Loan interest will be paid at the end of each year.

Temple will also issue a T5 Form to the members before mid February for the interest income.

Members can deduct the interest paid on their Bank loan when they file the tax return.

If any member decides to waive the interest (i.e. provide the loan as interest free), then they will be entitled to get a tax
receipt for the notional interest at the same rate of 4%.

Tax receipts will be issued before mid-February each year.
125 Father Tobin Road, Unit 5 & 6, Brampton, ON L6R 0W9, Canada. Phone 905 799 0900
www.guruvayur.ca