Mortgage Without Possession Deed

Mortgage Without Possession Deed Template for United Arab Emirates

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Key Requirements PROMPT example:

"I need a Mortgage Without Possession Deed for a commercial warehouse property in Dubai, UAE, with Islamic finance compliance requirements, where the borrower needs to continue operating the facility while the bank holds security over it."

Document background

The Mortgage Without Possession Deed is a crucial security document used in the United Arab Emirates when a lender requires security over property while the borrower needs to maintain possession and operational control of the asset. This arrangement is particularly common in commercial financing where the mortgaged property is essential to the borrower's business operations. The document must comply with UAE Federal Law No. 14 of 2008, relevant emirate-specific property laws, and where applicable, Sharia principles. It typically includes detailed provisions regarding the creation and maintenance of the security interest, the rights and obligations of both mortgagor and mortgagee, enforcement mechanisms, and specific requirements for registration with relevant authorities. The deed is commonly used in commercial real estate financing, industrial property financing, and Islamic banking transactions where traditional possession-based mortgages would be impractical or commercially undesirable.

Suggested Sections

1. Parties: Identification of the Mortgagor (property owner) and Mortgagee (lender), including full legal names, addresses, and registration details if companies

2. Background: Context of the mortgage arrangement, reference to any facility agreements, and brief description of the transaction structure

3. Definitions: Definitions of key terms used throughout the deed, including 'Mortgaged Property', 'Secured Obligations', and 'Security Period'

4. Creation of Mortgage: Express provisions creating the mortgage and establishing the security interest without possession

5. Secured Obligations: Detailed description of the obligations secured by the mortgage, including principal debt, interest, and other secured amounts

6. Representations and Warranties: Mortgagor's representations regarding ownership, authority to mortgage, and property status

7. Mortgagor's Covenants: Ongoing obligations of the Mortgagor including maintenance, insurance, and restrictions on disposal

8. Protection of Security: Provisions ensuring the continued validity and effectiveness of the security interest

9. Enforcement: Rights and remedies of the Mortgagee upon default, including power of sale and appointment of receivers

10. Power of Attorney: Irrevocable power of attorney granted to the Mortgagee for security purposes

11. Notices: Process and requirements for serving notices under the deed

12. Governing Law and Jurisdiction: Confirmation of UAE law as governing law and jurisdiction of UAE courts

Optional Sections

1. Sharia Compliance: Additional provisions ensuring compliance with Sharia principles, required if the mortgage is part of an Islamic financing structure

2. Security Agent Provisions: Required if the mortgage is part of a syndicated facility with a security agent structure

3. Currency Provisions: Required if the secured obligations are in a currency other than UAE Dirhams

4. Insurance Proceeds: Detailed provisions regarding insurance and application of insurance proceeds, required for high-value commercial properties

5. Registration Requirements: Specific provisions regarding registration in different emirates, required if the mortgage might need registration in multiple emirates

Suggested Schedules

1. Schedule 1 - Property Description: Detailed legal description of the mortgaged property including title details and registration information

2. Schedule 2 - Secured Facility Agreement: Details of the underlying facility agreement or financing arrangement being secured

3. Schedule 3 - Form of Notice of Mortgage: Template for notices to be filed with relevant authorities regarding the creation of the mortgage

4. Schedule 4 - Insurance Requirements: Detailed requirements for insurance coverage of the mortgaged property

5. Schedule 5 - Form of Power of Attorney: Template for the power of attorney to be granted to the Mortgagee

6. Appendix A - Property Documents: List of all title documents and other property-related documentation

7. Appendix B - Registration Requirements: Checklist and requirements for mortgage registration in relevant jurisdictions

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking & Finance

Real Estate

Islamic Finance

Commercial Property

Construction & Development

Industrial Manufacturing

Hospitality & Tourism

Retail

Logistics & Warehousing

Relevant Teams

Legal

Finance

Real Estate

Compliance

Risk Management

Corporate Secretariat

Credit

Islamic Banking

Property Management

Security & Collateral

Relevant Roles

Legal Counsel

Finance Manager

Real Estate Manager

Compliance Officer

Risk Manager

Property Manager

Corporate Lawyer

Banking Officer

Credit Risk Officer

Security Trustee

Islamic Finance Specialist

Real Estate Director

Chief Financial Officer

Legal Director

Company Secretary

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