Mortgage Loan Assumption Agreement

Mortgage Loan Assumption Agreement Template for Denmark

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Document background

The Mortgage Loan Assumption Agreement is a crucial document used when an existing mortgage loan needs to be transferred from one party to another under Danish law. This typically occurs in situations such as property sales where the buyer wishes to assume the seller's existing mortgage, business restructurings, or family property transfers. The agreement must comply with Danish mortgage regulations, particularly the Realkreditloven and Tinglysningsloven, and requires careful consideration of both the original loan terms and the assuming party's creditworthiness. The document includes comprehensive details about the property, original mortgage terms, conditions for assumption, ongoing obligations, and any modified terms agreed upon by all parties. It serves to protect the interests of the lender while facilitating the smooth transfer of mortgage obligations between parties.

Suggested Sections

1. Parties: Identification of all parties: original borrower (assignor), assuming party (assignee), and lender

2. Background: Context of the original mortgage, reason for assumption, and property details

3. Definitions: Definitions of key terms used throughout the agreement

4. Original Loan Details: Description of the original mortgage loan being assumed, including principal amount, interest rate, and payment terms

5. Terms of Assumption: Core terms of the assumption, including effective date and scope of assumed obligations

6. Representations and Warranties: Statements of fact and assurances from both assignor and assignee

7. Conditions Precedent: Requirements that must be met before the assumption becomes effective

8. Release of Original Borrower: Terms under which the original borrower is released from obligations

9. Payment Terms: Ongoing payment obligations, including any modified terms

10. Property Maintenance Obligations: Requirements for maintaining the mortgaged property

11. Default Provisions: Consequences of default under the assumed mortgage

12. Notices: Requirements for formal communications between parties

13. Governing Law and Jurisdiction: Confirmation of Danish law application and jurisdiction

14. Signature Page: Execution blocks for all parties

Optional Sections

1. Co-Signer Provisions: Required when there are additional guarantors or co-signers for the assuming party

2. Insurance Requirements: Detailed insurance obligations when specific coverage is required beyond standard requirements

3. Property Management: Required when the property is subject to specific management requirements

4. Environmental Provisions: Required when the property has known environmental issues or specific environmental requirements

5. Assignment and Subletting: Required when there are specific restrictions or permissions regarding future transfers

6. Renovation/Construction Obligations: Required when the property is subject to ongoing or planned construction work

7. Special Payment Arrangements: Required when incorporating non-standard payment terms or schedules

Suggested Schedules

1. Original Mortgage Deed: Copy of the original mortgage deed being assumed

2. Property Description: Detailed legal description of the mortgaged property

3. Payment Schedule: Detailed amortization schedule showing payment obligations

4. Condition Report: Current condition assessment of the mortgaged property

5. Due Diligence Documents: Key property and financial documentation provided during due diligence

6. Required Insurance Certificates: Proof of required insurance coverage

7. Land Registry Extract: Current extract from the Danish Land Registry showing property details and encumbrances

8. Consent Documents: Required consents from lender, regulatory authorities, or other relevant parties

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