A Purchase Money Mortgage Agreement is essential when a property purchase is financed through borrowing, where the purchased property serves as security for the loan. This document, governed by English and Welsh law, is commonly used in residential and commercial property transactions. It protects the interests of both the lender and borrower by clearly defining the loan terms, security arrangements, and enforcement rights. The agreement must comply with UK financial regulations, consumer protection laws, and property legislation, making it a crucial document in property financing transactions.
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1. Parties: Identification of lender and borrower with full legal names and addresses
2. Background: Context of the purchase money mortgage, including property details and purchase price
3. Definitions: Key terms used throughout the agreement
4. Loan Amount and Purpose: Specification of the mortgage amount and confirmation it's for property purchase
5. Interest Rate and Payments: Interest rate terms, payment schedule, and calculation methods
6. Security: Details of the property being mortgaged as security
7. Borrower's Covenants: Borrower's obligations including property maintenance and insurance
8. Events of Default: Circumstances constituting default and consequences
9. Enforcement Rights: Lender's rights upon default including power of sale
1. Insurance Provisions: Detailed insurance requirements if not covered in covenants - used when specific insurance requirements need emphasis
2. Property Letting Provisions: Rules regarding letting the property - included when letting might be permitted under certain conditions
3. Further Advance Provisions: Terms for potential additional borrowing - included when lender may offer additional advances
1. Property Description Schedule: Detailed legal description of the mortgaged property
2. Payment Schedule: Detailed breakdown of payment amounts and dates
3. Special Conditions: Any particular terms specific to this mortgage
4. Form of Notice: Template notices for various communications
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