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The Mortgage Purchase Contract is a specialized agreement used in India when one party wishes to acquire the rights and obligations of an existing mortgage from another party. This document is particularly relevant in scenarios involving portfolio sales, securitization transactions, or strategic realignment of mortgage assets by financial institutions. The contract must comply with Indian banking regulations, property laws, and specific requirements under the Transfer of Property Act 1882 and SARFAESI Act 2002. It includes comprehensive details about the mortgage being purchased, the underlying property, financial terms, representations and warranties, and completion mechanics. This type of agreement is commonly used in the secondary mortgage market and requires careful consideration of Indian regulatory requirements, including those from the Reserve Bank of India for regulated entities.

1. Parties: Identifies all parties to the contract including the seller, purchaser, and any relevant financial institutions

2. Background: Establishes context including existing mortgage arrangement, property status, and intention of transfer

3. Definitions: Defines key terms used throughout the agreement including Property, Existing Mortgage, Purchase Price, Completion Date

4. Sale and Purchase Agreement: Core agreement to sell and purchase the mortgage, including the basic terms of the transaction

5. Purchase Price and Payment Terms: Details of the purchase consideration, payment schedule, and method of payment

6. Conditions Precedent: Conditions that must be satisfied before the purchase can complete

7. Seller's Representations and Warranties: Statements of fact and guarantees by the seller about the mortgage, property, and related matters

8. Purchaser's Representations and Warranties: Statements of fact and guarantees by the purchaser, including financial capacity

9. Completion: Process and requirements for completing the transaction

10. Post-Completion Obligations: Actions required after completion, including registration and notifications

11. Default and Remedies: Consequences of breach and available remedies

12. Governing Law and Jurisdiction: Specifies Indian law as governing law and relevant jurisdiction

13. Notices: Process and requirements for formal communications between parties

14. General Provisions: Standard boilerplate provisions including severability, entire agreement, amendments