The Simple Mortgage Agreement is a crucial legal instrument in Indian property financing, essential for both residential and commercial property transactions. This document is used when a borrower (mortgagor) needs to secure a loan by creating a charge on their property in favor of a lender (mortgagee), while retaining possession of the property. The agreement must comply with the Transfer of Property Act, 1882, Registration Act, 1908, and relevant state-specific stamp duty laws. It includes comprehensive details about the property, loan terms, parties' rights and obligations, and enforcement mechanisms. A Simple Mortgage Agreement is particularly important as it provides security to lenders while allowing borrowers to continue using their property, making it a preferred choice for many property-based financing arrangements in India.
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1. Parties: Identification of the mortgagor (borrower) and mortgagee (lender) with complete details including names, addresses, and legal capacity
2. Background: Context of the mortgage arrangement, including the loan request and property ownership status
3. Definitions: Definitions of key terms used throughout the agreement for clarity and legal certainty
4. Property Details: Brief description of the mortgaged property with reference to detailed Schedule
5. Loan Amount and Terms: Details of the principal amount, interest rate, and repayment terms
6. Creation of Mortgage: Express declaration of the mortgage and the nature of security interest being created
7. Rights and Obligations of Mortgagor: Mortgagor's commitments regarding property maintenance, insurance, taxes, and restrictions on further encumbrance
8. Rights and Obligations of Mortgagee: Mortgagee's rights regarding property inspection, enforcement of security, and collection of dues
9. Events of Default: Circumstances constituting default and consequences thereof
10. Remedies: Rights and remedies available to the mortgagee in case of default
11. Representations and Warranties: Statements and assurances by the mortgagor regarding property title, authority to mortgage, etc.
12. Governing Law and Jurisdiction: Specification of applicable law and courts having jurisdiction
13. Notices: Method and addresses for serving notices between parties
14. Execution: Signature blocks and witness requirements
1. Insurance: Detailed insurance requirements when property insurance is mandatory or agreed upon
2. Assignment: Terms regarding transfer of rights under the mortgage, if permitted
3. Co-mortgagor Provisions: Additional terms when there are multiple mortgagors
4. Property Maintenance Standards: Specific maintenance requirements for commercial or high-value properties
5. Prepayment Terms: Terms for early repayment of the loan if permitted
6. Force Majeure: Provisions for unforeseen circumstances affecting the property or parties' obligations
7. Third Party Rights: Provisions regarding existing tenants or other third-party interests in the property
1. Property Description Schedule: Detailed legal description of the mortgaged property including boundaries, measurements, and title details
2. Payment Schedule: Detailed repayment schedule including installment amounts and due dates
3. Title Documents: List of property title documents deposited with the mortgagee
4. Existing Encumbrances: Details of any existing charges or encumbrances on the property
5. Insurance Details: Specifics of required insurance coverage and policies
6. Property Photographs: Visual documentation of the property condition at the time of mortgage
7. Power of Attorney: If applicable, power of attorney authorizing mortgage execution
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Relevant Teams
Legal
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Risk Management
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Documentation
Property Valuation
Mortgage Operations
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Relevant Roles
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Property Valuation Expert
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Real Estate Attorney
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