The Property Collateral Agreement is a crucial document in secured lending transactions within Malaysia's legal framework. It is typically used when a property owner seeks to obtain financing by offering their real estate as security for the loan. This agreement must comply with Malaysian legal requirements, particularly the National Land Code 1965 and the Contracts Act 1950. The document details the creation of the security interest, the obligations being secured, representations regarding the property's status, ongoing maintenance requirements, and enforcement mechanisms. It includes specific provisions for registration with the relevant land office and must be properly stamped under the Stamp Act 1949. The Property Collateral Agreement is essential for both commercial and residential property financing, providing lenders with enforceable security rights while protecting the interests of all parties involved.
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1. Parties: Identification of the security provider (property owner) and security recipient (typically a lender or financial institution)
2. Background: Context of the security arrangement, including reference to any underlying facility or loan agreement
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules of interpretation
4. Creation of Security Interest: Express provisions creating the charge or lien over the property
5. Secured Obligations: Definition and scope of the obligations being secured by the property
6. Representations and Warranties: Security provider's confirmations regarding ownership, authority, and status of the property
7. Covenants: Ongoing obligations of the security provider regarding maintenance, insurance, and use of the property
8. Events of Default: Circumstances that constitute default and trigger enforcement rights
9. Enforcement Rights: Powers and remedies available to the security recipient upon default
10. Power of Attorney: Appointment of the security recipient as attorney for specific security-related purposes
11. Further Assurance: Obligation to execute additional documents and take necessary steps to perfect the security
12. Notices: Process and requirements for giving notices under the agreement
13. Assignment and Transfer: Rights and restrictions regarding transfer of rights under the agreement
14. Governing Law and Jurisdiction: Specification of Malaysian law as governing law and jurisdiction of Malaysian courts
1. Insurance: Detailed insurance requirements if not covered in covenants - used for high-value properties or specific risk scenarios
2. Priority Arrangements: Required when there are multiple security interests over the property
3. Environmental Matters: Required for industrial or commercial properties with potential environmental risks
4. Security Margin: Used when maintaining a specific loan-to-value ratio is required
5. Rental Assignment: Required when the property generates rental income that is being assigned as additional security
6. Islamic Finance Provisions: Required when the security arrangement needs to comply with Shariah principles
1. Property Description: Detailed legal description of the property including title details
2. Form of Transfer/Assignment: Prescribed form for transfer or assignment of the property
3. Secured Obligations Details: Detailed description of the underlying facilities or obligations being secured
4. Insurance Requirements: Specific insurance requirements and minimum coverage levels
5. Form of Notice: Standard forms for various notices required under the agreement
6. Powers of Attorney: Detailed powers granted to the security recipient
7. Required Consents: List of required regulatory or third-party consents
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Construction
Commercial Property Development
Industrial Manufacturing
Hospitality
Retail
Agriculture
Healthcare
Education
Relevant Teams
Legal
Finance
Risk Management
Compliance
Credit Administration
Real Estate
Corporate Secretarial
Operations
Property Management
Documentation
Relevant Roles
Legal Counsel
Finance Manager
Property Manager
Risk Manager
Compliance Officer
Credit Officer
Real Estate Officer
Company Secretary
Banking Officer
Property Valuation Officer
Security Documentation Specialist
Mortgage Officer
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