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The Mortgage Contract Agreement is a fundamental legal document used in New Zealand property financing transactions to create and document a security interest over real property. It is essential when a borrower seeks financing for property purchase or wishes to use existing property as security for a loan. The agreement must comply with New Zealand's Property Law Act 2007, Credit Contracts and Consumer Finance Act 2003, and other relevant legislation. This document outlines the rights and obligations of both the lender and borrower, including loan terms, repayment schedules, property maintenance requirements, and default provisions. It's particularly important as it provides the legal framework for the lender to take possession or sell the property if the borrower defaults on their obligations. The agreement includes mandatory consumer protection provisions and disclosure requirements specific to New Zealand law.

1. Parties: Identification of the lender (mortgagee) and borrower (mortgagor), including full legal names, addresses, and registration numbers for companies

2. Background: Context of the mortgage agreement, including reference to the loan agreement and property purchase if applicable

3. Definitions and Interpretation: Definitions of key terms used throughout the agreement and rules for interpretation

4. Loan Details: Specific details of the loan amount, interest rate, term, and repayment structure

5. Security Interest: Details of the property being mortgaged and the nature of the security interest being created

6. Borrower's Covenants: Core obligations of the borrower including payment, property maintenance, insurance, and compliance with laws

7. Events of Default: Circumstances that constitute default and their consequences

8. Lender's Rights and Remedies: Rights of the lender in case of default, including power of sale

9. Insurance Requirements: Mandatory insurance coverage for the mortgaged property

10. Property Maintenance and Use: Requirements for maintaining and using the mortgaged property

11. Costs and Expenses: Allocation of costs related to the mortgage, including establishment and enforcement

12. General Provisions: Standard clauses including notices, amendments, governing law, and assignment

13. Execution: Signing provisions and attestation requirements