A Mortgage Spreader Agreement is utilized in New Zealand when a borrower wishes to use an existing mortgage to secure additional properties without creating a new mortgage document. This approach is particularly useful for property investors and developers who are expanding their portfolio or restructuring their property holdings. The agreement must comply with New Zealand's property and banking regulations, including the Property Law Act 2007 and Land Transfer Act 2017. It contains essential information about the existing mortgage, details of the additional properties being included in the security arrangement, and specific terms governing the spread of the mortgage security. This document is commonly used in both residential and commercial property transactions where existing lending relationships are being leveraged for additional property acquisitions or refinancing arrangements.
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1. Parties: Identifies the Lender/Mortgagee, Borrower/Mortgagor, and any other relevant parties to the agreement
2. Background: Recitals explaining the existing mortgage arrangement and the intention to spread the mortgage security to additional properties
3. Definitions: Defines key terms used throughout the agreement, including 'Existing Mortgage', 'Additional Properties', 'Security', etc.
4. Interpretation: Sets out rules for interpreting the agreement, including references to legislation and documents
5. Acknowledgment of Existing Mortgage: Confirms details of the existing mortgage arrangement, including registration details and secured amount
6. Spread of Mortgage: Core section detailing how the existing mortgage security is spread to cover the additional properties
7. Borrower's Representations and Warranties: Borrower's confirmations regarding ownership, authority, and status of the additional properties
8. Security Provisions: Details of how the security will operate across all properties, including cross-collateralization terms
9. Costs and Expenses: Specifies who bears the costs of preparing and registering the spreader agreement
10. Governing Law: Confirms the agreement is governed by New Zealand law
11. Execution: Formal execution block for all parties to sign
1. Guarantor Provisions: Required when there are guarantors for the mortgage who need to consent to the spreader arrangement
2. Priority Arrangements: Needed when there are other security interests registered against the additional properties
3. Special Conditions: Used when specific conditions apply to particular properties or circumstances
4. Insurance Requirements: Included when specific insurance arrangements need to be documented for the additional properties
5. Property Management Obligations: Required when specific maintenance or management obligations need to be imposed for certain properties
1. Schedule 1 - Existing Mortgage Details: Details of the existing mortgage including registration number, date, and secured amount
2. Schedule 2 - Existing Property Details: Legal description and title details of the property/properties currently secured by the mortgage
3. Schedule 3 - Additional Properties: Legal description and title details of the new properties being added to the mortgage security
4. Schedule 4 - Security Terms: Detailed terms of the security arrangements that apply to all properties
5. Appendix A - Land Title Office Forms: Required forms for registering the spreader agreement with the Land Title Office
Relevant legal definitions
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Banking and Financial Services
Real Estate
Property Development
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Property Investment
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Residential Property
Relevant Teams
Legal
Credit Risk
Mortgage Operations
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Real Estate
Commercial Banking
Retail Banking
Risk Management
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Relevant Roles
Mortgage Advisor
Property Lawyer
Banking Relationship Manager
Credit Manager
Property Manager
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Conveyancing Manager
Finance Manager
Property Investment Manager
Loan Officer
Commercial Banking Manager
Risk Assessment Officer
Property Development Manager
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