The Land Mortgage Agreement is a crucial document used in the United Arab Emirates when securing financial obligations with real property as collateral. This document is essential for both commercial and residential property financing, requiring careful consideration of UAE federal laws, local emirate regulations, and potentially Sharia principles. The agreement must be registered with the relevant land department to be legally effective and enforceable. It includes detailed provisions about the mortgaged property, the secured obligations, parties' rights and obligations, enforcement mechanisms, and registration requirements. The Land Mortgage Agreement is particularly important in the UAE's dynamic real estate market, where property financing plays a vital role in both personal and commercial transactions. The document must comply with specific requirements under UAE Civil Code and local property laws, making it distinct from mortgage agreements in other jurisdictions.
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1. Parties: Identification of the Mortgagor (property owner), Mortgagee (lender), and any other relevant parties with their full legal names and details as required by UAE law
2. Background: Context of the mortgage agreement, including reference to the underlying loan or facility agreement
3. Definitions: Definitions of key terms used throughout the agreement, including technical and legal terms specific to UAE property and mortgage law
4. Property Details: Comprehensive description of the mortgaged property, including its location, dimensions, and registration details as per UAE land department requirements
5. Mortgage Creation: Express creation of the mortgage, specifying the security interest being granted over the property
6. Secured Obligations: Details of the debt or obligations secured by the mortgage, including principal amount, interest, and other secured amounts
7. Registration and Perfection: Requirements and procedures for registering the mortgage with relevant authorities as per UAE law
8. Representations and Warranties: Standard and property-specific representations and warranties from the Mortgagor
9. Mortgagor's Covenants: Ongoing obligations of the Mortgagor regarding property maintenance, insurance, and compliance with laws
10. Events of Default: Circumstances constituting default and triggering enforcement rights
11. Enforcement Rights: Mortgagee's rights and remedies upon default, compliant with UAE enforcement procedures
12. Powers of Attorney: Irrevocable powers granted to the Mortgagee for mortgage enforcement
13. Costs and Expenses: Allocation of costs related to the mortgage, including registration fees and enforcement expenses
14. Notices: Process for serving notices between parties
15. Governing Law and Jurisdiction: Confirmation of UAE law governance and jurisdiction of UAE courts
1. Islamic Finance Provisions: Required when the mortgage is part of an Islamic financing structure, ensuring Shariah compliance
2. Third Party Rights: Needed when there are existing tenants or other third-party interests in the property
3. Insurance Requirements: Detailed insurance obligations when specific insurance coverage is required beyond standard requirements
4. Property Management: Required for commercial properties or when specific management arrangements are needed
5. Environmental Matters: Necessary for industrial properties or where environmental risks exist
6. Development Obligations: Required when the property is under development or future development is contemplated
7. Multiple Properties: Additional provisions when the mortgage covers multiple properties
1. Property Description Schedule: Detailed technical description of the property including boundaries, plot numbers, and official registration details
2. Title Documents: List and copies of relevant title documents and registration certificates
3. Form of Notices: Standard forms for various notices required under the agreement
4. Existing Encumbrances: Details of any existing charges, easements, or other encumbrances affecting the property
5. Insurance Requirements: Detailed specifications for required insurance coverage
6. Form of Power of Attorney: Template for the irrevocable power of attorney required for registration and enforcement
7. Payment Schedule: Details of payment obligations if not covered in a separate facility agreement
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