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Mortgage Purchase Agreement
"I need a Mortgage Purchase Agreement for the acquisition of a portfolio of 50 residential mortgages by our investment fund from ABC Bank, with closing planned for March 2025, including CMHC-insured mortgages and specific provisions for ongoing servicing arrangements."
1. Parties: Identification of the seller and purchaser of the mortgage, including full legal names and addresses
2. Background: Context of the transaction, including brief description of the underlying mortgage and purpose of the purchase
3. Definitions: Definitions of key terms used throughout the agreement
4. Purchase and Sale: Core transaction terms including purchase price, payment terms, and closing conditions
5. Representations and Warranties of Seller: Seller's assertions regarding the mortgage, underlying property, and legal compliance
6. Representations and Warranties of Purchaser: Purchaser's assertions regarding authority and capacity to complete the transaction
7. Closing Conditions: Conditions that must be satisfied before the transaction can complete
8. Closing Procedures: Step-by-step process for completing the transaction
9. Post-Closing Obligations: Ongoing responsibilities of parties after closing
10. Servicing Arrangements: Terms regarding the ongoing servicing of the mortgage
11. Indemnification: Provisions for compensation in case of breach or misrepresentation
12. Governing Law and Jurisdiction: Specification of applicable law and courts
13. Notice Provisions: Methods and addresses for formal communications between parties
14. General Provisions: Standard boilerplate clauses including severability, entire agreement, and amendments
1. Portfolio Sale Provisions: Used when multiple mortgages are being sold as a portfolio
2. Custodial Arrangements: Required when a third-party custodian will hold mortgage documents
3. Secondary Market Trading: Included when the mortgage may be traded on secondary markets
4. Environmental Matters: Required for commercial properties or when environmental risks are identified
5. CMHC Insurance Provisions: Included for CMHC-insured mortgages
6. Cross-Border Provisions: Required when parties are in different jurisdictions
7. Default Management: Special provisions for managing defaulted or non-performing mortgages
8. Privacy Compliance: Enhanced privacy provisions for sensitive data handling
1. Schedule A - Mortgage Details: Detailed description of the mortgage(s) being purchased, including principal amount, interest rate, term, and maturity date
2. Schedule B - Property Description: Legal description and details of the underlying property
3. Schedule C - Due Diligence Documents: List of required due diligence documents and their status
4. Schedule D - Purchase Price Calculation: Detailed calculation of the purchase price including any adjustments
5. Schedule E - Closing Documents: List of documents required for closing
6. Schedule F - Transfer Documents: Forms and documents required for legal transfer of the mortgage
7. Appendix 1 - Form of Transfer: Standard form for the transfer of mortgage
8. Appendix 2 - Servicing Standards: Detailed standards for ongoing mortgage servicing if applicable
Authors
Banking
Financial Services
Real Estate
Mortgage Lending
Investment Management
Insurance
Legal Services
Property Management
Legal
Finance
Risk Management
Compliance
Real Estate
Treasury
Credit
Investment
Portfolio Management
Operations
Due Diligence
Documentation
Servicing
Underwriting
Chief Financial Officer
Mortgage Portfolio Manager
Real Estate Finance Manager
Legal Counsel
Compliance Officer
Risk Manager
Portfolio Analyst
Mortgage Underwriter
Investment Manager
Treasury Manager
Due Diligence Specialist
Transaction Manager
Credit Risk Officer
Documentation Specialist
Servicing Manager
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