The Mortgage Security Agreement is a crucial document in Danish real estate financing, used to create security over real property in favor of lenders. This document is essential when providing financing secured against real estate in Denmark, whether for commercial, residential, or agricultural properties. The agreement must comply with specific requirements under Danish law, particularly the Danish Mortgage-Credit Loans Act and Registration of Property Act. It contains detailed provisions about the secured property, the secured obligations, ongoing requirements for the property's maintenance and insurance, and enforcement procedures. The document must be registered with the Danish Land Registry to be effective, and its terms must reflect Denmark's unique mortgage system based on the balance principle. The Mortgage Security Agreement is typically used alongside a loan agreement or credit facility and forms part of the standard security package for real estate financing in Denmark.
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Key Requirements PROMPT example:
Mortgage Security Agreement
I need a Danish Mortgage Security Agreement for a syndicated loan facility closing March 2025, securing three commercial properties in Copenhagen with a total value of 鈧50 million, where Danske Bank acts as security agent for a consortium of five lenders.
1. Parties: Identification of the mortgagee (lender) and mortgagor (borrower), including full legal names, registration numbers, and addresses
2. Background: Context of the mortgage agreement, including reference to any underlying loan agreement or credit facility
3. Definitions: Definitions of key terms used throughout the agreement, including Property, Secured Obligations, Security Period, etc.
4. Creation of Security: Express creation of the mortgage security interest over the Property
5. The Secured Property: Detailed description of the mortgaged property, including address, land registry details, and cadastral number
6. Secured Obligations: Description of the obligations secured by the mortgage, including principal amount, interest, and other secured amounts
7. Representations and Warranties: Mortgagor's representations regarding ownership, authority, and status of the Property
8. Mortgagor's Obligations: Ongoing obligations including maintenance, insurance, payment of taxes, and restrictions on disposal
9. Registration and Priority: Provisions regarding registration of the mortgage in the Danish Land Registry and its priority
10. Enforcement: Rights and procedures for enforcement in case of default, in accordance with Danish law
11. Costs and Expenses: Allocation of costs related to preparation, registration, and enforcement of the security
12. Governing Law and Jurisdiction: Confirmation of Danish law as governing law and jurisdiction of Danish courts
1. Multiple Properties: Additional provisions when the security covers multiple properties, including cross-collateralization provisions
2. Rental Income: Provisions dealing with assignment of rental income from the property, used when the property generates rental income
3. Insurance Proceeds: Specific provisions regarding insurance proceeds and their application, particularly relevant for commercial properties
4. Environmental Provisions: Additional environmental warranties and covenants, particularly important for commercial or industrial properties
5. Third Party Rights: Provisions dealing with existing tenants or other third party rights, when applicable
6. Special Purpose Vehicle Provisions: Additional provisions when the mortgagor is an SPV, including restrictions on activities
7. Consumer Protection Provisions: Additional provisions required under Danish consumer protection law when the mortgagor is a consumer
1. Property Description Schedule: Detailed technical description of the property including maps, plans, and land registry extracts
2. Secured Obligations Schedule: Detailed description of the secured obligations, including payment schedules and interest calculations
3. Insurance Requirements: Detailed requirements for property insurance, including minimum coverage amounts and required terms
4. Form of Registration Application: Standard form for registration with the Danish Land Registry (Tinglysningen)
5. Existing Encumbrances: List of existing mortgages, easements, and other encumbrances affecting the property
6. Power of Attorney: Form of power of attorney for registration and other actions related to the mortgage
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Banking & Financial Services
Real Estate
Construction
Agriculture
Industrial & Manufacturing
Retail
Hospitality
Healthcare
Commercial Property
Residential Property
Relevant Teams
Legal
Real Estate
Credit
Risk Management
Compliance
Property Management
Finance
Commercial Banking
Mortgage Lending
Security Administration
Relevant Roles
Real Estate Lawyer
Banking Lawyer
Finance Manager
Credit Manager
Property Manager
Real Estate Manager
Loan Officer
Mortgage Advisor
Risk Manager
Compliance Officer
Legal Counsel
Property Valuation Expert
Security Trustee
Portfolio Manager
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