The Promissory Note Mortgage is commonly used in Hong Kong's lending market where lenders require both a clear acknowledgment of debt and security over real property. This document type is particularly useful in situations where the loan needs to be easily transferable while maintaining robust security. It combines the negotiability features of a promissory note with the security benefits of a traditional mortgage, making it attractive for both institutional lenders and private banking arrangements. The document must comply with Hong Kong's legal requirements for both negotiable instruments and real property security, including registration requirements at the Land Registry. It typically contains comprehensive provisions covering loan terms, security creation, property maintenance obligations, default scenarios, and enforcement mechanisms.
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1. Parties: Identification of the Mortgagor (borrower) and Mortgagee (lender)
2. Background: Context of the transaction, including reference to any facility agreement or loan arrangement
3. Definitions: Key terms used throughout the document, including Property, Secured Obligations, Security Period
4. Promise to Pay: The promissory note element, including the principal sum, interest rate, and payment terms
5. Grant of Security: Creation of the mortgage over the Property as security for the Secured Obligations
6. Mortgagor's Representations and Warranties: Statements about ownership, authority to mortgage, and property condition
7. Mortgagor's Covenants: Obligations regarding property maintenance, insurance, payment of rates and taxes
8. Events of Default: Circumstances constituting default and triggering enforcement rights
9. Enforcement Rights: Mortgagee's rights and remedies upon default, including power of sale
10. Assignments and Transfers: Rights to assign or transfer the mortgage and/or promissory note
11. Notices: Requirements for giving notices under the document
12. Governing Law and Jurisdiction: Specification of Hong Kong law and jurisdiction
1. Security Agent Provisions: Required when there are multiple lenders and a security agent structure
2. Currency Provisions: Needed when the loan and security are in different currencies
3. Further Advances: Include when the facility allows for additional borrowing under the same security
4. Insurance Requirements: Detailed insurance obligations beyond standard requirements
5. Property Management: Specific provisions for managed properties or those with tenants
6. Second Ranking Security: Required when this is a second or subsequent mortgage
7. Guarantee Provisions: Include when there is a guarantor for the promissory note obligations
1. Property Description: Detailed legal description of the mortgaged property
2. Payment Schedule: Amortization schedule or payment terms for the promissory note
3. Form of Transfer: Standard form for transferring the promissory note
4. Insurance Requirements: Detailed specifications for required insurance coverage
5. Existing Encumbrances: List of any existing charges or encumbrances on the property
6. Special Conditions: Any property-specific conditions or requirements
7. Standard Form Notices: Templates for enforcement and other formal notices
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Legal Services
Insurance
Property Development
Property Management
Investment Banking
Private Banking
Commercial Banking
Mortgage Broking
Relevant Teams
Legal
Real Estate
Credit Risk
Compliance
Property Finance
Mortgage Operations
Security Administration
Private Banking
Commercial Banking
Risk Management
Property Management
Document Management
Relevant Roles
Legal Counsel
Property Lawyer
Banking Lawyer
Mortgage Officer
Credit Manager
Risk Manager
Compliance Officer
Property Manager
Loan Officer
Security Trustee
Real Estate Manager
Banking Relationship Manager
Private Banker
Commercial Banking Manager
Legal Director
Chief Legal Officer
Property Finance Manager
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