The Mortgage Agreement is a crucial legal instrument in Indian property financing, governed primarily by the Transfer of Property Act, 1882, and related legislation. This document is essential when a borrower seeks to obtain a loan by creating a security interest in their immovable property. The agreement serves multiple purposes: it establishes the lender's security interest, defines the loan terms and conditions, outlines the rights and obligations of all parties, and provides mechanisms for enforcement in case of default. The document must comply with strict legal requirements including registration under the Registration Act, 1908, and payment of appropriate stamp duty. It's commonly used by banks, housing finance companies, and other financial institutions for both residential and commercial property loans.
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1. Parties: Identification and details of the mortgagor and mortgagee, including their legal capacity and addresses
2. Background: Context of the mortgage agreement, including the purpose of the loan and brief property description
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Details: Detailed description of the mortgaged property including its location, boundaries, and title details
5. Loan Amount and Terms: Details of the principal amount, interest rate, tenure, and repayment schedule
6. Security Creation: Specific clauses creating the mortgage and describing the nature of security interest
7. Mortgagor's Representations: Warranties and representations regarding property ownership, title clarity, and authority to mortgage
8. Mortgagor's Covenants: Obligations including maintenance, insurance, payment of taxes, and restrictions on property dealings
9. Mortgagee's Rights: Rights of the mortgagee including inspection, receiving payments, and enforcement upon default
10. Events of Default: Circumstances constituting default and their consequences
11. Enforcement and Remedies: Rights and procedures for enforcing the mortgage upon default
12. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction over disputes
1. Guarantor Provisions: Include when there are third-party guarantors securing the mortgage
2. Insurance Requirements: Detailed insurance obligations when specific insurance coverage is mandatory
3. Property Use Restrictions: Special restrictions on property use, relevant for commercial properties or specific zoning requirements
4. Pre-payment Terms: Include when early repayment is permitted with specific terms
5. Assignment and Transfer: Include when either party may need to assign their rights
6. Electronic Communication: Include for modern transactions where electronic notices are accepted
7. Force Majeure: Include when protection against unforeseen circumstances is needed
1. Schedule 1 - Property Description: Detailed technical description of the property including measurements, boundaries, and title details
2. Schedule 2 - Payment Schedule: Detailed amortization schedule showing principal and interest breakup
3. Schedule 3 - Property Documents: List of title documents and property papers deposited with the mortgagee
4. Schedule 4 - Insurance Requirements: Detailed insurance specifications including types, coverage amounts, and beneficiary details
5. Appendix A - Property Plans: Architectural plans, layouts, and maps of the mortgaged property
6. Appendix B - Title Documentation: Copies of key title documents and certificates
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