The Mortgage Loan Modification Agreement is a crucial document used in Indian banking and financial services when existing mortgage terms need to be altered due to various circumstances such as financial hardship, market conditions, or mutual agreement between parties. It's commonly used during debt restructuring, interest rate adjustments, or tenure modifications. The agreement must comply with Reserve Bank of India guidelines, banking regulations, and property laws. This document maintains the validity of the original mortgage while implementing specific modifications to make the loan terms more manageable or appropriate for current circumstances. It requires careful consideration of both banking and property laws, as well as adherence to registration and stamp duty requirements under Indian jurisdiction.
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1. Parties: Identifies the lender and borrower(s), including their legal names, addresses, and registration details if applicable
2. Background: Recitals describing the original mortgage loan agreement, reason for modification, and current status
3. Definitions: Defines key terms used in the agreement, including references to original loan terms and new modifications
4. Acknowledgment of Existing Loan: Confirms details of the original loan agreement and current outstanding amount
5. Loan Modifications: Specifies all modifications to the original loan terms (e.g., interest rate, tenure, EMI amount)
6. Effect on Security: Confirms the continued validity of existing security/mortgage and any modifications thereof
7. Representations and Warranties: Updated representations by borrower regarding financial condition and ability to pay
8. Covenants: Ongoing obligations of the borrower under the modified loan terms
9. Conditions Precedent: Conditions that must be satisfied before modifications become effective
10. Fees and Expenses: Details of any modification fees, charges, or stamp duty applicable
11. Governing Law and Jurisdiction: Confirms Indian law as governing law and specifies jurisdiction for disputes
12. Execution: Signature blocks for all parties and witnesses
1. Additional Security: Include when additional collateral or security is being provided as part of the modification
2. Guarantor Consent: Required when the original loan has guarantors who need to consent to the modifications
3. Insurance Requirements: Include when modifying insurance requirements for the mortgaged property
4. Electronic Communication: Include when parties agree to receive notices and communications electronically
5. Force Majeure: Include when specific provisions for unforeseen circumstances affecting loan repayment are needed
6. Co-borrower Provisions: Include when there are multiple borrowers and their specific obligations need to be detailed
1. Schedule 1 - Original Loan Details: Copy or summary of key terms from the original loan agreement
2. Schedule 2 - Modified Payment Schedule: Revised amortization schedule showing new EMI amounts and payment dates
3. Schedule 3 - Property Details: Description and details of the mortgaged property
4. Schedule 4 - Security Documents: List of all security documents that remain in force
5. Schedule 5 - Compliance Certificates: Required regulatory compliance certificates and approvals
6. Appendix A - Modification Application: Copy of the borrower's application requesting loan modification
7. Appendix B - Supporting Documents: List of financial statements and other documents supporting the modification
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