The Mortgage Modification Agreement is essential in the Malaysian banking and property landscape when parties need to alter the terms of an existing mortgage due to various circumstances such as financial hardship, interest rate changes, or restructuring requirements. This document type is commonly used during economic downturns, when borrowers require payment relief, or when banking policies change. The agreement must comply with Malaysian banking regulations, including Bank Negara Malaysia guidelines, and property laws under the National Land Code. The document details the specific modifications to the original mortgage terms while ensuring the security remains enforceable and properly registered. It includes crucial information about the original mortgage, the parties involved, the specific terms being modified, and the conditions under which these modifications take effect.
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1. Parties: Identification of the Lender/Bank and Borrower/Mortgagor, including registration numbers for companies and IC numbers for individuals
2. Background: Recitals describing the original mortgage agreement, reason for modification, and current status of the mortgage
3. Definitions: Definitions of key terms, including references to original mortgage terms that remain unchanged
4. Confirmation of Existing Mortgage: Acknowledgment of the existing mortgage and its continued validity
5. Modifications to Original Terms: Detailed description of specific terms being modified (e.g., interest rate, payment terms, loan tenure)
6. Effective Date: Specification of when the modifications take effect
7. Continuing Security: Confirmation that the original security remains in force and extends to modified terms
8. Representations and Warranties: Updated representations and warranties from the borrower
9. Fees and Costs: Details of any fees, stamp duty, or costs associated with the modification
10. Governing Law: Confirmation of Malaysian law as governing law
11. Execution: Signature blocks and attestation requirements
1. Additional Security: Required when additional security is being added to the mortgage
2. Release of Security: Required when partial security is being released
3. Guarantor Consent: Required when the original mortgage includes guarantors
4. Consent of Other Chargees: Required when there are other registered charges on the property
5. Insurance Requirements: Required when insurance terms are being modified
6. Change in Property Use: Required when the permitted use of the mortgaged property is being modified
7. Regulatory Compliance: Required when specific BNM or other regulatory requirements need to be addressed
1. Schedule 1 - Original Mortgage Details: Copy or extract of relevant details from original mortgage agreement
2. Schedule 2 - Modified Terms: Detailed table comparing original terms with modified terms
3. Schedule 3 - Property Details: Updated description of the mortgaged property including title details
4. Schedule 4 - Payment Schedule: Revised payment schedule reflecting the modifications
5. Appendix A - Consent Forms: Required consent forms from relevant parties (if applicable)
6. Appendix B - Supporting Documents: List of supporting documents provided for the modification
Relevant legal definitions
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Banking & Financial Services
Real Estate
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Property Development
Construction
Insurance
Financial Technology
Mortgage Lending
Relevant Teams
Legal
Mortgage Operations
Credit Risk
Compliance
Real Estate
Documentation
Customer Relations
Property Services
Credit Administration
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Relevant Roles
Mortgage Officer
Legal Counsel
Banking Operations Manager
Credit Risk Manager
Property Lawyer
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Banking Relationship Manager
Real Estate Manager
Legal Documentation Specialist
Financial Advisor
Credit Administrator
Property Valuation Officer
Loan Operations Manager
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