The Mortgage Extension Agreement is a crucial document used in New Zealand when borrowers need to modify the terms of their existing mortgage, typically due to financial circumstances or strategic financial planning. This agreement, governed by New Zealand law including the Property Law Act 2007 and relevant banking regulations, provides a formal framework for extending the mortgage term or modifying repayment schedules. It's commonly used during refinancing, financial hardship situations, or when borrowers seek more favorable terms. The document includes essential details such as the revised maturity date, new payment schedules, updated interest rates, and any modified conditions while ensuring all security arrangements remain valid. It must comply with New Zealand's strict consumer protection laws and banking regulations, making it a critical tool for both lenders and borrowers in managing long-term property financing.
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1. Parties: Identifies the lender, borrower, and any other relevant parties to the agreement
2. Background: Recitals explaining the existing mortgage arrangement and the reason for extension
3. Definitions: Defines key terms used throughout the agreement
4. Extension Details: Specifies the new maturity date and terms of the extension
5. Continuation of Original Terms: Confirms which terms from the original mortgage agreement remain in effect
6. Payment Terms: Details the revised payment schedule, interest rates, and payment obligations
7. Conditions Precedent: Lists conditions that must be met before the extension takes effect
8. Representations and Warranties: Statements of fact and assurances from the borrower regarding their situation
9. Costs and Fees: Specifies any fees associated with the extension and responsibility for legal costs
10. Execution: Formal signing section including witness requirements
1. Additional Security: Required when new or additional security is being provided for the extended mortgage
2. Guarantor Provisions: Needed when guarantors are involved and must confirm their continued obligations
3. Insurance Requirements: Used when specific insurance requirements are being modified or added
4. Property Maintenance Covenants: Include when adding or modifying obligations regarding property maintenance
5. Default and Enforcement: Include when modifying the original default provisions or adding new ones
6. Early Repayment Terms: Required when specifying new or modified early repayment conditions
1. Schedule 1: Property Details: Detailed description of the mortgaged property
2. Schedule 2: Payment Schedule: Detailed breakdown of the new payment schedule including dates and amounts
3. Schedule 3: Original Mortgage: Copy or details of the original mortgage agreement being extended
4. Schedule 4: Insurance Requirements: Detailed insurance requirements and minimum coverage amounts
5. Appendix A: Consent Forms: Required consent forms from relevant parties
6. Appendix B: Property Valuation: Current property valuation report if required
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