The Third Party Mortgage Agreement is essential in Singapore's secured lending landscape where a party wishes to help secure financing for another by offering their property as collateral. This document outlines the security arrangement, specifies the mortgagor's obligations, details the property being mortgaged, and establishes the mortgagee's enforcement rights. It must comply with Singapore's regulatory framework, including the Banking Act and MAS guidelines, and may need to address specific requirements if involving HDB properties or CPF funds. The agreement provides protection for all parties by clearly defining their rights and responsibilities in the security arrangement.
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Key Requirements PROMPT example:
Third Party Mortgage Agreement
"I need a Third Party Mortgage Agreement under Singapore law where my uncle is providing his commercial property as security for my company's business loan of SGD 2.5 million from DBS Bank, to be executed by March 2025."
1. Parties: Details of mortgagor (third party), borrower, and mortgagee
2. Background: Context of the mortgage arrangement and relationship between parties
3. Definitions: Key terms used throughout the agreement
4. Property Details: Legal description and particulars of the mortgaged property
5. Security Creation: Terms creating the mortgage security interest
6. Mortgagor's Covenants: Third party mortgagor's obligations and warranties
7. Events of Default: Circumstances constituting default and consequences
8. Enforcement Rights: Mortgagee's rights upon default
9. Discharge Provisions: Terms for releasing the mortgage
1. CPF Provisions: Required when CPF funds are used in the property purchase
2. HDB Compliance: Special provisions for HDB properties
3. Foreign Ownership Provisions: Additional requirements for foreign mortgagors
1. Property Schedule: Detailed property description, title particulars
2. Facility Letter Schedule: Details of the underlying loan facility
3. Insurance Requirements: Specified insurance coverage requirements
4. Form of Transfer: Standard form for property transfer upon enforcement
5. Power of Attorney: Standard form of power of attorney granted to mortgagee
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