The Promissory Note Mortgage is a sophisticated legal instrument commonly used in South African secured lending transactions. It is particularly useful when lenders require both the immediacy of a negotiable instrument and the security of a real property interest. This document type is employed in various contexts, from residential property purchases to commercial real estate financing, and must comply with multiple pieces of South African legislation, including the National Credit Act, Deeds Registries Act, and Bills of Exchange Act. The document typically includes detailed property descriptions, payment terms, enforcement mechanisms, and registration requirements. It's especially valuable in situations where lenders need enhanced enforcement options and may wish to transfer or negotiate the debt while maintaining property security. The structure must meet strict formal requirements under South African law to ensure both the promissory note and mortgage components are legally enforceable.
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1. Parties: Identification of the Mortgagor (borrower/property owner) and Mortgagee (lender)
2. Background: Context of the transaction, including reference to any underlying loan agreement
3. Definitions: Key terms used in the document, including Property, Secured Obligations, and Security Interest
4. Promise to Pay: The unconditional promise to pay a specific sum, including interest rate and payment terms
5. Security Grant: Creation of the mortgage bond over the specified property
6. Property Description: Detailed legal description of the mortgaged property
7. Payment Terms: Detailed schedule of payments, including dates, amounts, and method of payment
8. Interest Provisions: Interest rate, calculation method, and payment frequency
9. Mortgagor's Covenants: Obligations regarding property maintenance, insurance, and payment of rates and taxes
10. Events of Default: Circumstances constituting default and consequences thereof
11. Enforcement Rights: Mortgagee's rights and remedies upon default
12. Registration: Requirements for registration of the mortgage bond in the Deeds Registry
13. Costs and Expenses: Allocation of legal and registration costs
14. Governing Law: Confirmation of South African law as governing law
15. Signatures: Execution section including witness requirements
1. Acceleration Clause: Optional provision allowing the lender to demand full payment upon specified trigger events
2. Prepayment Provisions: Terms allowing early repayment and any associated penalties
3. Security Agent: Required when there are multiple lenders and a security agent is appointed
4. Further Assurance: Additional undertakings by the Mortgagor to perfect the security
5. Insurance Requirements: Detailed insurance obligations beyond basic property insurance
6. Subordination Provisions: Required when there are multiple mortgage bonds over the property
7. Power of Attorney: Optional clause granting power of attorney to the Mortgagee for specific purposes
1. Property Description Schedule: Detailed property description including diagrams and survey details
2. Payment Schedule: Amortization table showing payment dates and amounts
3. Insurance Requirements: Detailed specifications for required insurance coverage
4. Mortgage Bond Form: Standard form mortgage bond for registration purposes
5. Compliance Certificate: Template for periodic compliance certification
6. Property Condition Report: Initial assessment of property condition
7. Supporting Documents: List of required supporting documents including title deed copies and property valuations
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Property Development
Mortgage Lending
Construction
Agricultural Finance
Commercial Property
Residential Property
Legal Services
Relevant Teams
Legal
Property Finance
Credit Risk
Compliance
Real Estate
Mortgage Operations
Securities Administration
Property Management
Due Diligence
Documentation
Relevant Roles
Legal Counsel
Property Lawyer
Mortgage Officer
Credit Manager
Property Finance Manager
Compliance Officer
Real Estate Manager
Banking Executive
Property Valuer
Conveyancing Attorney
Risk Manager
Loan Officer
Securities Administrator
Property Portfolio Manager
Due Diligence Officer
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