The Promissory Note Secured By Real Property is utilized in South African financial transactions where a borrower needs to document a debt obligation while providing real property as security. This document is particularly useful in private lending arrangements, property development financing, and other scenarios where traditional mortgage bonds might be less suitable. It combines the flexibility of a promissory note with the security of real property collateral, making it attractive for both lenders and borrowers. The document must comply with South African legislation, including the Bills of Exchange Act 34 of 1964 for the promissory note aspects and the Deeds Registries Act 47 of 1937 for the property security components. It typically includes detailed payment terms, property descriptions, security provisions, and enforcement mechanisms, providing a comprehensive framework for secured lending transactions.
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1. Promise to Pay: Unconditional promise to pay a specific sum of money, including the principal amount, interest rate, and payment schedule
2. Security Interest: Description of the real property being used as security and creation of the security interest
3. Property Details: Full legal description and details of the property serving as security
4. Terms of Payment: Detailed payment terms including due dates, installment amounts, and method of payment
5. Interest Provisions: Specification of interest rate, calculation method, and payment frequency
6. Default Provisions: Consequences of default and remedies available to the note holder
7. Enforcement Rights: Rights of the note holder to enforce the security interest in case of default
8. Representations and Warranties: Guarantees regarding property ownership, authority to pledge, and absence of other encumbrances
9. Notice Requirements: Process and requirements for giving notices under the note
10. Governing Law: Specification of South African law as governing law and jurisdiction
1. Prepayment Provisions: Terms for early repayment of the note, including any penalties or benefits - include if early repayment is to be permitted
2. Insurance Requirements: Requirements for property insurance - include if specific insurance obligations are needed
3. Transfer Provisions: Terms governing the transfer or assignment of the note - include if the note is intended to be transferable
4. Co-signer Provisions: Terms applicable to co-signers - include if there are co-signers on the note
5. Additional Security: Provisions for additional security interests - include if multiple properties or other assets secure the note
6. Acceleration Clause: Conditions under which the entire amount becomes immediately due - include if immediate repayment options are desired
7. Subordination Provisions: Terms regarding subordination to other debts - include if there are other creditors with security interests
1. Schedule A - Property Description: Detailed legal description of the property, including deed information and property boundaries
2. Schedule B - Payment Schedule: Amortization schedule showing all payment dates, amounts, and allocation between principal and interest
3. Schedule C - Property Title Documents: Copies of relevant property title documents and proof of ownership
4. Appendix 1 - Property Valuation: Independent valuation report of the property serving as security
5. Appendix 2 - Existing Encumbrances: List of any existing mortgages, liens, or other encumbrances on the property
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