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A Mortgage Extension Agreement is used when parties to an existing mortgage arrangement wish to extend its term beyond the original maturity date. This document type is particularly relevant in Hong Kong's dynamic property market, where mortgage refinancing and extensions are common practices. The agreement must comply with Hong Kong's property and banking regulations, including the Conveyancing and Property Ordinance (Cap. 219) and Banking Ordinance (Cap. 155). It's typically employed when borrowers require additional time to repay their mortgage, when market conditions make refinancing attractive, or when property values have changed significantly. The document includes crucial details about the extension period, any modified terms, confirmations of existing security arrangements, and updated representations from all parties. It requires proper execution and registration with the Hong Kong Land Registry to be legally effective.

1. Parties: Identification of the Mortgagor (borrower) and Mortgagee (lender), including their full legal names, addresses, and company registration numbers if applicable

2. Background: Recitals detailing the original mortgage agreement, including its date, registration details, and the parties' desire to extend the term

3. Definitions: Definitions of key terms used in the agreement, including references to defined terms from the original mortgage

4. Extension of Term: Clear statement of the new maturity date and extension period

5. Consideration: Details of any consideration paid for the extension and acknowledgment of receipt

6. Continuation of Original Terms: Confirmation that all other terms and conditions of the original mortgage remain in full force and effect

7. Representations and Warranties: Updated representations and warranties from the Mortgagor regarding their ability to perform under the extended agreement

8. Conditions Precedent: Conditions that must be satisfied before the extension becomes effective

9. Registration: Provisions regarding the registration of the extension agreement with the Land Registry

10. Governing Law and Jurisdiction: Confirmation of Hong Kong law as governing law and jurisdiction

11. Execution: Signature blocks and execution formalities