The Mortgage Loan Extension Agreement is a crucial document used in New Zealand when borrowers require an extension or modification to their existing mortgage terms. This agreement becomes necessary in various situations, such as when borrowers face financial hardship, need to restructure their loan, or require additional time to repay their mortgage. The document must comply with New Zealand's strict consumer credit laws, particularly the Credit Contracts and Consumer Finance Act 2003 and the Property Law Act 2007. It includes essential details about the original mortgage, reasons for extension, modified terms, payment schedules, and any changes to interest rates or other conditions. The agreement ensures transparency and protection for all parties while maintaining the security of the original mortgage.
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1. Parties: Identifies and defines all parties to the agreement including the lender, borrower(s), and any guarantors
2. Background: Recitals explaining the context of the original mortgage, reason for extension, and current status
3. Definitions and Interpretation: Defines key terms used in the agreement and establishes rules for interpretation
4. Extension Terms: Specifies the new maturity date and any modified loan terms
5. Interest Rate Provisions: Details the applicable interest rate(s) and any changes from the original agreement
6. Payment Terms: Outlines the modified payment schedule, amounts, and payment methods
7. Security Confirmation: Confirms that existing security arrangements continue to apply to the extended loan
8. Borrower's Representations and Warranties: Updated confirmations and declarations from the borrower regarding their financial situation
9. Conditions Precedent: Lists conditions that must be satisfied before the extension takes effect
10. Costs and Fees: Details any fees or charges associated with the extension
11. General Terms: Standard contract provisions including notices, amendments, and governing law
1. Additional Security: Required when new security is being added as part of the extension arrangement
2. Guarantor Provisions: Included when there are guarantors who need to consent to the extension
3. Insurance Requirements: Added when specific insurance requirements are being modified or introduced
4. Property Maintenance Covenants: Included when adding or modifying requirements about property maintenance
5. Default Interest Provisions: Required when specific default interest terms are being modified
6. Early Repayment Provisions: Added when early repayment terms are being modified from the original agreement
1. Schedule 1 - Modified Payment Schedule: Detailed breakdown of new payment amounts, dates, and amortization schedule
2. Schedule 2 - Property Details: Description and details of the mortgaged property
3. Schedule 3 - Original Loan Agreement Details: Summary of key terms from the original loan agreement being modified
4. Schedule 4 - Fee Schedule: Breakdown of all applicable fees and charges
5. Appendix A - Conditions Precedent Checklist: List of documents and conditions required before the extension takes effect
6. Appendix B - Direct Debit Authority: Updated payment authorization forms if payment details are changing
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