The Third Party Mortgage Agreement is a crucial security document used in New Zealand lending arrangements where a person or entity (the mortgagor) provides their property as security for another party's (the borrower's) obligations to a lender. This arrangement is common in family business contexts, corporate group structures, or where business partners provide cross-security. The document must comply with New Zealand's Property Law Act 2007, Land Transfer Act 2017, and related legislation. It contains detailed provisions regarding the security interest, property maintenance obligations, default scenarios, enforcement rights, and discharge conditions. The agreement is particularly important for protecting the lender's interests while ensuring clear documentation of the third-party mortgagor's obligations and rights.
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1. Parties: Identifies and defines all parties involved: the Mortgagee (lender), the Mortgagor (third party providing security), and the Borrower
2. Background: Explains the context of the mortgage, including the loan arrangement between the Mortgagee and Borrower, and the Mortgagor's agreement to provide security
3. Definitions and Interpretation: Defines key terms used throughout the agreement and sets out interpretation rules
4. Grant of Security: Details the creation and nature of the mortgage security interest over the property
5. Secured Obligations: Specifies the obligations being secured, including the principal debt, interest, and other secured amounts
6. Mortgagor's Covenants: Sets out the promises and obligations of the third-party mortgagor regarding the property and maintenance of security
7. Representations and Warranties: Contains statements of fact and assurances given by the Mortgagor about their capacity and the property
8. Events of Default: Lists circumstances that constitute default and trigger enforcement rights
9. Enforcement Rights: Details the Mortgagee's rights and powers upon default
10. Protection of Mortgagee: Contains provisions protecting the Mortgagee's interests and limiting liability
11. Costs and Indemnities: Addresses payment of costs and indemnification obligations
12. Discharge of Mortgage: Sets out conditions and process for releasing the mortgage
13. General Provisions: Contains standard boilerplate clauses including notices, amendments, governing law, etc.
1. Insurance Requirements: Detailed insurance obligations when specific insurance requirements are needed beyond standard property insurance
2. Property Maintenance Standards: Specific maintenance requirements when the property requires special care or is of high value
3. Environmental Matters: Required for properties with potential environmental risks or compliance requirements
4. Cross-Collateralization: Used when multiple properties are being mortgaged as security
5. Guarantees: Required when additional guarantors are providing support beyond the mortgage security
6. Priority Arrangements: Needed when there are multiple security interests or mortgages over the property
7. Property Leasing Provisions: Required when the mortgaged property is or may be leased
8. Development Obligations: Needed when the property is under development or future development is contemplated
1. Property Description Schedule: Detailed legal description of the mortgaged property, including title references
2. Secured Obligations Schedule: Detailed description of all secured obligations, including loan agreement details
3. Insurance Schedule: Specific insurance requirements and minimum coverage amounts
4. Property Maintenance Schedule: Detailed maintenance and repair obligations for the property
5. Form of Notice: Template forms for various notices required under the agreement
6. Existing Encumbrances: List of existing mortgages, easements, or other encumbrances affecting the property
7. Special Conditions: Any special or non-standard conditions applying to the mortgage
8. Procedural Requirements: Step-by-step procedures for key processes such as enforcement or discharge
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