The Mortgage Loan Extension Agreement is utilized when borrowers require an extension of their existing mortgage loan term in Saudi Arabia. This document becomes necessary when borrowers face changes in their financial circumstances or require restructuring of their mortgage payments while wanting to maintain their property ownership. The agreement must comply with Saudi Arabian real estate finance laws, Saudi Central Bank (SAMA) regulations, and Shariah principles prohibiting conventional interest (riba). It typically includes detailed provisions about the extended term, revised payment schedule, confirmation of existing security arrangements, and any new conditions imposed by the lender. The document serves as an addendum to the original mortgage agreement, ensuring all modifications are properly documented and legally enforceable within the Saudi Arabian legal framework.
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1. Parties: Identification of the lender (financial institution) and borrower(s), including their full legal names, addresses, and registration details
2. Background: Reference to the original mortgage agreement, reason for extension, and confirmation of current loan status
3. Definitions: Key terms used in the agreement, including references to original mortgage terms and new extension-specific definitions
4. Extension Terms: Specific details of the loan extension, including new maturity date and any modified repayment terms
5. Confirmation of Original Security: Confirmation that the original mortgage security remains valid and enforceable for the extended term
6. Payment Terms: Modified payment schedule, profit rate (compliant with Shariah), and payment mechanisms
7. Representations and Warranties: Updated borrower confirmations regarding financial status, property condition, and continued compliance with original terms
8. Conditions Precedent: Conditions that must be satisfied before the extension becomes effective
9. Covenants: Ongoing obligations of the borrower during the extended term
10. Events of Default: Circumstances that constitute default under the extended agreement
11. Governing Law and Jurisdiction: Confirmation of Saudi law application and relevant courts' jurisdiction
12. Execution: Signature blocks and execution requirements compliant with Saudi law
1. Additional Security: Required if new security is being added as part of the extension arrangement
2. Property Revaluation: Include if a new property valuation has been conducted and needs to be referenced
3. Insurance Requirements: Include if insurance arrangements are being modified as part of the extension
4. Fees and Charges: Include if new or modified fees apply to the extension
5. Third Party Consents: Required if any third party approvals are needed for the extension
6. Tax Provisions: Include if there are specific tax implications of the extension that need to be addressed
7. Assignment and Transfer: Include if transfer rights are being modified in the extension
1. Schedule 1 - Original Mortgage Details: Summary of key terms from the original mortgage agreement
2. Schedule 2 - Modified Payment Schedule: Detailed new payment schedule showing installment dates and amounts
3. Schedule 3 - Property Details: Updated property description and valuation details
4. Schedule 4 - Conditions Precedent Documents: List of documents required to be delivered before extension effectiveness
5. Schedule 5 - Form of Extension Notice: Standard form for formal notification of extension completion
6. Appendix A - Shariah Compliance Certificate: Confirmation of compliance with Islamic finance principles
7. Appendix B - Updated Property Documentation: Any new or updated property-related documents
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