������Ƶ

The Mortgage Loan Assumption Agreement is utilized when an existing borrower wishes to transfer their mortgage obligations to another party in Singapore. This document is particularly relevant in situations involving property sales where the buyer wishes to assume the existing mortgage, family transfers, or business restructuring. The agreement must comply with Singapore's strict banking and property laws, including MAS guidelines on total debt servicing ratios and loan-to-value limits. It provides comprehensive details about the original loan, the property, payment terms, and the responsibilities being transferred. The document ensures all parties understand their rights and obligations under Singapore law, and typically requires approval from the lending institution.

1. Parties: Details of original borrower, assuming borrower, and lender

2. Background: Information about original loan, property, and reason for assumption

3. Definitions: Key terms used throughout the agreement

4. Assumption of Obligations: Terms of assumption and transfer of mortgage obligations

5. Original Borrower Release: Terms of release for original borrower

6. Payment Terms: Details of payment schedule, interest rates, and fees

7. Representations and Warranties: Statements of fact by all parties

8. Default Provisions: Consequences of default and remedies

9. Governing Law: Specification of Singapore law as governing law