The Mortgage Bond Agreement is a crucial document in South African property financing, required whenever immovable property is used as security for a loan or other financial obligation. This agreement must comply with strict requirements under South African law, particularly the Deeds Registries Act and National Credit Act. It serves multiple purposes: creating a real right of security over the property, protecting the lender's interests, establishing the borrower's obligations, and setting out enforcement mechanisms. The document is essential for both residential and commercial property transactions, containing detailed provisions about the secured amount, property description, payment terms, and default remedies. The Mortgage Bond Agreement must be registered at the Deeds Office to be legally effective, making it a formal public record of the security interest.
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1. Parties: Identification of the Mortgagor (property owner/borrower) and Mortgagee (bank/lender), including full legal names, registration numbers, and physical addresses
2. Background: Context of the agreement, including reference to the underlying loan agreement or facility and purpose of the mortgage bond
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules for interpreting the document
4. Amount Secured: The principal debt amount, plus provisions for interest, costs, and additional amounts secured by the bond
5. Property Description: Legal description of the mortgaged property as per the title deed, including erf number, township, registration division, and extent
6. Grant of Security: Terms under which the property is mortgaged as security, including the nature and extent of the security interest
7. Mortgagor's Warranties and Undertakings: Warranties regarding property ownership, authority to mortgage, and ongoing obligations regarding property maintenance and insurance
8. Payment Terms: Terms for payment of the secured debt, including interest calculation, payment schedules, and prepayment provisions
9. Insurance Requirements: Obligations regarding property insurance, including type of coverage required and rights regarding insurance proceeds
10. Default Provisions: Events constituting default and consequences thereof, including acceleration rights and enforcement procedures
11. Enforcement Rights: Mortgagee's rights upon default, including power of sale and other remedies
12. Costs and Expenses: Allocation of costs related to preparation, registration, and enforcement of the mortgage bond
13. General Provisions: Standard clauses including notices, amendments, governing law, jurisdiction, and severability
1. Additional Security: Required when other assets or guarantees are provided as additional security alongside the primary mortgaged property
2. Multiple Properties: Needed when the mortgage bond covers more than one property, detailing specific provisions for each property
3. Construction Provisions: Required when the mortgage relates to property under construction, including building obligations and completion requirements
4. Rental Income Assignment: Used when rental income from the property is assigned to the mortgagee as additional security
5. Environmental Warranties: Required for commercial properties or when environmental risks are a concern
6. Substitution Rights: Optional provisions allowing for substitution of the mortgaged property under specified conditions
7. Co-Mortgagor Provisions: Required when there are multiple property owners/borrowers, detailing joint and several liability
8. Priority Arrangements: Needed when there are multiple mortgage bonds over the property, establishing ranking and priority
1. Property Schedule: Detailed description of the mortgaged property, including boundaries, improvements, and title deed information
2. Payment Schedule: Detailed breakdown of payment terms, including installment amounts and due dates
3. Insurance Schedule: Specific insurance requirements, including minimum coverage amounts and approved insurers
4. Underlying Facility Agreement: Copy or summary of the loan agreement or credit facility being secured
5. Resolution/Authority: Corporate resolutions or other evidence of authority where the mortgagor is a legal entity
6. Property Valuation: Professional valuation report of the mortgaged property
7. Compliance Documents: Certificates of compliance, zoning certificates, and other regulatory approvals
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Mortgage Specialist
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