A Mortgage Extension Agreement is used in South Africa when a borrower needs to modify the terms of their existing mortgage bond, typically to extend the repayment period or adjust other key terms. This document is crucial in situations where borrowers require additional flexibility in their mortgage arrangements but wish to avoid the complexity and cost of creating an entirely new mortgage bond. The agreement must comply with South African banking regulations, particularly the National Credit Act and Deeds Registries Act, and requires careful consideration of property rights and consumer protection laws. It includes essential details such as the original mortgage information, new payment terms, interest rates, and any modified conditions. This type of agreement is commonly used in both residential and commercial property contexts and must be properly registered to ensure legal enforceability.
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1. Parties: Identification of the Mortgagor (borrower) and Mortgagee (lender), including full legal names, registration/identity numbers, and addresses
2. Background: Details of the existing mortgage bond, including bond number, registration date, property description, and original loan amount
3. Definitions: Definitions of key terms used in the agreement, including 'Extension Period', 'Original Bond', 'Property', and other relevant terms
4. Extension Terms: Specific details of the extension, including the new maturity date, any changes to interest rates, and payment terms
5. Acknowledgment of Debt: Confirmation of the outstanding amount under the original mortgage and acknowledgment of continued indebtedness
6. Security Continuation: Confirmation that the original mortgage bond security remains in full force and effect
7. Costs and Fees: Details of any costs associated with the extension, including legal fees and registration costs
8. Representations and Warranties: Statements by the borrower confirming their ability to pay and that no default exists
9. Compliance with Laws: Confirmation of compliance with relevant legislation, particularly the National Credit Act
10. General Terms: Standard contractual provisions including notices, amendments, and governing law
11. Signing Provisions: Execution requirements and space for signatures, witnesses, and dates
1. Additional Security: Required when additional security is being provided as part of the extension arrangement
2. Co-borrower Provisions: Needed when there are multiple borrowers or guarantors involved
3. Insurance Requirements: Included when specific insurance requirements are being modified or added
4. Default Remedies: Detailed section on remedies in case of default, particularly relevant for high-risk extensions
5. Property Maintenance Obligations: Additional requirements for property maintenance, particularly relevant for commercial properties
6. Prepayment Terms: Included when specific prepayment rights or penalties are being established
7. Change in Circumstances: Required when the extension is tied to specific events or conditions
1. Property Description Schedule: Detailed legal description of the mortgaged property, including erf number, title deed details, and physical address
2. Payment Schedule: Revised amortization schedule showing new payment dates and amounts
3. Original Mortgage Bond: Copy or extract of the original mortgage bond being extended
4. Outstanding Amount Calculation: Detailed calculation of the current outstanding amount including interest and fees
5. Compliance Certificates: Copies of necessary compliance certificates and regulatory approvals
6. Insurance Certificates: Current insurance certificates for the property where required
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Banking
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Mortgage Lending
Housing Finance
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Relevant Teams
Legal
Credit
Mortgages
Risk Management
Compliance
Property Finance
Real Estate
Document Management
Customer Relations
Operations
Credit Assessment
Bond Registration
Relevant Roles
Mortgage Specialist
Credit Manager
Property Lawyer
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Banking Officer
Loan Officer
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Compliance Officer
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Real Estate Agent
Financial Advisor
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Credit Risk Officer
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