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Mortgage Agreement

Mortgage Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Mortgage Agreement

I need a Mortgage Agreement for a commercial property in Dubai Marina, with a conventional loan structure for AED 5 million, to be executed by March 2025, including specific provisions for the property's mixed retail and office use.

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Document background
The Mortgage Agreement is a crucial legal instrument in UAE real estate financing, used to secure a lender's interest in property against a loan facility. It must comply with UAE Federal Law No. 5 of 1985 (Civil Code), relevant emirate-specific property laws, and UAE Central Bank regulations regarding mortgage lending. The document is essential for both conventional and Islamic financing structures, detailing the creation of security, payment terms, enforcement rights, and obligations of all parties. The agreement must be registered with relevant land departments and conform to local property regulations. It typically includes comprehensive provisions for property maintenance, insurance requirements, default scenarios, and enforcement mechanisms, all structured within the UAE's legal framework.
Suggested Sections

1. Parties: Identification of the Mortgagor (borrower), Mortgagee (lender), and any guarantors with full legal names and details

2. Background: Context of the mortgage agreement, including property purchase details and purpose of the mortgage

3. Definitions: Comprehensive definitions of terms used throughout the agreement, including technical and financial terms

4. Property Details: Detailed description of the mortgaged property, including title details and registration information

5. Loan Amount and Terms: Specification of the principal amount, interest rate/profit rate, term of the mortgage, and payment schedule

6. Security Creation: Legal provisions creating the mortgage security over the property

7. Borrower's Representations and Warranties: Statements and guarantees made by the borrower regarding their capacity and the property's status

8. Borrower's Covenants: Ongoing obligations of the borrower including property maintenance, insurance, and payment obligations

9. Events of Default: Circumstances constituting default and consequences thereof

10. Enforcement Rights: Lender's rights and remedies in case of default, including power of sale

11. Insurance Requirements: Mandatory insurance coverage for the property and assignment of policies

12. Registration and Fees: Requirements for mortgage registration and allocation of associated costs

13. Notices: Process for serving notices between parties

14. Governing Law and Jurisdiction: Specification of UAE law application and courts' jurisdiction

Optional Sections

1. Islamic Finance Provisions: Required for Sharia-compliant mortgages, including specific Islamic financing structure (Ijara, Murabaha, etc.)

2. Corporate Borrower Provisions: Additional provisions required when the borrower is a corporate entity, including corporate authorities and representations

3. Guarantor Provisions: Terms applicable when a third-party guarantor is involved in the mortgage

4. Property Management: Required for mortgages of commercial properties or when specific management obligations exist

5. Development Obligations: Needed when the mortgaged property is under construction or development

6. Foreign Ownership Provisions: Required when the borrower is a foreign national, addressing specific foreign ownership restrictions

7. Multiple Properties: Additional provisions when the mortgage covers multiple properties

8. Assignment and Transfer: Provisions allowing for the transfer or assignment of the mortgage to another lender

Suggested Schedules

1. Property Schedule: Detailed legal description of the property, including title details, plot numbers, and location plans

2. Payment Schedule: Detailed breakdown of payment installments, including amounts and due dates

3. Insurance Schedule: Specific insurance requirements and minimum coverage amounts

4. Fees Schedule: Breakdown of all applicable fees, charges, and costs

5. Form of Transfer Deed: Template for property transfer in case of enforcement

6. Property Valuation Report: Independent valuation of the mortgaged property

7. Required Documents: List of documents required for mortgage registration and completion

8. Special Conditions: Any specific conditions or requirements unique to the particular mortgage

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Applicable Law
Business Day
Completion Date
Default Interest
Default Notice
Encumbrance
Event of Default
Facility
Final Maturity Date
Financial Indebtedness
Governing Law
Insurance Policy
Interest Period
Interest Rate
Land Department
Legal Costs
Lender
Loan Amount
Material Adverse Effect
Mortgage
Mortgaged Property
Mortgagee
Mortgagor
Notice
Outstanding Amount
Payment Date
Permitted Security Interest
Principal Amount
Property
Property Registration Authority
Purchase Price
Registration Fee
Regulatory Authority
Related Rights
Repayment Schedule
Security
Security Period
Title Deed
Valuation Report
Clauses
Property Description
Loan Terms
Security Creation
Payment Obligations
Interest Calculation
Representations and Warranties
Covenants
Insurance Requirements
Default Provisions
Enforcement Rights
Registration Requirements
Property Maintenance
Assignment and Transfer
Notices
Amendments
Force Majeure
Severability
Entire Agreement
Counterparts
Governing Law
Jurisdiction
Waiver
Indemnification
Costs and Expenses
Property Inspection
Insurance Assignment
Title Warranties
Registration Compliance
Default Remedies
Acceleration Rights
Relevant Industries

Banking & Financial Services

Real Estate

Insurance

Legal Services

Property Development

Construction

Islamic Banking

Property Management

Investment & Asset Management

Mortgage Broking

Relevant Teams

Legal

Real Estate Finance

Credit Risk

Compliance

Islamic Banking

Property Services

Mortgage Operations

Documentation

Risk Management

Real Estate Advisory

Relevant Roles

Legal Counsel

Mortgage Officer

Real Estate Manager

Credit Risk Manager

Compliance Officer

Property Lawyer

Banking Relationship Manager

Islamic Banking Specialist

Real Estate Finance Manager

Mortgage Underwriter

Property Valuation Specialist

Documentation Manager

Risk Assessment Officer

Real Estate Transaction Manager

Industries
UAE Federal Law No. 5 of 1985 (Civil Code): Provides the fundamental legal framework for contracts, property rights, and security interests including mortgages (Articles 1399-1428 specifically address mortgage provisions)
UAE Federal Law No. 14 of 2008: Regulates mortgage lending in the UAE, including registration requirements and enforcement procedures for mortgage contracts
UAE Central Bank Circular No. 31/2013: Sets maximum loan-to-value ratios for mortgage lending and other key requirements for mortgage loans in the UAE
Dubai Law No. 14 of 2008: Specifically regulates mortgage contracts in Dubai, including registration requirements and enforcement procedures
UAE Federal Law No. 6 of 1985: Islamic Banking Law that governs Sharia-compliant mortgages and Islamic financing structures
UAE Federal Law No. 4 of 2000: Regulates capital markets and securities, relevant for mortgage-backed securities and financial aspects of mortgage agreements
Dubai Real Estate Regulatory Agency (RERA) Regulations: Provides specific guidelines for real estate transactions and mortgages in Dubai, including registration requirements
Abu Dhabi Law No. 3 of 2015: Regulates real estate and mortgage registration in Abu Dhabi, including specific requirements for mortgage agreements
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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