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Private Mortgage Agreement

Private Mortgage Agreement Template for Denmark

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Private Mortgage Agreement

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Document background
The Private Mortgage Agreement serves as a fundamental legal instrument in Danish private lending transactions secured by real property. This document is typically used when individuals arrange mortgage financing outside traditional banking institutions, whether for residential purchases, refinancing, or other property-related transactions. The agreement must comply with Danish mortgage regulations, including the Danish Mortgage-Credit Loans and Mortgage-Credit Bonds Act, while providing clear terms for loan amount, interest rates, repayment schedules, and security arrangements. It's essential for protecting both lender and borrower interests, ensuring proper registration of the mortgage with the Danish Land Registry, and establishing enforceable rights and obligations under Danish law.
Suggested Sections

1. Parties: Identification of the lender and borrower with full legal names, addresses, and any registration numbers

2. Background: Brief context of the loan arrangement and purpose

3. Definitions: Definitions of key terms used throughout the agreement

4. Loan Details: Principal amount, currency, interest rate, and term of the loan

5. Security: Description of the mortgaged property and details of the security arrangement

6. Repayment Terms: Payment schedule, method of payment, and prepayment provisions

7. Interest: Interest calculation method, payment dates, and adjustment mechanisms

8. Property Obligations: Borrower's obligations regarding property maintenance, insurance, and use

9. Representations and Warranties: Statements of fact by the borrower regarding their capacity and the property

10. Events of Default: Circumstances constituting default and consequences

11. Enforcement: Lender's rights and remedies in case of default

12. Costs and Expenses: Allocation of fees, charges, and expenses

13. Notices: Communication methods and contact details for formal notices

14. Governing Law and Jurisdiction: Confirmation of Danish law application and jurisdiction

15. Signatures: Execution blocks for all parties

Optional Sections

1. Guarantor Provisions: Include when there is a third-party guarantor for the loan

2. Special Repayment Terms: For arrangements with unique repayment structures or early repayment options

3. Interest Rate Adjustment: For variable rate mortgages, detailing adjustment mechanisms

4. Property Development: Include when the property is under development or renovation

5. Multiple Borrowers: Additional provisions for joint borrowers

6. Assignment and Transfer: Include if transfer rights are to be granted to either party

7. Insurance Requirements: Detailed insurance obligations beyond standard requirements

8. Tax Provisions: Special tax considerations or obligations

Suggested Schedules

1. Property Description: Detailed legal description of the mortgaged property, including land registry details

2. Payment Schedule: Amortization table showing payment dates, amounts, and interest/principal split

3. Property Valuation Report: Professional valuation of the property

4. Insurance Certificates: Copies of required insurance policies

5. Property Inspection Report: Current condition assessment of the property

6. Land Registry Extract: Official extract showing property ownership and encumbrances

7. Interest Rate Calculation: Detailed methodology for interest calculation and adjustment

8. Fee Schedule: Breakdown of all applicable fees and charges

Authors

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Relevant legal definitions
Agreement
Property
Mortgage
Principal Amount
Interest Rate
Default Interest Rate
Payment Date
Business Day
Land Registry
Security
Mortgaged Property
Repayment Schedule
Term
Maturity Date
Event of Default
Force Majeure
Lender
Borrower
Guarantor
Insurance Requirements
Property Valuation
Registration Fee
Deed
Encumbrances
Outstanding Balance
Prepayment
Property Title
Security Interest
Tinglysning
Default Notice
Enforcement Proceedings
Loan Documents
Material Adverse Change
Permitted Use
Representations and Warranties
Signing Date
Title Documents
Valuation Report
Working Day
Danish Law
Relevant Industries
Relevant Teams
Relevant Roles
Industries
Danish Mortgage-Credit Loans and Mortgage-Credit Bonds Act (Lov om realkreditlån og realkreditobligationer): Primary legislation governing mortgage lending in Denmark, including requirements for loan-to-value ratios, bond issuance, and security requirements
Danish Registration of Property Act (Tinglysningsloven): Regulates the registration of property rights and mortgages in the Danish Land Registry, ensuring legal protection of the mortgage
Danish Contracts Act (Aftaleloven): Provides the legal framework for contract formation, validity, and enforcement, including principles of contract interpretation and good faith
Danish Consumer Credit Act (Kreditaftaleloven): Protects consumer rights in credit agreements, including requirements for information disclosure and fair lending practices
Danish Interest Act (Renteloven): Governs interest rates and late payment charges in financial agreements
Danish Financial Business Act (Lov om finansiel virksomhed): Sets requirements for financial institutions and lending practices, including rules on responsible lending
Danish Debt Collection Act (Inkassoloven): Regulates debt collection procedures and enforcement of mortgage rights in case of default
Danish Administration of Justice Act (Retsplejeloven): Contains provisions on enforcement of claims and foreclosure procedures
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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