Mortgage Assumption Agreement Template for India

1. Security Enhancement: Additional security provisions required by lender from assuming party, used when additional collateral or guarantees are needed

2. Due Diligence Findings: Summary of property and financial due diligence, included when specific findings need to be acknowledged

3. Insurance Requirements: Specific insurance obligations, included when existing insurance arrangements need modification

4. Property Maintenance Covenants: Specific maintenance obligations, included for commercial properties or properties requiring special care

5. Co-Borrower Provisions: Used when the assumption involves multiple assuming parties

6. Prepayment Terms: Included when special prepayment rights or restrictions are negotiated as part of the assumption

7. Transfer Restrictions: Added when lender imposes specific restrictions on future transfers

1. Schedule 1 - Property Description: Detailed legal description of the mortgaged property including boundaries and survey details

2. Schedule 2 - Original Mortgage Deed: Copy or key terms of the original mortgage deed being assumed

3. Schedule 3 - Payment Schedule: Detailed amortization schedule showing remaining payments

4. Schedule 4 - Outstanding Balance Statement: Current loan balance and any arrears as of the assumption date

5. Schedule 5 - Assumption Terms Summary: Summary of key modified terms, if any

6. Appendix A - Required Insurance Certificates: Copies of insurance policies required under the mortgage

7. Appendix B - Property Inspection Report: Recent property condition assessment if required by lender

8. Appendix C - Credit Assessment: Credit evaluation of the assuming party (if referenced in agreement)