The Mortgage Assumption Agreement is a crucial document in New Zealand property transactions where an existing mortgage is transferred from one borrower to another. This agreement is commonly used in situations such as property sales where the buyer wishes to take over the seller's existing mortgage, or in family transfers where a relative assumes mortgage obligations. The document, governed by New Zealand law including the Property Law Act 2007 and Credit Contracts and Consumer Finance Act 2003, must comply with strict regulatory requirements and banking practices. It details the original mortgage terms, outstanding balance, property details, and the specific conditions under which the new borrower assumes the mortgage obligations. The agreement also addresses the release of the original borrower and includes necessary consents from the lending institution, making it a comprehensive document that protects all parties' interests while facilitating the mortgage transfer.
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1. Parties: Identifies all parties involved: Original Mortgagor (current borrower), Assuming Party (new borrower), and Mortgagee (lender)
2. Background: Recitals explaining the existing mortgage arrangement, property details, and the intention to transfer the mortgage obligations
3. Definitions: Defines key terms used throughout the agreement including Property, Existing Mortgage, Assumption Date, and Outstanding Balance
4. Assumption of Mortgage: Core clause where the assuming party agrees to take over all obligations under the existing mortgage
5. Property Details: Specific details of the mortgaged property including legal description and title reference
6. Original Mortgage Terms: Reference to and confirmation of the original mortgage terms that will continue to apply
7. Representations and Warranties: Statements by all parties regarding their capacity and authority to enter into the agreement
8. Consent of Mortgagee: Formal consent of the lender to the assumption of the mortgage
9. Release of Original Mortgagor: Terms under which the original mortgagor is released from future obligations
10. Fees and Costs: Details of any fees or costs associated with the assumption process
11. General Provisions: Standard contract clauses including governing law, notices, and execution requirements
1. Guarantor Provisions: Required when there are guarantors for the assuming party's obligations
2. Additional Security: Used when additional security is being provided by the assuming party
3. Insurance Requirements: Detailed insurance obligations when specific insurance arrangements are required
4. Property Management: Included when there are specific property management requirements or restrictions
5. Special Conditions: Any unique terms or conditions specific to this assumption
6. Default and Remedies: Extended provisions regarding default scenarios and available remedies
7. Transfer of Related Rights: When additional rights or obligations beyond the mortgage are being transferred
1. Schedule 1 - Property Details: Detailed legal description of the property, including title references and encumbrances
2. Schedule 2 - Existing Mortgage Terms: Key terms of the original mortgage including principal, interest rate, and payment terms
3. Schedule 3 - Outstanding Balance: Detailed breakdown of the current mortgage balance being assumed
4. Schedule 4 - Payment Schedule: Future payment schedule including dates and amounts
5. Appendix A - Original Mortgage Document: Copy of the original mortgage document
6. Appendix B - Property Valuation: Current valuation report of the property
7. Appendix C - Consent Documents: Any required third-party consent documents
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