The Mortgage Principal Agreement is a crucial legal document used in New Zealand when establishing a formal lending arrangement secured against real property. This agreement is essential for both residential and commercial property transactions, serving as the primary contract between a lender (typically a bank or financial institution) and a borrower. It must comply with New Zealand's regulatory framework, particularly the Property Law Act 2007 and Credit Contracts and Consumer Finance Act 2003. The document details all essential aspects of the mortgage relationship including the loan amount, interest calculations, repayment terms, security arrangements, borrower's obligations, and the lender's rights and remedies. It's particularly important when setting up new mortgages, refinancing existing loans, or establishing construction financing arrangements, and forms the basis for any future variations or amendments to the lending relationship.
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1. Parties: Identification of the lender (mortgagee) and borrower (mortgagor) with full legal names and addresses
2. Background: Context of the mortgage agreement, including property details and purpose of the loan
3. Definitions and Interpretation: Defined terms used throughout the agreement and rules for interpretation
4. Loan Amount and Purpose: Details of the principal sum being lent and its intended use
5. Interest Rate and Calculations: Specification of interest rate, calculation method, and adjustment provisions
6. Repayment Terms: Payment schedule, frequency, and method of payments
7. Security: Description of the property being mortgaged and confirmation of first ranking security
8. Borrower's Covenants: Obligations of the borrower including property maintenance and insurance requirements
9. Events of Default: Circumstances constituting default and consequences thereof
10. Lender's Rights and Remedies: Powers and rights of the lender in case of default or breach
11. Property Insurance: Requirements for property insurance and claims procedures
12. General Provisions: Standard clauses including notices, amendments, and governing law
1. Guarantor Provisions: Include when there are guarantors securing the mortgage obligations
2. Cross-Collateralization: Include when multiple properties secure the same loan
3. Construction Provisions: Include for construction loans where funds are progressively drawn
4. Fixed Rate Lock-In Terms: Include when offering fixed interest rate periods
5. Prepayment Provisions: Include when early repayment terms are offered
6. Rental Properties: Include when the mortgaged property will be rented out
7. Multiple Borrowers: Include specific provisions for joint and several liability when there are multiple borrowers
8. Future Advances: Include when the mortgage secures future advances or credit facilities
1. Property Schedule: Detailed legal description of the mortgaged property including title references
2. Payment Schedule: Detailed amortization schedule showing payment dates and amounts
3. Special Conditions: Any special terms or conditions specific to this mortgage
4. Insurance Requirements: Detailed insurance requirements including minimum coverage
5. Fees Schedule: Breakdown of all fees and charges applicable to the mortgage
6. Direct Debit Authority: Form for setting up automatic payments
7. Disclosure Statement: Statutory disclosure required under CCCFA
8. Variation Authority: Form for making variations to the mortgage terms
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