Mortgage Extension Agreement Template for Singapore

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Key Requirements PROMPT example:

Mortgage Extension Agreement

"Need a Mortgage Extension Agreement for a Singapore residential property to extend the loan term by 5 years, with the new maturity date in March 2025, including provisions for CPF usage and a revised monthly payment schedule."

Document background

A Mortgage Extension Agreement becomes necessary when a borrower requires additional time to repay their mortgage beyond the original term. This document, governed by Singapore law, modifies the existing mortgage agreement while maintaining the original security. It must address specific requirements under Singapore's banking and property laws, including MAS guidelines and CPF regulations. The agreement typically includes revised payment terms, confirmation of existing security, and any new conditions imposed by the lender.

Suggested Sections

1. Parties: Identification of lender and borrower(s)

2. Background: Details of original mortgage and reason for extension

3. Definitions: Key terms used in the agreement

4. Extension Terms: Specific details of the mortgage extension including new maturity date

5. Payment Terms: Modified payment schedule and amounts

6. Continuing Security: Confirmation that original security remains in force

7. Representations and Warranties: Borrower's confirmations regarding their circumstances

8. Execution: Signature blocks and witnessing requirements

Optional Sections

1. CPF Usage: Terms relating to CPF usage for mortgage payments when CPF funds are being used for mortgage payments

2. Additional Security: Details of any new security required when additional security is needed for the extension

3. Insurance Requirements: Modified insurance terms when insurance requirements are being modified

Suggested Schedules

1. Schedule 1 - Property Details: Full description of the mortgaged property

2. Schedule 2 - Original Mortgage Details: Summary of original mortgage terms

3. Schedule 3 - New Payment Schedule: Detailed amortization schedule for extended period

4. Schedule 4 - Conditions Precedent: List of conditions to be met before extension takes effect

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking
Real Estate
Legal Services
Insurance

Relevant Teams

Legal
Credit Risk
Mortgage Operations
Compliance
Customer Service

Relevant Roles

Mortgage Officer
Legal Counsel
Property Manager
Loan Officer
Compliance Officer

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Let's create your Mortgage Extension Agreement

Authors

Alex Denne

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