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1. Parties: Identifies and provides full details of the Seller, Buyer, and Current Mortgagee (financial institution)
2. Background: Outlines the current ownership of the motorcycle, existing mortgage details, and intention to transfer both ownership and mortgage obligations
3. Definitions: Defines key terms used throughout the agreement including Property, Existing Mortgage, Settlement Date, etc.
4. Sale and Purchase: Details the agreement to sell and purchase the motorcycle, including the purchase price and payment terms
5. Mortgage Assumption: Specifies the terms of mortgage assumption, remaining balance, and payment obligations
6. Representations and Warranties: Seller's warranties regarding ownership, motorcycle condition, and existing mortgage; Buyer's warranties regarding financial capacity
7. Completion Requirements: Lists all requirements for completing the transfer, including documentation, payments, and registrations
8. Transfer Process: Details the process for transferring both ownership and mortgage, including traffic authority requirements
9. Costs and Taxes: Allocates responsibility for transfer fees, registration costs, and any applicable taxes
10. Governing Law and Jurisdiction: Specifies UAE law as governing law and establishes jurisdiction for disputes
1. Condition Report: Detailed section about motorcycle condition, used when the motorcycle is sold as-is or has specific known issues
2. Insurance Requirements: Added when specific insurance requirements need to be met before transfer
3. Broker Involvement: Required when a broker is involved in facilitating the sale and mortgage transfer
4. Default Provisions: Additional provisions regarding default scenarios, included when requested by the mortgagee
5. Maintenance Records: Section detailing maintenance history, included for premium or collector motorcycles
1. Schedule 1: Motorcycle Details: Comprehensive description of the motorcycle including make, model, year, VIN, registration number, and specifications
2. Schedule 2: Existing Mortgage Details: Details of the current mortgage including original amount, outstanding balance, payment terms, and mortgage account number
3. Schedule 3: Transfer Documents: List of all required documents for transfer from traffic authority and mortgage provider
4. Schedule 4: Payment Schedule: Detailed breakdown of all payments including purchase price, mortgage payments, and transfer fees
5. Appendix A: Motorcycle Photographs: Recent photographs of the motorcycle documenting its current condition
6. Appendix B: Maintenance Records: Copies of service history and maintenance records
Assumption Date
Authorizations
Business Day
Buyer
Completion
Completion Date
Condition Report
Consideration
Default Event
Effective Date
Encumbrance
Existing Mortgage
Financial Institution
Governing Law
Insurance Policy
Liabilities
Motorcycle
Mortgage Account
Mortgage Balance
Motorcycle Documents
Outstanding Amount
Parties
Payment Schedule
Purchase Price
Registration Authority
Relevant Authority
Seller
Settlement Date
Termination Event
Transfer Documents
Transfer Fees
UAE
Vehicle Identification Number
Warranties
Interpretation
Definitions
Sale and Purchase
Purchase Price
Mortgage Assumption
Payment Terms
Conditions Precedent
Completion
Representations and Warranties
Title Transfer
Registration Requirements
Insurance
Seller Obligations
Buyer Obligations
Mortgagee Consent
Default
Indemnification
Force Majeure
Notices
Assignment
Amendments
Severability
Entire Agreement
Costs and Expenses
Governing Law
Dispute Resolution
Execution
Automotive
Financial Services
Banking
Insurance
Legal Services
Transportation
Consumer Goods
Retail
Legal
Finance
Compliance
Risk Management
Sales
Operations
Customer Service
Documentation
Vehicle Registration
Underwriting
Legal Counsel
Finance Manager
Automotive Sales Manager
Loan Officer
Compliance Officer
Vehicle Registration Officer
Contract Administrator
Risk Manager
Insurance Underwriter
Banking Relationship Manager
Motorcycle Dealer
Property Transfer Specialist
Islamic Finance Specialist
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