The Private Mortgage Note is a crucial document in Belgian real estate financing, used when a lender provides funds secured against real property. This instrument, subject to Belgian civil law and mortgage regulations, serves as both evidence of debt and security documentation. It must be executed before a notary and registered with the mortgage registry to be legally effective. The document typically includes comprehensive details about the loan terms, property description, parties' obligations, and enforcement procedures. Private Mortgage Notes are commonly used in Belgium for various lending scenarios, from private individual loans to institutional lending, and must comply with both domestic legislation and relevant EU directives. The document's format and content are specifically designed to meet Belgian legal requirements while protecting both lender and borrower interests.
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1. Parties: Identification of the lender and borrower with full legal names, addresses, and national registration numbers as required under Belgian law
2. Background: Context of the loan agreement and brief description of the property being mortgaged
3. Definitions: Key terms used throughout the document, including technical and legal terminology specific to Belgian mortgage law
4. Loan Amount and Purpose: Specification of the principal amount, currency, and intended use of the loan funds
5. Interest Rate: Details of the applicable interest rate, calculation method, and any adjustment mechanisms
6. Term and Repayment: Duration of the loan and detailed repayment schedule including payment amounts, dates, and methods
7. Security Interest: Description of the mortgage security, including property details and ranking of the mortgage
8. Property Description: Detailed legal description of the mortgaged property including cadastral references as required under Belgian law
9. Representations and Warranties: Borrower's declarations regarding property ownership, authority to enter agreement, and absence of prior encumbrances
10. Covenants: Ongoing obligations of the borrower including property maintenance, insurance, and payment of taxes
11. Events of Default: Circumstances that constitute default and trigger enforcement rights
12. Enforcement Rights: Lender's rights and remedies in case of default, compliant with Belgian enforcement procedures
13. Costs and Taxes: Allocation of notarial fees, registration duties, and other transaction costs
14. Governing Law and Jurisdiction: Confirmation of Belgian law application and competent courts
1. Insurance Requirements: Detailed insurance obligations when specific insurance coverage is required beyond standard property insurance
2. Prepayment Provisions: Terms for early repayment when permitted, including any penalties or calculations
3. Co-borrower Provisions: Additional terms when there are multiple borrowers involved
4. Construction Provisions: Special terms for properties under construction or renovation
5. Assignment and Transfer: Terms governing the transfer of the note or mortgage when transferability is desired
6. Property Usage Restrictions: Special conditions regarding property use when required for specific properties or circumstances
7. Environmental Provisions: Environmental warranties and obligations when property has potential environmental concerns
1. Repayment Schedule: Detailed amortization table showing all payments, interest, and principal allocations
2. Property Documents: Cadastral extracts, property plans, and relevant certificates
3. Insurance Certificates: Copies of required insurance policies and proof of coverage
4. Property Valuation: Professional valuation report of the mortgaged property
5. Prior Consents: Any required third-party consents or authorizations
6. Identity Documents: Copies of identification documents and proof of address for all parties
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