The Home Loan Promissory Note is a fundamental document in Danish residential property financing, used when individuals or entities borrow money to purchase, refinance, or renovate residential property. This document, governed by Danish law and regulated under the Danish Credit Agreements Act and Financial Business Act, serves as the borrower's formal promise to repay the loan according to specified terms. It must comply with strict Danish consumer protection regulations and financial services requirements, making it essential for establishing the legal relationship between lender and borrower. The document typically works in conjunction with mortgage documentation and must be properly registered with the Danish Land Registry system to ensure legal enforceability.
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Key Requirements PROMPT example:
Home Loan Promissory Note
I need a Home Loan Promissory Note for a fixed-rate residential mortgage of 2.5 million DKK with a 30-year term, starting March 1, 2025, for a single-family house in Copenhagen.
1. Parties: Identification of the lender (financial institution) and borrower(s), including full legal names, addresses, and identification numbers
2. Background: Brief context of the loan agreement and its purpose
3. Definitions: Key terms used throughout the document
4. Loan Amount and Purpose: Specification of the principal amount and confirmation that it is for home purchase/refinancing
5. Interest Rate: Details of the applicable interest rate, whether fixed or variable, and calculation method
6. Repayment Terms: Payment schedule, frequency, and method of payments
7. Security: Description of the property serving as security and mortgage details
8. Borrower's Representations: Confirmations regarding borrower's legal capacity, property ownership, and financial status
9. Events of Default: Circumstances that constitute default and consequences
10. Rights and Obligations: Key responsibilities of both parties, including maintenance of property and insurance requirements
11. Governing Law and Jurisdiction: Confirmation of Danish law application and jurisdiction
1. Co-Borrower Provisions: Additional terms when there are multiple borrowers, defining joint and several liability
2. Prepayment Terms: Include when early repayment options are offered, detailing any associated fees
3. Interest Rate Adjustment: Required for variable rate loans, detailing the mechanism for rate changes
4. Property Usage Restrictions: Include when there are specific requirements about property use
5. Insurance Requirements: Detailed insurance requirements beyond standard property insurance
6. Third-Party Guarantees: Include when the loan includes a guarantor
7. Construction Provisions: Required when the loan involves property under construction
1. Property Description Schedule: Detailed legal description of the mortgaged property, including land registry details
2. Payment Schedule: Amortization table showing payment breakdown over the loan term
3. Interest Rate Terms: Detailed terms for interest calculation and adjustment (especially for variable rate loans)
4. Insurance Requirements: Specific insurance requirements and minimum coverage amounts
5. Fee Schedule: List of applicable fees and charges
6. Property Valuation Report: Official valuation of the property (may be referenced as an appendix)
7. Required Documents List: Checklist of supporting documents required for loan completion
Authors
Relevant legal definitions
Agreement
Annual Percentage Rate (APR)
Applicable Law
Banking Day
Borrower
Business Day
Collateral
Danish Land Registry
Default Interest Rate
Event of Default
Fixed Interest Period
Interest Payment Date
Interest Period
Interest Rate
Lender
Loan
Loan Amount
Maturity Date
Mortgage
Mortgaged Property
Payment Date
Principal
Property
Property Value
Reference Rate
Repayment Schedule
Security
Security Documents
Term of the Loan
Title Documents
Variable Interest Rate
Property Registration Number
Prepayment Fee
Insurance Requirements
Loan Purpose
Outstanding Balance
Payment Account
Registered Address
Signing Date
Valuation Report
Annual Percentage Rate (APR)
Applicable Law
Banking Day
Borrower
Business Day
Collateral
Danish Land Registry
Default Interest Rate
Event of Default
Fixed Interest Period
Interest Payment Date
Interest Period
Interest Rate
Lender
Loan
Loan Amount
Maturity Date
Mortgage
Mortgaged Property
Payment Date
Principal
Property
Property Value
Reference Rate
Repayment Schedule
Security
Security Documents
Term of the Loan
Title Documents
Variable Interest Rate
Property Registration Number
Prepayment Fee
Insurance Requirements
Loan Purpose
Outstanding Balance
Payment Account
Registered Address
Signing Date
Valuation Report
Clauses
Loan Terms
Interest Rate
Repayment
Security
Property
Default
Representations and Warranties
Borrower Obligations
Lender Rights
Insurance
Property Maintenance
Assignment
Notices
Amendment
Severability
Force Majeure
Governing Law
Jurisdiction
Registration
Prepayment
Events of Default
Enforcement
Costs and Expenses
Tax
Indemnification
Entire Agreement
Counterparts
Survival
Third Party Rights
Consumer Protection
Data Protection
Interest Rate
Repayment
Security
Property
Default
Representations and Warranties
Borrower Obligations
Lender Rights
Insurance
Property Maintenance
Assignment
Notices
Amendment
Severability
Force Majeure
Governing Law
Jurisdiction
Registration
Prepayment
Events of Default
Enforcement
Costs and Expenses
Tax
Indemnification
Entire Agreement
Counterparts
Survival
Third Party Rights
Consumer Protection
Data Protection
Relevant Industries
Banking
Financial Services
Real Estate
Mortgage Lending
Legal Services
Insurance
Property Development
Construction
Public Administration
Relevant Teams
Legal
Compliance
Credit Risk
Mortgage Operations
Document Processing
Customer Service
Underwriting
Property Valuation
Risk Management
Retail Banking
Relevant Roles
Loan Officer
Mortgage Advisor
Legal Counsel
Compliance Officer
Credit Manager
Real Estate Agent
Property Lawyer
Banking Executive
Underwriter
Risk Manager
Document Specialist
Financial Advisor
Branch Manager
Mortgage Broker
Property Valuer
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