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Mortgage Loan Assumption Agreement
I need a Mortgage Loan Assumption Agreement under Danish law for a commercial property in Copenhagen, where a corporate entity is assuming a €2.5M mortgage from a private seller, with the assumption to be effective from March 1, 2025.
1. Parties: Identification of all parties: original borrower (assignor), assuming party (assignee), and lender
2. Background: Context of the original mortgage, reason for assumption, and property details
3. Definitions: Definitions of key terms used throughout the agreement
4. Original Loan Details: Description of the original mortgage loan being assumed, including principal amount, interest rate, and payment terms
5. Terms of Assumption: Core terms of the assumption, including effective date and scope of assumed obligations
6. Representations and Warranties: Statements of fact and assurances from both assignor and assignee
7. Conditions Precedent: Requirements that must be met before the assumption becomes effective
8. Release of Original Borrower: Terms under which the original borrower is released from obligations
9. Payment Terms: Ongoing payment obligations, including any modified terms
10. Property Maintenance Obligations: Requirements for maintaining the mortgaged property
11. Default Provisions: Consequences of default under the assumed mortgage
12. Notices: Requirements for formal communications between parties
13. Governing Law and Jurisdiction: Confirmation of Danish law application and jurisdiction
14. Signature Page: Execution blocks for all parties
1. Co-Signer Provisions: Required when there are additional guarantors or co-signers for the assuming party
2. Insurance Requirements: Detailed insurance obligations when specific coverage is required beyond standard requirements
3. Property Management: Required when the property is subject to specific management requirements
4. Environmental Provisions: Required when the property has known environmental issues or specific environmental requirements
5. Assignment and Subletting: Required when there are specific restrictions or permissions regarding future transfers
6. Renovation/Construction Obligations: Required when the property is subject to ongoing or planned construction work
7. Special Payment Arrangements: Required when incorporating non-standard payment terms or schedules
1. Original Mortgage Deed: Copy of the original mortgage deed being assumed
2. Property Description: Detailed legal description of the mortgaged property
3. Payment Schedule: Detailed amortization schedule showing payment obligations
4. Condition Report: Current condition assessment of the mortgaged property
5. Due Diligence Documents: Key property and financial documentation provided during due diligence
6. Required Insurance Certificates: Proof of required insurance coverage
7. Land Registry Extract: Current extract from the Danish Land Registry showing property details and encumbrances
8. Consent Documents: Required consents from lender, regulatory authorities, or other relevant parties
Authors
Assumption Date
Assignor
Assignee
Business Day
Completion
Completion Date
Conditions Precedent
Default Event
Due Diligence Materials
Effective Date
Encumbrance
Environmental Laws
Existing Mortgage
Land Registry
Lender
Loan Amount
Loan Documents
Mortgage Deed
Mortgaged Property
Original Loan Agreement
Outstanding Balance
Payment Date
Permitted Encumbrances
Property
Property Register
Registration
Relevant Authority
Security
Security Documents
Signing Date
Tinglysning
Title Documents
Transfer Documents
Working Day
Definitions
Assumption of Mortgage
Transfer of Rights
Consideration
Payment Terms
Property Description
Representations and Warranties
Conditions Precedent
Covenants
Security
Release of Original Borrower
Property Maintenance
Insurance
Default
Acceleration
Remedies
Assignment
Notices
Force Majeure
Severability
Amendment
Entire Agreement
Governing Law
Jurisdiction
Registration
Costs and Expenses
Indemnification
Compliance with Laws
Further Assurance
Counterparts
Waiver
Confidentiality
Data Protection
Mortgage Terms
Property Access
Environmental Compliance
Due Diligence
Property Title
Encumbrances
Real Estate
Banking & Financial Services
Mortgage Lending
Legal Services
Insurance
Property Development
Construction
Property Management
Legal
Real Estate
Mortgage Operations
Risk Management
Compliance
Credit Assessment
Property Management
Transaction Services
Due Diligence
Document Management
Real Estate Lawyer
Mortgage Advisor
Bank Manager
Property Manager
Real Estate Agent
Legal Counsel
Compliance Officer
Credit Risk Manager
Property Appraiser
Financial Advisor
Real Estate Investment Manager
Mortgage Underwriter
Transaction Manager
Due Diligence Specialist
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