The Mortgage Sales Contract is essential for transactions involving the transfer of mortgage portfolios in England and Wales. It is commonly used in portfolio sales, securitizations, and bank restructuring scenarios. The document ensures compliance with UK financial regulations while protecting the interests of all parties involved. It includes detailed provisions for the transfer of mortgage rights, obligations, and security interests, along with representations and warranties about the quality of the mortgage assets. This contract type is particularly relevant in the current market where mortgage portfolio trading and securitization have become increasingly common.
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1. Parties: Identification of lender, borrower, and any guarantors, including full legal names and addresses
2. Background: Context of the mortgage sale, including property details, purpose of the agreement, and reference to relevant regulations
3. Definitions: Definitions of key terms used throughout the agreement, including financial, legal, and property-related terminology
4. Sale Details: Specific terms of the mortgage sale including price, payment terms, and completion date
5. Property Description: Detailed description of the mortgaged property, including title information and registered details
6. Representations and Warranties: Statements of fact about the mortgage and property, including seller's warranties and buyer's acknowledgments
7. Completion Requirements: Conditions for completing the sale, including required documentation and regulatory compliance
8. Regulatory Compliance: Specific provisions ensuring compliance with FSMA, CCA, and FCA requirements
9. Default and Remedies: Consequences of default and available remedies for both parties
1. Third Party Rights: Optional section addressing rights of parties not directly involved in the contract, used when third parties have interest in the property
2. Assignment Provisions: Terms for transferring rights under the contract, included when assignment rights are relevant to the transaction
3. Break Clauses: Conditions for early termination of the agreement, included when early termination options are offered
4. Data Protection: Specific provisions for handling personal data under GDPR, included when extensive personal data processing is involved
1. Schedule 1 - Property Details: Detailed property information including title details, boundaries, and registered charges
2. Schedule 2 - Payment Schedule: Detailed breakdown of payment terms, dates, and calculation of interest rates
3. Schedule 3 - Mortgage Terms: Full terms and conditions of the mortgage including repayment terms and conditions
4. Schedule 4 - Required Documentation: Comprehensive list of documents required for completion of the mortgage sale
5. Schedule 5 - Property Searches: Results of property searches, surveys, and environmental reports
6. Appendix A - Regulatory Disclosures: Required regulatory information and disclaimers under FSMA and FCA requirements
Relevant legal definitions
Agreement
Applicable Law
Business Day
Completion Date
Confidential Information
Cut-off Date
Effective Date
Encumbrance
Event of Default
FCA
Financial Conduct Authority Rules
FSMA
Legal Title
Lender
Loan
Material Adverse Effect
Mortgage
Mortgage Account
Mortgage Conditions
Mortgage Documents
Mortgage Portfolio
Mortgaged Property
Outstanding Principal Balance
Party/Parties
Purchase Price
Purchaser
Related Security
Relevant Mortgage
Seller
Security Interest
Servicing Agreement
Title Documents
Transfer Date
Transfer Documents
Valuation Report
VAT
Working Day
Applicable Law
Business Day
Completion Date
Confidential Information
Cut-off Date
Effective Date
Encumbrance
Event of Default
FCA
Financial Conduct Authority Rules
FSMA
Legal Title
Lender
Loan
Material Adverse Effect
Mortgage
Mortgage Account
Mortgage Conditions
Mortgage Documents
Mortgage Portfolio
Mortgaged Property
Outstanding Principal Balance
Party/Parties
Purchase Price
Purchaser
Related Security
Relevant Mortgage
Seller
Security Interest
Servicing Agreement
Title Documents
Transfer Date
Transfer Documents
Valuation Report
VAT
Working Day
Clauses
Sale and Purchase
Purchase Price and Payment
Completion
Conditions Precedent
Representations and Warranties
Transfer of Rights
Security Arrangements
Servicing Arrangements
Warranties about the Mortgages
Warranties about the Properties
Further Assurance
Confidentiality
Data Protection
Regulatory Compliance
Assignment and Transfer
Notices
Costs and Expenses
Interest
Set-off Rights
Amendments and Waivers
Severability
Entire Agreement
Force Majeure
Governing Law
Jurisdiction
Counterparts
Third Party Rights
Indemnification
Termination
Default and Remedies
Purchase Price and Payment
Completion
Conditions Precedent
Representations and Warranties
Transfer of Rights
Security Arrangements
Servicing Arrangements
Warranties about the Mortgages
Warranties about the Properties
Further Assurance
Confidentiality
Data Protection
Regulatory Compliance
Assignment and Transfer
Notices
Costs and Expenses
Interest
Set-off Rights
Amendments and Waivers
Severability
Entire Agreement
Force Majeure
Governing Law
Jurisdiction
Counterparts
Third Party Rights
Indemnification
Termination
Default and Remedies
Relevant Industries
Relevant Teams
Relevant Roles
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