The Second Mortgage Agreement is essential in Hong Kong's property financing landscape, particularly when property owners seek additional financing while maintaining an existing first mortgage. This document is typically used when borrowers require additional funds using their property as collateral, but the original mortgage remains in place. The agreement must carefully balance the rights of all parties involved, ensuring compliance with Hong Kong's property laws, banking regulations, and registration requirements. It includes crucial details about the loan amount, interest rates, repayment terms, and the relationship between first and second mortgages. The document is structured to protect the second mortgagee's interests while acknowledging the priority of the first mortgage, incorporating specific provisions required under Hong Kong law for creating and enforcing secondary security interests in real property.
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1. Parties: Identifies and defines the Mortgagor, Second Mortgagee, and acknowledgment of First Mortgagee
2. Background: Recitals explaining the existing first mortgage, purpose of the second mortgage, and current status of the property
3. Definitions and Interpretation: Defines key terms and explains how the agreement should be interpreted
4. Creation of Second Mortgage: Legal provisions creating the second mortgage and acknowledging its subordination to the first mortgage
5. Loan Amount and Interest: Specifies the principal amount, interest rate, calculation method, and payment terms
6. Security: Details of the property being mortgaged and the nature of the security interest
7. Mortgagor's Covenants: Mortgagor's obligations including property maintenance, insurance, payment of rates and taxes
8. Representations and Warranties: Mortgagor's declarations regarding property ownership, first mortgage status, and authority to enter agreement
9. Events of Default: Circumstances constituting default and consequences thereof
10. Enforcement Rights: Second mortgagee's rights and remedies upon default, subject to first mortgagee's priority
11. Costs and Expenses: Allocation of legal fees, registration fees, and other costs
12. Notices: Communication requirements and contact details
13. General Provisions: Standard clauses including governing law, jurisdiction, and severability
1. Insurance Requirements: Detailed insurance obligations when the second mortgagee requires specific insurance coverage beyond first mortgage requirements
2. Property Management: Additional property management requirements when the property is commercial or includes special facilities
3. Cross-Default Provisions: Provisions linking default under other loans when the mortgagor has multiple facilities with the second mortgagee
4. Guarantor Provisions: When a guarantor is providing additional security for the second mortgage
5. Special Purpose Vehicle Provisions: Additional provisions when the mortgagor is an SPV or holding company
6. First Mortgagee Consent: Specific terms required by the first mortgagee, if any
7. Assignment Provisions: Detailed provisions for assignment of rental income when the property is leased
1. Property Details: Detailed property description, lot number, and registration particulars
2. First Mortgage Details: Summary of first mortgage terms, lender details, and outstanding amount
3. Payment Schedule: Detailed repayment schedule including principal and interest payments
4. Insurance Requirements: Specific insurance requirements and minimum coverage amounts
5. Form of Notice to First Mortgagee: Template for required notifications to first mortgagee
6. Property Valuation Report: Recent valuation report or summary of property value
7. Existing Tenancy Details: If property is leased, details of existing tenancies and rental income
Relevant legal definitions
Agreement
Business Day
Completion
Default Interest Rate
Default Notice
Encumbrance
Events of Default
Existing Mortgage
First Mortgagee
First Mortgage
Government Authority
Hong Kong
Interest Payment Date
Interest Period
Interest Rate
Land Registry
Legal Requirements
Loan
Loan Amount
Material Adverse Effect
Mortgage
Mortgaged Property
Mortgagor
Outstanding Amount
Party/Parties
Payment Date
Permitted Security Interest
Property
Reference Rate
Repayment Date
Secured Obligations
Second Mortgagee
Security
Security Documents
Taxes
Term
Title Documents
Transaction Documents
Valuation Report
Business Day
Completion
Default Interest Rate
Default Notice
Encumbrance
Events of Default
Existing Mortgage
First Mortgagee
First Mortgage
Government Authority
Hong Kong
Interest Payment Date
Interest Period
Interest Rate
Land Registry
Legal Requirements
Loan
Loan Amount
Material Adverse Effect
Mortgage
Mortgaged Property
Mortgagor
Outstanding Amount
Party/Parties
Payment Date
Permitted Security Interest
Property
Reference Rate
Repayment Date
Secured Obligations
Second Mortgagee
Security
Security Documents
Taxes
Term
Title Documents
Transaction Documents
Valuation Report
Clauses
Definitions
Interpretation
Loan and Purpose
Security Creation
Subordination
Representations and Warranties
Property Maintenance
Insurance
Payment Obligations
Interest
Default Interest
Events of Default
Enforcement Rights
Assignment
Set-Off Rights
Tax Provisions
Costs and Expenses
Property Related Covenants
Further Assurance
Notices
Amendments
Severability
Governing Law
Jurisdiction
Entire Agreement
Transfer and Assignment
Registration
Indemnification
Remedies and Waivers
Force Majeure
Confidentiality
Priority of Mortgages
Insurance Requirements
Property Inspection
Financial Covenants
Reporting Requirements
Counterparts
Interpretation
Loan and Purpose
Security Creation
Subordination
Representations and Warranties
Property Maintenance
Insurance
Payment Obligations
Interest
Default Interest
Events of Default
Enforcement Rights
Assignment
Set-Off Rights
Tax Provisions
Costs and Expenses
Property Related Covenants
Further Assurance
Notices
Amendments
Severability
Governing Law
Jurisdiction
Entire Agreement
Transfer and Assignment
Registration
Indemnification
Remedies and Waivers
Force Majeure
Confidentiality
Priority of Mortgages
Insurance Requirements
Property Inspection
Financial Covenants
Reporting Requirements
Counterparts
Relevant Industries
Banking and Financial Services
Real Estate
Property Development
Mortgage Lending
Legal Services
Property Investment
Corporate Services
Financial Technology
Property Management
Relevant Teams
Legal
Compliance
Credit Risk
Real Estate
Mortgage Operations
Property Management
Corporate Banking
Retail Banking
Document Management
Financial Control
Risk Management
Relevant Roles
Mortgage Officer
Property Lawyer
Real Estate Manager
Credit Risk Officer
Loan Officer
Compliance Officer
Property Valuer
Banking Manager
Legal Counsel
Corporate Secretary
Financial Controller
Credit Analyst
Relationship Manager
Property Investment Manager
Mortgage Broker
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