The Mortgage Loan Sale Agreement is a crucial document used in India's financial services sector when a financial institution wishes to transfer mortgage loans from its portfolio to another entity. This transaction type has become increasingly common as banks and financial institutions manage their loan portfolios, maintain regulatory capital requirements, and optimize their balance sheets. The agreement must comply with various Indian regulations, including the Transfer of Property Act, 1882, Banking Regulation Act, 1949, and SARFAESI Act, 2002. It details the terms of sale, purchase price, representations and warranties, and transfer mechanics while ensuring proper documentation for regulatory compliance. The document is particularly important in scenarios involving portfolio sales, securitization transactions, or strategic divestitures of mortgage assets.
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1. Parties: Identification of the seller (original lender) and purchaser of the mortgage loans
2. Background: Context of the transaction, including the existence of the mortgage loans and the seller's right to sell them
3. Definitions: Definitions of key terms used throughout the agreement
4. Sale and Purchase: Core transaction terms including the agreement to sell and purchase the mortgage loans
5. Purchase Price and Payment: Details of the purchase consideration and payment mechanics
6. Conditions Precedent: Conditions that must be satisfied before completion of the sale
7. Completion: Process and requirements for completing the transfer of the mortgage loans
8. Representations and Warranties: Statements of fact and assurances from both parties, particularly regarding the loans' status
9. Seller's Covenants: Ongoing obligations of the seller post-completion
10. Purchaser's Covenants: Ongoing obligations of the purchaser post-completion
11. Risk Transfer: Provisions regarding transfer of risk related to the mortgage loans
12. Regulatory Compliance: Compliance with applicable laws and regulations
13. Indemnification: Provisions for compensation in case of breach or losses
14. Confidentiality: Obligations regarding confidential information
15. Notices: Process for formal communications between parties
16. Governing Law and Jurisdiction: Applicable law and courts for dispute resolution
17. Miscellaneous: Standard boilerplate provisions including severability, entire agreement, etc.
1. Servicing Arrangements: Used when the servicing of the loans is being transferred or new servicing arrangements are being made
2. Portfolio Sale Specifics: Included when selling multiple loans, detailing portfolio-specific terms and conditions
3. Non-Performing Loan Provisions: Special provisions for non-performing loans including recovery procedures
4. Security Trustee Provisions: Required when a security trustee is involved in the transaction
5. Data Protection: Detailed data protection provisions when significant personal data is involved
6. Future Receivables: Provisions dealing with future receivables if applicable to the transaction
7. Third Party Rights: Provisions regarding rights of third parties affected by the transfer
8. Insurance Arrangements: Used when specific insurance arrangements need to be transferred or maintained
1. Schedule 1 - Loan Details: Detailed information about each mortgage loan being sold, including principal amounts, interest rates, and maturity dates
2. Schedule 2 - Property Details: Details of the mortgaged properties securing the loans
3. Schedule 3 - Form of Transfer Instruments: Templates for documents required to effect the transfer
4. Schedule 4 - Loan Documents: List of all relevant loan documentation being transferred
5. Schedule 5 - Completion Requirements: Detailed checklist of completion requirements and documents
6. Schedule 6 - Seller's Power of Attorney: Form of power of attorney granted by seller to purchaser if required
7. Appendix A - Eligibility Criteria: Criteria that the loans must meet for inclusion in the sale
8. Appendix B - Due Diligence Findings: Summary of due diligence conducted and any identified issues
9. Appendix C - Regulatory Approvals: List of required regulatory approvals and their status
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