A Mortgage Lease Agreement is a specialized legal instrument used in New Zealand when a property owner seeks to both secure financing through a mortgage and lease the property to a tenant under a single consolidated agreement. This document type is particularly useful in commercial property arrangements where the property owner wants to maintain clear documentation of both the financing structure and the lease terms. The agreement must comply with New Zealand property law requirements, including the Property Law Act 2007 and relevant financial regulations. It includes detailed provisions for mortgage terms (such as principal, interest, and payment schedules), comprehensive lease conditions (including rent, term, and permitted use), and specific clauses addressing the intersection of these two aspects. This document type is commonly used in commercial property development, investment properties, and complex real estate arrangements where integrated documentation of mortgage and lease terms is beneficial.
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1. Parties: Identifies and defines all parties to the agreement - the mortgagor/lessor, mortgagee, and lessee
2. Background: Sets out the context of the agreement, including property ownership and intention to create both mortgage and lease arrangements
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. Property Details: Specific details of the mortgaged and leased property, including legal description and title references
5. Mortgage Terms: Core mortgage provisions including principal sum, interest rate, payment terms, and security arrangements
6. Lease Terms: Essential lease provisions including term, rent, payment schedules, and permitted use
7. Tenant Covenants: Obligations of the tenant including maintenance, insurance, and compliance with regulations
8. Landlord Covenants: Obligations of the landlord including property maintenance and quiet enjoyment
9. Default and Remedies: Consequences of default under either mortgage or lease provisions and available remedies
10. Insurance Requirements: Mandatory insurance coverage for property and improvements
11. Assignment and Subletting: Conditions under which the lease may be assigned or the property sublet
12. Termination: Circumstances and procedures for terminating the agreement
13. General Provisions: Standard clauses covering notices, amendments, governing law, and dispute resolution
1. Guarantor Provisions: Required when there are guarantors for either the mortgage or lease obligations
2. Alterations and Improvements: Include when the lessee is permitted to make property modifications
3. Environmental Matters: Required for properties with specific environmental considerations or obligations
4. Property Management: Include when specific property management arrangements are needed
5. Body Corporate Provisions: Required for properties subject to body corporate rules
6. Development Rights: Include when future development of the property is contemplated
7. Option to Purchase: Include when the lessee is granted an option to purchase the property
8. GST Provisions: Required when GST applies to the transaction
1. Schedule 1 - Property Description: Detailed legal description of the property including title references and plans
2. Schedule 2 - Payment Schedule: Detailed breakdown of mortgage payments and rent payment schedules
3. Schedule 3 - Permitted Use: Specific details of allowed property usage and any restrictions
4. Schedule 4 - Maintenance Schedule: Detailed maintenance obligations of both parties
5. Schedule 5 - Condition Report: Initial condition report of the property
6. Schedule 6 - Insurance Requirements: Detailed insurance requirements and minimum coverage
7. Appendix A - Property Plans: Property plans and drawings
8. Appendix B - Mortgagee's Standard Terms: Standard mortgage terms and conditions
9. Appendix C - Special Conditions: Any special conditions or variations to standard terms
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