A Mortgage Variation Agreement is a crucial document used when parties to an existing mortgage in New Zealand need to modify their original arrangement. This agreement type is commonly used when borrowers request changes to their mortgage terms, such as adjusting interest rates, extending or reducing the loan term, changing payment schedules, or modifying security arrangements. The document must comply with New Zealand's Property Law Act 2007, Land Transfer Act 2017, and related banking regulations. It's essential for maintaining accurate records of mortgage modifications while ensuring all changes are properly documented and registered. The agreement includes details of the original mortgage, specific variations being made, and confirmations that other terms remain unchanged. This document is particularly important in the current financial climate where mortgage holders may need flexibility in their arrangements while lenders need to maintain proper security and documentation.
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1. Parties: Identifies all parties to the agreement including the mortgagor (borrower) and mortgagee (lender)
2. Background: Recitals explaining the existing mortgage and the reason for variation
3. Definitions: Defines key terms used in the agreement, including references to the original mortgage
4. Interpretation: Rules for interpreting the agreement, including relationship with original mortgage
5. Effective Date: Specifies when the variations take effect
6. Variations: Details of specific changes to the original mortgage terms
7. Confirmation: Confirms that all other terms of the original mortgage remain unchanged
8. Costs: Specifies who bears the costs of preparing and registering the variation
9. Registration: Provisions regarding the registration of the variation with the Land Registry
10. Representations and Warranties: Confirms parties' authority to enter into the variation
11. Execution: Signing provisions and execution requirements
1. Guarantor Consent: Required when the original mortgage has guarantors who must consent to the variation
2. Conditions Precedent: Include when there are specific conditions that must be met before the variation takes effect
3. Security Confirmation: Used when additional security documents need to be confirmed or modified
4. Financial Covenants: Include when varying financial obligations or introducing new financial requirements
5. Additional Property: Required when adding new property to the mortgage security
6. Release Provisions: Used when releasing any part of the secured property or releasing a guarantor
7. Default Remedies: Include when modifying the original default provisions
1. Schedule 1 - Original Mortgage Details: Details of the original mortgage including registration number and date
2. Schedule 2 - Varied Terms: Detailed list of all terms being varied, showing both original and new terms
3. Schedule 3 - Property Description: Legal description of the mortgaged property, including title references
4. Schedule 4 - Payment Schedule: If payment terms are varied, details new payment arrangements
5. Appendix A - Supporting Documents: Copies of relevant supporting documents (e.g., resolutions, consents)
6. Appendix B - Certificates: Any required certificates or formal confirmations
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