The Land Mortgage Agreement is a fundamental document used in Saudi Arabian real estate financing transactions to create a security interest over real property. It is essential when a property owner (mortgagor) seeks financing and offers their real estate as security to a financial institution (mortgagee). The agreement must strictly comply with Saudi Arabia's Real Estate Mortgage Law, Finance Laws, and Shariah principles, making it distinct from conventional mortgages in other jurisdictions. The document includes comprehensive details about the mortgaged property, secured obligations, parties' rights and responsibilities, and enforcement mechanisms. It requires registration with relevant authorities and must include specific provisions ensuring its enforceability under Saudi law while maintaining Shariah compliance. This type of agreement is particularly crucial in the Saudi Arabian market where all financial transactions must align with Islamic finance principles.
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1. Parties: Identification of the Mortgagor (property owner) and Mortgagee (financial institution), including full legal names and details
2. Background: Context of the mortgage agreement, including reference to the underlying financing arrangement and Shariah compliance declaration
3. Definitions: Key terms used throughout the agreement, including technical and legal terminology
4. Property Details: Comprehensive description of the mortgaged property, including its location, boundaries, and title information
5. Secured Obligations: Details of the debt or obligations secured by the mortgage, including the principal amount and profit rate
6. Creation of Mortgage: Express provisions creating the mortgage and its registration requirements
7. Representations and Warranties: Mortgagor's declarations regarding property ownership, authority to mortgage, and absence of encumbrances
8. Covenants: Ongoing obligations of the Mortgagor regarding property maintenance, insurance, and payment of taxes
9. Events of Default: Circumstances constituting default and their consequences
10. Enforcement Rights: Mortgagee's rights and remedies upon default, including power of sale
11. Term and Termination: Duration of the mortgage and conditions for its release
12. Notices: Communication procedures between parties
13. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction of Saudi courts
1. Insurance Requirements: Detailed insurance obligations when the property requires specific coverage
2. Property Management: Required when the property is income-generating or requires special management arrangements
3. Construction Provisions: For properties under construction or development
4. Multiple Owners: Special provisions when the property has multiple owners
5. Priority Rights: When there are multiple mortgages or security interests on the property
6. Assignment and Transfer: Provisions for transferability of mortgage rights, if permitted
7. Environmental Matters: For properties with potential environmental concerns or obligations
1. Property Description Schedule: Detailed technical description of the property, including maps and plans
2. Payment Schedule: Breakdown of payment obligations and profit calculations
3. Title Documents: Copies of property ownership documents and title deeds
4. Facility Agreement Extract: Relevant excerpts from the underlying financing agreement
5. Property Valuation Report: Professional valuation of the mortgaged property
6. Required Permits: Copies of relevant governmental permits and approvals
7. Insurance Certificates: Copies of required insurance policies
8. Power of Attorney: If applicable, power of attorney for mortgage registration or enforcement
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