The Mortgage Deferral Agreement is utilized when borrowers require temporary relief from their mortgage payment obligations in Saudi Arabia. This document becomes necessary during periods of financial hardship, market disruption, or when specific circumstances warrant payment flexibility. The agreement modifies the original mortgage terms while ensuring continued compliance with Islamic finance principles and Saudi banking regulations. It typically includes detailed provisions for the deferral period, revised payment schedules, and conditions for resuming regular payments. The document must receive approval from the financial institution's Shariah board and comply with the Real Estate Finance Law and SAMA guidelines.
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1. Parties: Identification of the financial institution (mortgagee) and the borrower (mortgagor)
2. Background: Context of the original mortgage agreement and circumstances leading to the deferral request
3. Definitions: Key terms used throughout the agreement, including 'Deferral Period', 'Original Mortgage Agreement', and 'Deferred Amount'
4. Deferral Terms: Specific details of the deferral arrangement, including duration and payment modifications
5. Shariah Compliance Declaration: Statement confirming the deferral arrangement complies with Islamic finance principles
6. Effect on Original Agreement: Clarification that all other terms of the original mortgage remain unchanged
7. Payment Schedule Modification: Details of how the payment schedule will be adjusted during and after the deferral period
8. Representations and Warranties: Confirmations from both parties regarding their capacity and authority to enter into the deferral agreement
9. Default Provisions: Consequences of failing to comply with the modified payment terms
10. Governing Law and Jurisdiction: Confirmation that Saudi law and Shariah principles govern the agreement
1. Additional Security: Required when extra security is being provided for the deferred amounts
2. Financial Hardship Declaration: Include when the deferral is specifically due to documented financial hardship
3. Government Support Schemes: Include when the deferral is part of a government-backed support program
4. Third Party Guarantor Consent: Required when the original mortgage includes a guarantor
5. Insurance Provisions: Include when insurance arrangements need modification during the deferral period
1. Schedule 1 - Modified Payment Schedule: Detailed breakdown of the new payment schedule including deferred amounts
2. Schedule 2 - Original Mortgage Agreement: Copy or reference to the original mortgage agreement being modified
3. Schedule 3 - Financial Hardship Evidence: Documentation supporting the need for deferral (if applicable)
4. Appendix A - Shariah Board Approval: Confirmation from the institution's Shariah board approving the deferral structure
5. Appendix B - Calculation Methodology: Explanation of how deferred payments and any fees are calculated
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