The Agreement For Loan Against Property is a crucial financial instrument in South African banking and lending practice, used when a borrower seeks financing secured against immovable property. This document is essential for both commercial and residential property financing, combining elements of credit and property law under South African jurisdiction. It must comply with the National Credit Act 34 of 2005, the Alienation of Land Act, and other relevant legislation. The agreement typically includes comprehensive details about the loan facility, property security arrangements, borrower obligations, and enforcement mechanisms. It's commonly used by financial institutions, property developers, and individual property owners seeking to leverage their property assets for financing, while ensuring proper protection for both lender and borrower interests under South African law.
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1. Parties: Identification of the Lender and Borrower with full legal names, registration numbers or identity numbers, and addresses
2. Background: Context of the loan agreement, including the Borrower's request for the loan and the Lender's agreement to provide it against property security
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules for interpreting the agreement
4. Loan Amount and Purpose: Specification of the loan amount, purpose, and any conditions precedent for disbursement
5. Interest and Charges: Interest rate, calculation method, and other charges as per National Credit Act requirements
6. Repayment Terms: Repayment schedule, method of payment, and early repayment provisions
7. Security Arrangements: Details of the property provided as security, including registration of mortgage bond
8. Borrower's Representations and Warranties: Statements about the Borrower's legal capacity, property ownership, and other material facts
9. Borrower's Obligations: Ongoing obligations regarding property maintenance, insurance, and compliance with laws
10. Events of Default: Circumstances constituting default and consequences thereof
11. Lender's Rights and Remedies: Actions the Lender may take in case of default, subject to legal requirements
12. General Provisions: Standard clauses including notices, amendments, governing law, and jurisdiction
1. Co-Borrower Provisions: Additional terms when there are multiple borrowers - used when loan is taken jointly
2. Insurance Requirements: Detailed insurance obligations - used when specific insurance requirements exceed standard property insurance
3. Property Letting Restrictions: Terms governing the letting of the secured property - used when allowing or restricting rental of the property
4. Guarantor Provisions: Terms applying to guarantors - used when there are third-party guarantors
5. Special Drawdown Conditions: Specific conditions for loan disbursement - used for phased disbursement or special funding conditions
6. Property Development Conditions: Terms governing property improvements or development - used when loan includes development funding
1. Property Description Schedule: Detailed legal description of the property including erf number, title deed details, and physical address
2. Repayment Schedule: Detailed breakdown of repayment installments, dates, and amortization schedule
3. Cost Schedule: Breakdown of all costs, fees, and charges as required by the National Credit Act
4. Insurance Requirements Schedule: Detailed insurance requirements including minimum coverage amounts
5. Pre-agreement Statement and Quotation: Statutory pre-agreement disclosure as required by the National Credit Act
6. Additional Security Schedule: Details of any additional security or collateral provided beyond the primary property
Relevant legal definitions
Agreement
Applicable Laws
Borrower
Business Day
Conditions Precedent
Default Interest Rate
Default Event
Effective Date
Encumbrance
Financial Indebtedness
Financial Statements
Facility
Interest Payment Date
Interest Period
Interest Rate
Lender
Loan
Loan Amount
Material Adverse Effect
Mortgage Bond
National Credit Act
Outstanding Amount
Party/Parties
Payment Date
Permitted Encumbrance
Principal Amount
Property
Property Documents
Registered Owner
Repayment Schedule
Security
Security Documents
Signature Date
Title Deed
Transfer
Transfer Date
Valuation
VAT
Mortgage Bond Register
Credit Provider
Consumer
Initiation Fee
Service Fee
Credit Insurance
Credit Agreement
Fixed Interest Rate
Variable Interest Rate
Prime Rate
Occupancy Rights
Municipal Rates and Taxes
Insurance Proceeds
Improvements
Guarantor
Legal Costs
Applicable Laws
Borrower
Business Day
Conditions Precedent
Default Interest Rate
Default Event
Effective Date
Encumbrance
Financial Indebtedness
Financial Statements
Facility
Interest Payment Date
Interest Period
Interest Rate
Lender
Loan
Loan Amount
Material Adverse Effect
Mortgage Bond
National Credit Act
Outstanding Amount
Party/Parties
Payment Date
Permitted Encumbrance
Principal Amount
Property
Property Documents
Registered Owner
Repayment Schedule
Security
Security Documents
Signature Date
Title Deed
Transfer
Transfer Date
Valuation
VAT
Mortgage Bond Register
Credit Provider
Consumer
Initiation Fee
Service Fee
Credit Insurance
Credit Agreement
Fixed Interest Rate
Variable Interest Rate
Prime Rate
Occupancy Rights
Municipal Rates and Taxes
Insurance Proceeds
Improvements
Guarantor
Legal Costs
Clauses
Definitions
Interpretation
Loan Facility
Interest
Fees and Charges
Repayment
Security
Property Maintenance
Insurance
Representations and Warranties
Covenants
Default
Enforcement
Assignment
Confidentiality
Notices
Force Majeure
Dispute Resolution
Governing Law
Jurisdiction
Severability
Entire Agreement
Amendment
Waiver
Costs
Property Usage
Mortgage Bond
Title Deed
Consumer Protection
Credit Insurance
Early Settlement
Statement of Account
Registration of Bond
Power of Attorney
Valuation
Indemnification
Further Assurance
Good Standing
Compliance with Laws
Anti-Money Laundering
Interpretation
Loan Facility
Interest
Fees and Charges
Repayment
Security
Property Maintenance
Insurance
Representations and Warranties
Covenants
Default
Enforcement
Assignment
Confidentiality
Notices
Force Majeure
Dispute Resolution
Governing Law
Jurisdiction
Severability
Entire Agreement
Amendment
Waiver
Costs
Property Usage
Mortgage Bond
Title Deed
Consumer Protection
Credit Insurance
Early Settlement
Statement of Account
Registration of Bond
Power of Attorney
Valuation
Indemnification
Further Assurance
Good Standing
Compliance with Laws
Anti-Money Laundering
Relevant Industries
Banking
Financial Services
Real Estate
Property Development
Construction
Retail
Manufacturing
Hospitality
Commercial Property
Residential Property
Agricultural
Relevant Teams
Legal
Credit
Risk Management
Compliance
Property Finance
Commercial Lending
Mortgage Operations
Real Estate Finance
Document Management
Corporate Banking
Credit Risk Assessment
Relevant Roles
Credit Manager
Loan Officer
Mortgage Specialist
Legal Counsel
Property Lawyer
Compliance Officer
Risk Manager
Property Developer
Real Estate Manager
Financial Director
Commercial Director
Chief Financial Officer
Credit Risk Officer
Branch Manager
Relationship Manager
Property Portfolio Manager
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