The Loan And Mortgage Agreement is a fundamental document in South African secured lending, used when a borrower seeks financing secured against real property. It serves multiple purposes: establishing the loan terms, creating security over the property, and setting out the parties' rights and obligations. The agreement must comply with various South African regulations, particularly the National Credit Act 34 of 2005 for consumer protection and the Alienation of Land Act for property security. It's commonly used in both residential and commercial property transactions, requiring registration at the Deeds Office and containing essential provisions for loan disbursement, repayment, property maintenance, and default remedies. The document's structure ensures protection for both lender and borrower while maintaining compliance with South African banking and property laws.
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1. Parties: Identification of the Lender, Borrower, and any guarantors with their full legal details
2. Background: Context of the loan agreement and mortgage, including purpose of the loan
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement
4. Loan Amount and Purpose: Specification of the loan amount, purpose, and any conditions precedent
5. Interest and Charges: Interest rate, calculation method, and other applicable charges
6. Repayment Terms: Repayment schedule, installment amounts, and payment methods
7. Security Arrangements: Details of the mortgage bond and property serving as security
8. Property Details: Legal description and details of the mortgaged property
9. Borrower's Representations and Warranties: Statements of fact and assurances from the borrower
10. Borrower's Obligations: Ongoing obligations including property maintenance and insurance
11. Events of Default: Circumstances constituting default and consequences
12. Enforcement and Remedies: Lender's rights and remedies upon default
13. General Provisions: Standard clauses including notices, amendments, and governing law
1. Guarantees: Terms of any personal or corporate guarantees - include when third-party guarantors are involved
2. Insurance Requirements: Detailed insurance obligations - separate section when complex insurance requirements exist
3. Property Maintenance Standards: Specific maintenance requirements - include for commercial properties or high-value residentials
4. Pre-payment Terms: Terms for early repayment - include when early repayment options are offered
5. Additional Security: Terms for additional collateral - include when security beyond the primary property is required
6. Special Conditions: Any unique terms specific to the transaction - include for non-standard arrangements
7. Development Obligations: Include when property requires development or renovation as part of agreement
1. Repayment Schedule: Detailed amortization schedule showing payment dates and amounts
2. Property Description: Detailed legal description of the mortgaged property including diagrams
3. Insurance Requirements: Detailed specifications of required insurance coverage
4. Fee Schedule: Breakdown of all applicable fees and charges
5. Property Valuation Report: Summary of professional valuation of the property
6. Required Documents: List of documents required for loan disbursement
7. Compliance Certificates: Copies of necessary compliance certificates for the property
Relevant legal definitions
Agreement
Applicable Laws
Bond
Borrower
Business Day
Collateral
Commencement Date
Credit Provider
Default Interest Rate
Default Event
Effective Date
Encumbrance
Facility
Financial Statements
Fixed Interest Rate
Guarantor
Initial Loan Amount
Installment
Interest Period
Interest Rate
Lender
Loan
Loan Account
Material Adverse Effect
Mortgage Bond
Mortgaged Property
National Credit Act
Outstanding Amount
Parties
Payment Date
Permitted Encumbrance
Principal Debt
Property
Rates and Taxes
Repayment Schedule
Security
Security Documents
Settlement Date
Signature Date
Term
Title Deed
Transfer
Transfer Date
Variable Interest Rate
Applicable Laws
Bond
Borrower
Business Day
Collateral
Commencement Date
Credit Provider
Default Interest Rate
Default Event
Effective Date
Encumbrance
Facility
Financial Statements
Fixed Interest Rate
Guarantor
Initial Loan Amount
Installment
Interest Period
Interest Rate
Lender
Loan
Loan Account
Material Adverse Effect
Mortgage Bond
Mortgaged Property
National Credit Act
Outstanding Amount
Parties
Payment Date
Permitted Encumbrance
Principal Debt
Property
Rates and Taxes
Repayment Schedule
Security
Security Documents
Settlement Date
Signature Date
Term
Title Deed
Transfer
Transfer Date
Variable Interest Rate
Clauses
Loan Terms
Interest and Charges
Repayment
Security
Property
Insurance
Representations and Warranties
Covenants
Events of Default
Remedies
Payment
Registration
Transfer
Assignment
Notices
Force Majeure
Dispute Resolution
Governing Law
Jurisdiction
Confidentiality
Costs
Amendment
Severability
Entire Agreement
Compliance
Indemnification
Undertakings
Termination
Variation
Waiver
Set-off
Agency
Further Assurance
Survival
Taxes
Acceleration
Property Maintenance
Default Interest
Early Repayment
Power of Attorney
Interest and Charges
Repayment
Security
Property
Insurance
Representations and Warranties
Covenants
Events of Default
Remedies
Payment
Registration
Transfer
Assignment
Notices
Force Majeure
Dispute Resolution
Governing Law
Jurisdiction
Confidentiality
Costs
Amendment
Severability
Entire Agreement
Compliance
Indemnification
Undertakings
Termination
Variation
Waiver
Set-off
Agency
Further Assurance
Survival
Taxes
Acceleration
Property Maintenance
Default Interest
Early Repayment
Power of Attorney
Relevant Industries
Banking and Financial Services
Real Estate
Property Development
Mortgage Lending
Legal Services
Insurance
Construction and Development
Private Banking
Commercial Property
Relevant Teams
Legal
Credit Risk
Mortgage Operations
Compliance
Property Finance
Document Management
Corporate Banking
Real Estate Finance
Loan Administration
Risk Management
Property Valuations
Credit Assessment
Relevant Roles
Mortgage Loan Officer
Credit Manager
Legal Counsel
Conveyancing Attorney
Property Valuer
Compliance Officer
Risk Manager
Banking Executive
Real Estate Manager
Finance Director
Property Developer
Mortgage Broker
Banking Operations Manager
Credit Risk Analyst
Legal Document Specialist
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