The Private Mortgage Loan Agreement is essential for private lending transactions in the South African property market, where individuals or entities provide mortgage financing outside traditional banking channels. This document must comply with the National Credit Act 34 of 2005 and other relevant South African legislation, making it suitable for situations where private funding is preferred or traditional bank financing is not available. The agreement covers crucial aspects including loan terms, security arrangements, property details, repayment schedules, and default provisions. It requires registration at the Deeds Office and must incorporate consumer protection measures mandated by South African law. The document is particularly relevant in private property transactions, property development financing, and refinancing scenarios where private lenders are involved.
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1. Parties: Identification of the Lender and Borrower with full legal names, registration/identity numbers, and addresses
2. Background: Context of the loan agreement, including property details and purpose of the loan
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules for interpretation
4. Loan Amount and Purpose: Specifies the principal amount being borrowed and its intended use
5. Interest Rate: Details of the interest rate, whether fixed or variable, and calculation method
6. Term and Repayment: Duration of the loan and repayment schedule including installment amounts
7. Security and Mortgage Bond: Details of the property being mortgaged and registration of the mortgage bond
8. Conditions Precedent: Conditions that must be met before the loan becomes effective
9. Borrower's Representations and Warranties: Statements of fact and promises made by the borrower regarding their situation and the property
10. Borrower's Obligations: Ongoing obligations including property maintenance, insurance, and payment of rates and taxes
11. Events of Default: Circumstances constituting default and their consequences
12. Lender's Rights and Remedies: Actions the lender can take in case of default
13. Costs and Fees: All costs associated with the loan including initiation fees, service fees, and legal costs
14. Notices and Communications: How formal communications between parties should be made
15. General Provisions: Standard legal clauses including governing law, jurisdiction, and whole agreement
16. Signature: Execution clause and signing provisions
1. Co-borrower Provisions: Used when there are multiple borrowers jointly taking the loan
2. Guarantor Provisions: Required when a third party provides a guarantee for the loan
3. Variable Interest Rate Mechanisms: Included when the interest rate is not fixed and can vary based on specified factors
4. Early Repayment Terms: Details of early repayment options and any associated penalties
5. Insurance Requirements: Specific insurance requirements beyond standard property insurance
6. Property Rental Provisions: Included if the borrower is permitted to rent out the property
7. Building Loan Provisions: Used when the loan includes funds for construction or renovation
8. Special Conditions: Any unique terms specific to the particular loan arrangement
1. Schedule 1: Property Description: Detailed legal description of the mortgaged property including erf number, title deed details, and physical address
2. Schedule 2: Repayment Schedule: Amortization table showing monthly repayment amounts, interest, and principal allocation
3. Schedule 3: Costs and Fees Schedule: Detailed breakdown of all costs, fees, and charges associated with the loan
4. Schedule 4: Insurance Requirements: Specific details of required insurance coverage for the property
5. Appendix A: Required Documents: List of documents required from the borrower including identity documents, proof of income, and property documentation
6. Appendix B: Compliance Checklist: Checklist ensuring compliance with National Credit Act requirements
7. Appendix C: Property Valuation Report: Summary or full property valuation report
8. Appendix D: Deed of Suretyship: If applicable, the terms of any guarantee or suretyship provided
Relevant legal definitions
Agreement
Applicable Laws
Bond
Borrower
Business Day
Co-Borrower
Commencement Date
Conditions Precedent
Consumer Protection Act
Deeds Office
Default Interest Rate
Definitions
Encumbrance
Event of Default
Financial Intelligence Centre Act
Fixed Interest Rate
Guarantor
Initiation Fee
Insurance
Interest
Interest Period
Land
Lender
Loan
Loan Amount
Loan Term
Material Adverse Effect
Mortgage
Mortgage Bond
National Credit Act
Outstanding Amount
Parties
Payment Date
Permitted Use
Prime Rate
Principal Debt
Property
Property Value
Rates and Taxes
Repayment Schedule
Security
Service Fee
Signature Date
Statement
Term
Title Deed
Transfer
Variable Interest Rate
Applicable Laws
Bond
Borrower
Business Day
Co-Borrower
Commencement Date
Conditions Precedent
Consumer Protection Act
Deeds Office
Default Interest Rate
Definitions
Encumbrance
Event of Default
Financial Intelligence Centre Act
Fixed Interest Rate
Guarantor
Initiation Fee
Insurance
Interest
Interest Period
Land
Lender
Loan
Loan Amount
Loan Term
Material Adverse Effect
Mortgage
Mortgage Bond
National Credit Act
Outstanding Amount
Parties
Payment Date
Permitted Use
Prime Rate
Principal Debt
Property
Property Value
Rates and Taxes
Repayment Schedule
Security
Service Fee
Signature Date
Statement
Term
Title Deed
Transfer
Variable Interest Rate
Clauses
Parties and Definitions
Loan Amount and Purpose
Interest
Repayment Terms
Security
Property
Mortgage Bond Registration
Conditions Precedent
Representations and Warranties
Borrower Covenants
Lender Covenants
Events of Default
Remedies
Insurance
Property Maintenance
Assignment
Costs and Fees
Notices
Compliance
Anti-Money Laundering
Consumer Protection
Dispute Resolution
Governing Law
Force Majeure
Severability
Entire Agreement
Amendment
Waiver
Indemnification
Confidentiality
Further Assurance
Termination
Survivorship
Counterparts
Good Faith
Loan Amount and Purpose
Interest
Repayment Terms
Security
Property
Mortgage Bond Registration
Conditions Precedent
Representations and Warranties
Borrower Covenants
Lender Covenants
Events of Default
Remedies
Insurance
Property Maintenance
Assignment
Costs and Fees
Notices
Compliance
Anti-Money Laundering
Consumer Protection
Dispute Resolution
Governing Law
Force Majeure
Severability
Entire Agreement
Amendment
Waiver
Indemnification
Confidentiality
Further Assurance
Termination
Survivorship
Counterparts
Good Faith
Relevant Industries
Financial Services
Real Estate
Legal Services
Private Lending
Banking
Insurance
Property Development
Mortgage Industry
Construction Finance
Residential Property
Relevant Teams
Legal
Compliance
Credit Risk
Mortgage Administration
Document Management
Property Finance
Conveyancing
Risk Management
Financial Advisory
Customer Relations
Relevant Roles
Private Lender
Mortgage Broker
Legal Counsel
Conveyancing Attorney
Credit Manager
Compliance Officer
Property Lawyer
Financial Advisor
Mortgage Administrator
Risk Manager
Property Valuator
Legal Document Specialist
Banking Executive
Credit Risk Officer
Property Portfolio Manager
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