The Free Mortgage Contract is a crucial document in UAE property financing, used when a property owner needs to create a security interest over their property while maintaining possession and use rights. This type of mortgage is commonly used in both commercial and residential property transactions throughout the UAE, providing security for loans and other financial obligations. The document must comply with UAE federal laws, including the Civil Code and relevant banking regulations, as well as specific emirate-level property laws. The agreement details the mortgaged property, secured obligations, parties' rights and responsibilities, enforcement mechanisms, and registration requirements. It's particularly important that the Free Mortgage Contract addresses both conventional and Islamic finance requirements where applicable, making it suitable for various financing structures in the UAE market.
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1. Parties: Identification of the Mortgagor (property owner) and Mortgagee (beneficiary of the mortgage), including full legal names and addresses
2. Background: Context of the mortgage arrangement, including reference to any underlying facility or loan agreement
3. Definitions: Key terms used throughout the agreement, including technical and legal terminology specific to UAE mortgage law
4. Grant of Mortgage: Express creation of the mortgage right over the property in favor of the Mortgagee
5. Property Details: Comprehensive description of the mortgaged property, including all relevant title and registration details
6. Secured Obligations: Description of the obligations secured by the mortgage, including principal amounts and other secured liabilities
7. Mortgagor's Representations and Warranties: Statements about property ownership, authority to grant mortgage, and absence of encumbrances
8. Mortgagor's Covenants: Ongoing obligations regarding property maintenance, insurance, and restrictions on disposal
9. Events of Default: Circumstances that trigger enforcement rights under the mortgage
10. Enforcement Rights: Mortgagee's rights and remedies upon default, compliant with UAE law
11. Registration and Notices: Requirements for registration of the mortgage and service of notices
12. Governing Law and Jurisdiction: Confirmation of UAE law governance and jurisdiction of UAE courts
1. Islamic Finance Compliance: Required when the mortgage needs to comply with Sharia principles, including relevant scholars' approvals
2. Insurance Requirements: Detailed insurance obligations when specific insurance coverage is required beyond standard provisions
3. Property Management: Required for commercial properties or when specific management obligations need to be imposed
4. Assignment and Transfer: Include when the parties want to specifically address mortgage transfer rights
5. Further Assurance: Additional provisions for future actions to perfect or protect the mortgage
6. Power of Attorney: Required when the Mortgagee needs specific powers to act on behalf of the Mortgagor
7. Costs and Expenses: Detailed provisions on transaction costs when these need to be specifically allocated
1. Property Description Schedule: Detailed technical description of the property, including plans, measurements, and boundaries
2. Title Documents: Copies of relevant title documents and registration certificates
3. Form of Notices: Standard forms for various notices required under the agreement
4. Insurance Requirements: Detailed specifications of required insurance coverage
5. Registration Requirements: Specific requirements and forms for mortgage registration with relevant authorities
6. Existing Encumbrances: Details of any permitted existing encumbrances on the property
7. Power of Attorney Form: Form of power of attorney if required for registration or enforcement
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