The Loan Agreement And Mortgage is a crucial document in Indian banking and property financing transactions, used when a borrower seeks funding secured against immovable property. This document serves dual purposes: it establishes the terms of the loan facility while simultaneously creating a security interest over the property in favor of the lender. The agreement must comply with multiple Indian legislations including the Transfer of Property Act, 1882, the Registration Act, 1908, and state-specific stamp duty laws. It's particularly important for both institutional and individual lending scenarios, containing comprehensive provisions for loan disbursement, repayment, property maintenance, default consequences, and security enforcement. The document requires mandatory registration with local property registrars and appropriate stamp duty payment to be legally enforceable in India.
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1. Parties: Identification of the lender and borrower with complete details including registration/incorporation information for companies or personal details for individuals
2. Background: Contextual information about the loan purpose, property details, and intention to create security
3. Definitions: Definitions of key terms used throughout the agreement including Loan, Property, Security, Default Events etc.
4. Loan Amount and Purpose: Specifies the principal amount, purpose of the loan, and any conditions precedent to disbursement
5. Interest and Charges: Details of interest rate (fixed/floating), calculation method, penal interest, and other charges
6. Repayment Terms: Repayment schedule, payment methods, prepayment provisions and related terms
7. Security Creation: Creation of mortgage, type of mortgage, and detailed security provisions
8. Borrower's Representations: Warranties and representations regarding legal capacity, property title, and other material facts
9. Borrower's Covenants: Positive and negative covenants including property maintenance, insurance, and restrictions
10. Events of Default: Comprehensive list of default events and their consequences
11. Lender's Rights and Remedies: Rights of the lender upon default, including enforcement of security
12. General Provisions: Standard clauses including notices, amendments, governing law, and jurisdiction
1. Guarantor Provisions: Required when there are personal or corporate guarantors for the loan
2. Insurance Requirements: Detailed section when specific insurance requirements are needed beyond standard property insurance
3. Multiple Properties: Additional provisions when multiple properties are being mortgaged
4. Cross-Collateralization: When the security extends to other loans or facilities
5. Electronic Payment Mechanisms: Specific provisions for electronic/automated payment systems
6. Construction Provisions: Required when loan is for construction purposes with stage-wise disbursement
7. Assignment and Transfer: Detailed provisions when loan assignment/transfer is contemplated
8. Force Majeure: Specific provisions for handling unforeseen circumstances affecting loan servicing
1. Schedule 1 - Property Description: Detailed description of mortgaged property including boundaries, title documents
2. Schedule 2 - Payment Schedule: Detailed amortization schedule with installment amounts and due dates
3. Schedule 3 - Interest Calculation: Method and examples of interest calculation, especially for floating rates
4. Schedule 4 - Conditions Precedent: List of documents/conditions required before loan disbursement
5. Schedule 5 - Fee Schedule: Detailed breakdown of all fees, charges, and processing costs
6. Schedule 6 - Insurance Requirements: Specific insurance requirements including types, coverage amounts
7. Schedule 7 - Property Documents: List of title and property documents deposited with lender
8. Appendix A - Standard Forms: Templates for notices, payment requests, and other standard communications
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