The Mortgage Subordination Agreement is a crucial document in Malaysian property financing arrangements where multiple lenders hold security interests over the same property. It becomes necessary when a property owner has multiple mortgage facilities, and the lenders need to establish clear priority rankings for their security interests. This agreement is particularly common in property development financing, refinancing situations, or when additional financing is required against an already mortgaged property. The document must comply with Malaysian law, particularly the National Land Code 1965 and, where applicable, Islamic Financial Services Act 2013. The agreement details the specific terms of subordination, including the ranking of security interests, enforcement rights, and distribution of proceeds. It requires registration with the relevant land office to be effective against third parties.
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1. Parties: Identifies all parties to the agreement including the property owner, senior mortgagee, and subordinate mortgagee(s)
2. Background: Recitals explaining the existing mortgages, their registration details, and the purpose of the subordination
3. Definitions: Defines key terms used in the agreement including 'Senior Mortgage', 'Subordinate Mortgage', 'Property', and 'Security Interest'
4. Subordination: Core provision establishing the subordination of the junior mortgage to the senior mortgage
5. Representations and Warranties: Statements by each party confirming their authority and capacity to enter into the agreement
6. Priority of Payments: Details how proceeds from the property will be distributed between mortgagees
7. Duration: Specifies how long the subordination arrangement will remain in effect
8. Registration: Requirements for registering the subordination agreement with relevant land authorities
9. Governing Law and Jurisdiction: Specifies Malaysian law as governing law and establishes jurisdiction for disputes
1. Islamic Finance Compliance: Required when any of the mortgages involve Islamic financing facilities to ensure Shariah compliance
2. Multiple Subordinate Interests: Required when there are more than two mortgages to establish the complete ranking order
3. Foreign Lender Provisions: Required when any mortgagee is a foreign entity, addressing specific regulatory requirements
4. Cross-Default: Optional provisions dealing with default scenarios across different mortgages
5. Further Assurance: Optional section requiring parties to execute additional documents if needed for full effect
6. Costs and Expenses: Optional section specifying who bears the costs of preparing and registering the agreement
1. Property Details: Full legal description of the property including title particulars and address
2. Senior Mortgage Details: Complete details of the senior mortgage including registration number, date, and amount
3. Subordinate Mortgage Details: Complete details of the subordinate mortgage(s) including registration number, date, and amount
4. Form of Notice: Template for notices required under the agreement
5. Required Consents: Copies of any required regulatory or third-party consents
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Property Development
Islamic Banking
Construction
Legal Services
Mortgage Lending
Property Investment
Relevant Teams
Legal
Credit Risk
Real Estate
Property Development
Compliance
Islamic Banking
Security Documentation
Corporate Finance
Risk Management
Property Management
Relevant Roles
Legal Counsel
Banking Lawyer
Property Lawyer
Mortgage Officer
Credit Risk Manager
Real Estate Manager
Property Development Manager
Compliance Officer
Islamic Banking Officer
Security Documentation Specialist
Corporate Lawyer
Financial Controller
Risk Assessment Manager
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