The Third Party Mortgage Agreement is a crucial security document used in Malaysian banking and finance transactions where a person or entity (the mortgagor) provides their property as security for another party's (the borrower's) loan obligations. This arrangement is common in both commercial and residential contexts, particularly in family business situations or corporate group structures. The document must comply with Malaysian property and banking laws, including the National Land Code 1965 and Financial Services Act 2013. It contains detailed provisions regarding the creation of the security interest, obligations of all parties, enforcement mechanisms, and protection of the mortgagee's interests. The agreement may also need to accommodate Islamic finance principles if the facility is Shariah-compliant.
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1. Parties: Identifies the three main parties: the mortgagor (third party providing security), the mortgagee (lender), and the borrower
2. Background: Explains the context of the mortgage arrangement, including the underlying loan facility and the third-party security arrangement
3. Definitions: Defines key terms used throughout the agreement
4. Creation of Charge: Establishes the legal charge over the property as security
5. Representations and Warranties: Statements and assurances given by the mortgagor regarding ownership, authority, and property status
6. Mortgagor's Covenants: Obligations of the mortgagor including maintenance, insurance, and payment of outgoings
7. Events of Default: Circumstances that constitute default and trigger enforcement rights
8. Rights and Remedies of Mortgagee: Actions the mortgagee can take upon default
9. Continuing Security: Provisions ensuring the security remains effective until full discharge
10. Costs and Expenses: Allocation of legal and other costs related to the mortgage
11. Notices: Communication procedures between parties
12. Governing Law and Jurisdiction: Specifies Malaysian law as governing law and relevant jurisdiction
1. Islamic Finance Provisions: Required if the mortgage is Shariah-compliant, including specific Islamic financing terms
2. Insurance Requirements: Detailed insurance obligations beyond standard requirements, if specific coverage is needed
3. Assignment of Rental Income: Include if the property is or may be rented out
4. Power of Attorney: Optional section granting specific powers to the mortgagee
5. Environmental Matters: Required for commercial properties or properties with potential environmental risks
6. Development Obligations: Include if the property is under development or future development is contemplated
1. Property Details: Full legal description of the mortgaged property including title details
2. Facility Agreement Details: Summary of the main facility agreement terms being secured
3. Form of Transfer/Assignment: Standard form for property transfer or assignment if needed
4. Insurance Requirements: Detailed list of required insurance coverage
5. Existing Encumbrances: List of any existing charges or encumbrances on the property
6. Special Conditions: Any specific conditions applicable to the mortgage or property
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