Agreement to mortgage land. There may be a description of land in the “WHAT COULD HAPPEN IF YOU FAIL TO MEET YOUR COMMITMENTS” Real Property – The land to be mortgaged section of the disclosure statement. If there is a description and you own any of that land this paragraph 3 applies to you
Agreement to mortgage land. 16.1 The owner of the land specified in a disclosure statement agrees to grant a mortgage over that land on the following terms and conditions:
Agreement to mortgage land. 2 I In exchange for the lender lending you the total advance (of which you are acknowledging receipt), you, or such of you, who own the land to be mortgaged in the schedule shall execute in favour of the lender and at the cost of the borrower(s) a registrable mortgage over that land. Such a mortgage shall be in an all obligations form published by the Auckland District Law Society so as to incorporate memorandum number 2005/4180 or the Society's replacement memorandum or, at the option of the lender, any form to the same or similar effect reasonably required by the lender and the terms of the relevant memorandum shall be incorporated into this agreement and the priority figure for further advances by way of financial accommodation for the purposes of section 92(1) of the Property Law Xxx 0000 shall be twice the value of the total advances and the total interest charges combined or such other amount as the lender may decide. The mortgage will secure payment of the money secured and the performance of all other terms of this agreement and the borrower(s) who own the land to be mortgaged hereby charge that land accordingly. If the land to be mortgaged is subject to any prior mortgage or charge, the borrower(s) who own the land to be mortgaged will in all respects comply with and perform the obligations in that prior mortgage or charge.
Agreement to mortgage land. 5.1 You agree to grant a mortgage in favour of the Trustee over all of your right, title and interest in the Land as security for the payment of the Secured Moneys and the due performance and observance of the obligations under the Loan Agreement and hereby charges all of your right, title and interest in the Land in favour of the Trustee as security for the payment of payment of the Secured Moneys and the due performance and observance of the obligations under the Loan Agreement.
Agreement to mortgage land. There may be a description of land in the “Security Interests” section of the disclosure statement. If there is a description and you own any of that land this paragraph 3 applies to you:
Agreement to mortgage land. Agreement to mortgage the property at ( Registry). An agreement to mortgage means the Lender can register a caveat on the title to the property, and may register a mortgage over the property in accordance with the provisions of clause 8 of Section 5 (General Terms and Conditions).
Agreement to mortgage land. As security for payment of the Total Money Owed and performance of the Borrower's obligations to the Lender at any time, the Borrower hereby agrees to mortgage the Land on the terms and conditions set out in this Agreement (see clause 8 of Section 5 (General Terms and Conditions). For the purpose of this clause, the "Land" means the land listed in clause 5.1(b) of Section 2 (Initial Disclosure statement).
Agreement to mortgage land. 12.1 The owner of the land specified in the “GRANT OF SECURITY INTERESTS” section of the disclosure statement agrees to sign a mortgage in our favour over that land on the following terms and conditions: If you default the lender may sell your land. The mortgage of the land is to secure payment of the unpaid balance to us and to secure the performance of all other terms of this agreement and of any associated loan agreement. If you do not make any payment when it is due and payable or if you fail to do other things you must do under this agreement, we may sell the land to pay or reduce the unpaid balance. The mortgage shall be in an all obligations form published by the Auckland District Law Society Incorporated so as to incorporate memorandum number 2015/4326 or, at the lender’s option, any form to the same or similar effect more recently published by the Auckland District Law Society Incorporated. The terms of that memorandum shall be incorporated into this agreement. That means that the mortgage we use is one which is commonly used by lawyers in New Zealand and the obligations are standard so that it is a security for all of your obligations to us. The stated priority limit for the purposes of section 92(1) of the Property Law Act 2007 shall be the unpaid balance plus $150,000 plus interest and costs of enforcement If you grant a mortgage to someone else after we register our mortgage, our mortgage will have priority over that later mortgage up to the figure reached by that calculation. You must not mortgage your land any further without our written consent and if you do we may accelerate payment of the unpaid balance. You charge your land as set out in this paragraph 12. What does that mean? If you have agreed to give a mortgage of your land we may sign it on your behalf under the power of attorney. Once we have a mortgage we may register it against the title to your land. If you do not pay the money you owe under this agreement, we may call up the loan (accelerate payment) and we may sell the land and use the money to pay the money you owe. You may not mortgage your land to anyone else without our consent.
