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:
a. You must sign in favour of the lender and at the cost of the borrowers a registrable mortgage over that land.
b. If you default the lender may sell your land. The mortgage of the land is to secure payment to the lender of the unpaid balance and also 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, the lender may sell the land to pay the unpaid balance.
c. The mortgage shall be in an all obligations form published by the Auckland District Law Society Incorporated so as to incorporate memorandum number 2018/4346 or, at our 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.
d. The stated priority limit for the purposes of section 92(1) of the Property Law Act 2007 shall be twice the total amount of payments shown in the PAYMENTS section of the disclosure statement plus interest. If you grant a mortgage to someone else after the lender registers its mortgage, the lender’s mortgage will have priority over that later mortgage.
e. You must not mortgage your land any further without our written consent and if you do we may accelerate payment of the unpaid balance if the loan is not already at call.
f. You charge your land as set out in this paragraph 3. 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 when it is due 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.
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:
a. you will, at our request, authorise and instruct a lawyer of our choice to act to register an “All Obligations” mortgage instrument as set out in clause 17.1, such authority and instruction to include a stated priority limit for the purposes of section 92(1) of the Property Law Xxx 0000 of such amount, together with interest and costs, as we may deem necessary to secure all amount owing or that we anticipate may become owning to us under all loans and guarantees that may be or become secured by the mortgage including such margin as we consider prudent;
b. we may include in the priority sum a reference to a specified principal amount being the balance advanced to you as at the date of the registration of the mortgage or the balance agreed to be advanced to you as at that date.
c. in addition, you irrevocably authorise your attorney, appointed under clause 14 of this agreement, to authorise and instruct a lawyer to register a mortgage on the terms set out above at any time and without the need to first request you to do so, such authority and instruction may include a stated priority limit as set out in clause 16.1(a);
16.2 We may lodge a caveat against any land that you own and have mortgaged in accordance with clause 16.1 to give notice of our interest under the agreement to mortgage specified in that clause.
Agreement to mortgage land. 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. If you own any land described in the “WHAT COULD HAPPEN IF YOU FAIL TO MEET YOUR COMMITMENTS” Real Property section of the disclosure statement this paragraph 11 applies to you
a) You must sign in favour of the lender and at the cost of the borrowers a registrable mortgage over that land.
b) If you default the lender may sell your land. The mortgage of the land is to secure payment to the lender of the guaranteed money and also to secure the performance of all other terms of this agreement and of any associated loan agreement. If you do not pay the guaranteed money when the lender demands it or you fail to do other things you must do under this guarantee, the lender may sell the land to pay the guaranteed money.
c) The mortgage shall be in an all obligations form published by the Auckland District Law Society Incorporated so as to incorporate memorandum number 2018/4346 or, at the lender’s option, any form to the same or similar effect more recently published by the Society and required by the lender. The terms of that memorandum shall be incorporated into this guarantee.
d) The priority figure for the purposes of section 92(1) of the Property Law Act 2007 shall be (a) twice the total amount of payments shown in the PAYMENTS section of the disclosure statement plus interest or (b) twice the total advances plus $50,000 plus interest whichever is the greater. If you grant a mortgage to someone else after the lender registers its mortgage, the lender’s mortgage will have priority over that later mortgage up to the larger amount of (a) and (b).
e) You charge your land as set out in this paragraph 11 and in addition to paragraph 5 of this guarantee the provisions of the loan agreement relating to or in connection with security over land shall apply to the security interest which you give to us.
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.
5.2 You authorise Lending Crowd to lodge and maintain a caveat against the certificate of title to the Land as notice of the Trustee’s interest arising under the agreement to mortgage made pursuant to the Loan Agreement.
5.3 You covenant that the Land is only subject to the encumbrances and mortgages set out in the Loan Disclosure and agree not to sell, transfer, encumber, assign or agree to sell, transfer or exchange your interest in the Land without obtaining Lending Crowd’s prior written consent.
5.4 You agree to, immediately upon request by Lending Crowd, execute in favour of the Trustee a registerable all obligations mortgage in such form as Lending Crowd may require over the Land which you own as security for the due payment of the Secured Moneys. You irrevocably and unconditionally acknowledge that the Trustee may execute and register the said mortgage against the Land as attorney for you at any time.
5.5 You covenant to insure the buildings and improvements on the Land for their full replacement value against fire, accident, earthquake, weather damage and such other risks as Lending Crowd may require in your name as owner and the Trustee’s name for respective rights and interests and with an insurer approved by the Trustee and to pay all premiums for the insurance and upon request by the Trustee produce policies and premium receipts to the Trustee.
5.6 Except to the extent inconsistent with the terms of the Loan Agreement or any Security, the covenants implied in Part 1 of Schedule 2 of the Property Law Act 2007 in relation to mortgages over land are implied in the Loan Agreement.
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).
