The Bank. 6.1. You may borrow money from a Bank for the Upfront Payment and grant a mortgage over your rights under this Agreement to the Bank as security for that loan. 6.2. Prior to entering into this Agreement, we have entered into an agreement with your Bank under which: 6.2.1. We agree to notify the Bank of any circumstances that might give rise to us being able to exercise our rights under clause 9 of this Agreement and give the Bank an opportunity to remedy the issue (if it is able to be remedied); 6.2.2. The Bank has agreed with us: 6.2.2.1. To notify us of any material breach or default under the loan or mortgage; 6.2.2.2. To provide us with a copy of any Property Law Act Notice served to you; 6.2.2.3. To allow us 15 Working Days to remedy any default specified in the Property Law Act Notice on your behalf to avoid a mortgagee sale of your interest under this Agreement; 6.2.2.4. That in the event that any such default is not remedied then the Bank’s first remedy is to issue a put option notice on your behalf in accordance with clause 9.2 below and the provisions of clause 9.4 and 9.5 shall then apply; and 6.2.2.5. That in the event that a call or put option notice is issued in accordance with clause 9 then the Bank agrees to take all necessary steps to discharge its mortgage over your rights under this Agreement upon payment of the Reversion Price in accordance with clause 9.6. 6.2.3. In the event that a call or put option notice is issued in accordance with clause 9, then on settlement we will make payment in accordance with clause 9.6 below. 6.3. You: 6.3.1. must pay all amounts owing to the Bank on a principal and interest repayments basis; 6.3.2. must ensure that the Bank has no recourse to us personally for your borrowing; 6.3.3. cannot borrow more than the Maximum Bank Loan unless you have our consent first; 6.3.4. agree that the Bank can disclose all information about your affairs (including your loan and mortgage documents together with your payment history) to us; 6.3.5. cannot agree to grant any further mortgages or charges against your rights under this Agreement; 6.3.6. agree that we can allow the Bank to enforce any provision of this Agreement; and 6.3.7. agree that we may disclose information about you to the Bank. 6.4. If you get served with a Property Law Act Notice stating that you are in default to your Bank then you must remedy the default within 10 Working Days of being served. 6.5. If you fail to remedy the default within 10 Working Days of being served then we may remedy the default on your behalf and then implement clause 9 below.
Appears in 5 contracts
Samples: Secure Home Agreement, Secure Home Agreement, Secure Home Agreement
The Bank. 6.1. You may borrow money from a Bank for the Upfront Payment and grant a mortgage over your rights under this Agreement to the Bank as security for that loan.
6.2. Prior to entering into this Agreementadvancing the loan, we have entered you and the Bank must enter into an agreement with your Bank us under which:
6.2.1. We agree to notify the Bank of any circumstances that might give rise to us being able to exercise our rights under clause 9 of this Agreement and give the Bank bank an opportunity to remedy the issue (if it is able to be remedied);
6.2.2. The Bank has agreed agrees with us:
6.2.2.1. To notify us of any material breach or default under the loan or mortgage;
6.2.2.2. To provide us with a copy of any Property Law Act Notice served to you;
6.2.2.3. To allow us 15 Working Days to remedy any default specified in the Property Law Act Notice on your behalf to avoid a mortgagee sale of your interest under this Agreement;
6.2.2.4. That in the event that any such a default is not remedied then the Bank’s first only remedy is to issue a put option notice on your behalf in accordance with clause 9.2 below and the provisions of clause 9.3 and 9.4 and 9.5 shall then apply; and
6.2.2.5. That in the event that a call or put option notice is issued in accordance with clause 9 then the Bank agrees to take all necessary steps to discharge its mortgage over your rights under this Agreement upon payment settlement of the Reversion Price in accordance with clause 9.6.
6.2.3. In the event that a call transfer of this Agreement back to us or put option notice is issued in accordance with clause 9, then on settlement we will make payment in accordance with clause 9.6 belowour nominee.
6.3. You:
6.3.1. must pay all amounts owing to the Bank on a principal and interest repayments basis;
6.3.2. must ensure that the Bank has no recourse to us personally for your borrowing;
6.3.3. cannot borrow more than the Maximum Bank Loan unless you have our consent first;
6.3.4. cannot redraw on any principal repaid to the Bank unless you have our consent first;
6.3.5. agree that the Bank can disclose all information about your affairs (including your loan and mortgage documents together with your payment history) to us;
6.3.56.3.6. cannot agree to grant any further mortgages or charges against your rights under this Agreement;
6.3.66.3.7. agree that we can allow the Bank to enforce any provision of this Agreement; and
6.3.76.3.8. agree that we may disclose information about you to the Bank.
6.4. You and us acknowledge that the Bank is not a party to nor bound by this Agreement and has no liability pursuant to this Agreement to either you or us.
6.5. If you get served with a Property Law Act Notice stating that you are in default to your Bank then you must remedy the default within 10 Working Days of being served.
6.56.6. If you fail to remedy the default within 10 Working Days of being served then we may remedy the default on your behalf and then implement clause 9 below.
Appears in 1 contract
Samples: Secure Home Agreement
The Bank. 6.1. You may borrow money from a Bank for the Upfront Payment and grant a mortgage over your rights under this Agreement to the Bank as security for that loan.
6.2. Prior to entering into this Agreementadvancing the loan, we have entered you and the Bank must enter into an agreement with your Bank us under which:
6.2.1. We agree to notify the Bank of any circumstances that might give rise to us being able to exercise our rights under clause 9 of this Agreement and give the Bank bank an opportunity to remedy the issue (if it is able to be remedied);
6.2.2. The Bank has agreed agrees with us:
6.2.2.1. To notify us of any material breach or default under the loan or mortgage;
6.2.2.2. To provide us with a copy of any Property Law Act Notice served to you;
6.2.2.3. To allow us 15 Working Days to remedy any default specified in the Property Law Act Notice on your behalf to avoid a mortgagee sale of your interest under this Agreement;
6.2.2.4. That in the event that any such a default is not remedied then the Bank’s first only remedy is to issue a put option notice on your behalf in accordance with clause 9.2 below and the provisions of clause 9.4 and 9.5 shall then apply; and
6.2.2.5. That in the event that a call or put option notice is issued in accordance with clause 9 then the Bank agrees to take all necessary steps to discharge its mortgage over your rights under this Agreement upon payment settlement of the Reversion Price in accordance with clause 9.6.
6.2.3. In the event that a call transfer of this Agreement back to us or put option notice is issued in accordance with clause 9, then on settlement we will make payment in accordance with clause 9.6 belowour nominee.
6.3. You:
6.3.1. must pay all amounts owing to the Bank on a principal and interest repayments basis;
6.3.2. must ensure that the Bank has no recourse to us personally for your borrowing;
6.3.3. cannot borrow more than the Maximum Bank Loan unless you have our consent first;
6.3.4. cannot redraw on any principal repaid to the Bank unless you have our consent first;
6.3.5. agree that the Bank can disclose all information about your affairs (including your loan and mortgage documents together with your payment history) to us;
6.3.56.3.6. cannot agree to grant any further mortgages or charges against your rights under this Agreement;
6.3.66.3.7. agree that we can allow the Bank to enforce any provision of this Agreement; and
6.3.76.3.8. agree that we may disclose information about you to the Bank.
6.4. You and us acknowledge that the Bank is not a party to nor bound by this Agreement and has no liability pursuant to this Agreement to either you or us.
6.5. If you get served with a Property Law Act Notice stating that you are in default to your Bank then you must remedy the default within 10 Working Days of being served.
6.56.6. If you fail to remedy the default within 10 Working Days of being served then we may remedy the default on your behalf and then implement clause 9 below.
Appears in 1 contract
Samples: Secure Home Agreement
The Bank. 6.1. 7.1 You may borrow money from a the Bank for the Upfront Payment and grant a mortgage over your rights under this Agreement to the Bank as security for that loan.
6.2. 7.2 Prior to entering into this Agreement, we have entered into an agreement with your Bank under which:
6.2.1. We (a) we agree to notify the Bank of any circumstances that might give rise to us being able to exercise our rights under clause 9 10 of this Agreement and give the Bank bank an opportunity to remedy the issue (if it is able to be remedied);
6.2.2. The (b) the Bank has agreed with us:
6.2.2.1. To (i) to notify us of any material breach or default under the any loan or mortgagemortgage it has with you;
6.2.2.2. To (ii) to provide us with a copy of any Property Law Act Notice notice served to youyou (this is a notice a mortgagee needs to give a mortgagor before enforcing certain rights to recover money, including the power of sale in your mortgage);
6.2.2.3. To (iii) to allow us 15 Working Days to remedy any default specified in the Property Law Act Notice notice on your behalf to avoid a mortgagee sale of your interest under this Agreement;
6.2.2.4. That (iv) that in the event that any such default is not remedied then the Bank’s first remedy is to issue a put option notice on your behalf in accordance with clause 9.2 10.2 below and the provisions of clause 9.4 10.4 and 9.5 shall 10.5 will then apply; and
6.2.2.5. That (v) that in the event that a call or put option notice is issued in accordance with clause 9 10, then the Bank agrees to take all necessary steps to discharge its mortgage over your rights under this Agreement upon payment of the Reversion Price Price; and
(c) in accordance with clause 9.6.
6.2.3. In the event that a call or put option notice is issued in accordance with clause 910, then on settlement we will make the payment in accordance with clause 9.6 10.6 below.
6.3. You:
6.3.1. must pay all amounts owing to the Bank on a principal and interest repayments basis;
6.3.2. must ensure that the Bank has no recourse to us personally for your borrowing;
6.3.3. cannot borrow more than the Maximum Bank Loan unless you have our consent first;
6.3.4. agree that the Bank can disclose all information about your affairs (including your loan and mortgage documents together with your payment history) to us;
6.3.5. cannot agree to grant any further mortgages or charges against your rights under this Agreement;
6.3.6. agree that we can allow the Bank to enforce any provision of this Agreement; and
6.3.7. agree that we may disclose information about you to the Bank.
6.4. If you get served with a Property Law Act Notice stating that you are in default to your Bank then you must remedy the default within 10 Working Days of being served.
6.5. If you fail to remedy the default within 10 Working Days of being served then we may remedy the default on your behalf and then implement clause 9 below.
Appears in 1 contract
Samples: Secure Home Agreement
The Bank. 6.1. You may borrow money from a Bank for the Upfront Payment and grant a mortgage over your rights under this Agreement to the Bank as security for that loan.
6.2. Prior to entering into this Agreement, we have entered into an agreement with your Bank under which:
6.2.1. We agree to notify the Bank of any circumstances that might give rise to us being able to exercise our rights under clause 9 of this Agreement and give the Bank bank an opportunity to remedy the issue (if it is able to be remedied);
6.2.2. The Bank has agreed with us:
6.2.2.1. To notify us of any material breach or default under the loan or mortgage;
6.2.2.2. To provide us with a copy of any Property Law Act Notice served to you;
6.2.2.3. To allow us 15 Working Days to remedy any default specified in the Property Law Act Notice on your behalf to avoid a mortgagee sale of your interest under this Agreement;
6.2.2.4. That in the event that any such default is not remedied then the Bank’s first remedy is to issue a put option notice on your behalf in accordance with clause 9.2 below and the provisions of clause 9.4 and 9.5 shall then apply; and
6.2.2.5. That in the event that a call or put option notice is issued in accordance with clause 9 then the Bank agrees to take all necessary steps to discharge its mortgage over your rights under this Agreement upon payment of the Reversion Price in accordance with clause 9.6.
6.2.3. In the event that a call or put option notice is issued in accordance with clause 9, then on settlement we will make payment in accordance with clause 9.6 below.
6.3. You:
6.3.1. must pay all amounts owing to the Bank on a principal and interest repayments basis;
6.3.2. must ensure that the Bank has no recourse to us personally for your borrowing;
6.3.3. cannot borrow more than the Maximum Bank Loan unless you have our consent first;
6.3.4. agree that the Bank can disclose all information about your affairs (including your loan and mortgage documents together with your payment history) to us;
6.3.5. cannot agree to grant any further mortgages or charges against your rights under this Agreement;
6.3.6. agree that we can allow the Bank to enforce any provision of this Agreement; and
6.3.7. agree that we may disclose information about you to the Bank.
6.4. If you get served with a Property Law Act Notice stating that you are in default to your Bank then you must remedy the default within 10 Working Days of being served.
6.5. If you fail to remedy the default within 10 Working Days of being served then we may remedy the default on your behalf and then implement clause 9 below.
Appears in 1 contract
Samples: Secure Home Agreement
