Mortgage

Mortgage Agreement

{{company_name}}

{{company_address}}

Phone: {{phone}}

Email: {{email}}

Website: {{website}}

Parties

This Mortgage Agreement (hereinafter referred to as the 'Agreement') is made and entered into on this {{day}} day of {{month}}, {{year}},

BETWEEN:

{{lender_name}} (Registration Number: {{lender_registration_number}}), a company duly incorporated and registered under the laws of {{lender_jurisdiction}}, with its principal place of business at {{lender_address}} (hereinafter referred to as the 'Mortgagee');

AND

{{borrower_name}} (Identification Number: {{borrower_id_number}}), residing at {{borrower_address}} (hereinafter referred to as the 'Mortgagor').

Recitals

WHEREAS, the Mortgagor is the registered owner of the immovable property described in Schedule A hereto (hereinafter referred to as the 'Mortgaged Property');

AND WHEREAS, the Mortgagee has agreed to advance to the Mortgagor a loan facility in the principal amount of {{loan_amount}} ({{loan_amount_words}}) (hereinafter referred to as the 'Loan');

AND WHEREAS, the Mortgagor has agreed to secure the repayment of the Loan and all other indebtedness to the Mortgagee by providing a mortgage over the Mortgaged Property.

Grant of Mortgage

In consideration of the Loan granted by the Mortgagee to the Mortgagor, the Mortgagor hereby grants, conveys, mortgages, charges, and pledges to the Mortgagee the Mortgaged Property, together with all improvements, fixtures, and appurtenances now or hereafter erected on the Mortgaged Property, to secure:

(a) The repayment of the principal sum of {{loan_amount}}.

(b) The payment of interest thereon at the rate of {{interest_rate}}% per annum, calculated daily and compounded monthly.

(c) The due and punctual performance and observance of all other covenants, conditions, and obligations of the Mortgagor under this Agreement and the Loan Agreement dated {{loan_agreement_date}}.

Terms of Loan Repayment

The Mortgagor shall repay the Loan in {{number_of_installments}} equal monthly installments of {{monthly_installment_amount}} each, commencing on {{first_payment_date}} and continuing on the {{payment_day_of_month}} day of each subsequent month until the entire Loan, together with accrued interest, is fully repaid.

All payments shall be made by {{payment_method}} to {{mortgagee_bank_account_details}}.

Covenants of the Mortgagor

The Mortgagor covenants and agrees with the Mortgagee as follows:

(a) To keep the Mortgaged Property in good repair and condition.

(b) To pay all rates, taxes, levies, and other charges lawfully imposed on the Mortgaged Property.

(c) To insure the Mortgaged Property against such risks and for such amounts as the Mortgagee may reasonably require, with an insurance company approved by the Mortgagee, and to assign the policy to the Mortgagee as its interest may appear.

(d) Not to alienate, encumber, or otherwise dispose of the Mortgaged Property without the prior written consent of the Mortgagee.

Events of Default

The occurrence of any of the following events shall constitute an event of default (hereinafter referred to as 'Event of Default') under this Agreement:

(a) Failure by the Mortgagor to pay any installment of principal or interest on the due date.

(b) Breach by the Mortgagor of any other covenant or term contained in this Agreement or the Loan Agreement.

(c) Insolvency or bankruptcy of the Mortgagor.

Upon the occurrence of an Event of Default, the entire outstanding balance of the Loan, together with all accrued interest and other charges, shall immediately become due and payable at the option of the Mortgagee, without derogating from the Mortgagee's right to foreclose on the Mortgaged Property.

Governing Law and Jurisdiction

This Agreement shall be governed by and construed in accordance with the laws of {{governing_law_jurisdiction}}.

The parties hereby irrevocably submit to the exclusive jurisdiction of the courts of {{court_jurisdiction}} for the resolution of any disputes arising out of or in connection with this Agreement.

Schedule A - Description of Mortgaged Property

Erf/Stand Number: {{erf_number}}

Physical Address: {{property_address}}

Title Deed Number: {{title_deed_number}}

Extent: {{property_extent}} square meters

Registered Owner: {{registered_owner_name}}

Signatures

IN WITNESS WHEREOF, the parties have executed this Agreement on the date first above written.

MORTGAGOR: ________________________

Name: {{borrower_full_name}}

Date: {{borrower_signature_date}}

MORTGAGEE: ________________________

Name: {{lender_authorised_signatory_name}}

Title: {{lender_authorised_signatory_title}}

Date: {{lender_signature_date}}