��������Ƶ

The Agreement For Mortgage Of Property is a crucial document in Hong Kong's property financing landscape, used when a borrower seeks to secure a loan using real property as collateral. This agreement is essential for both residential and commercial property transactions in Hong Kong, providing security to lenders while establishing clear terms for borrowers. The document must comply with Hong Kong's legal framework, including the Conveyancing and Property Ordinance, Land Registration Ordinance, and Hong Kong Monetary Authority guidelines. It contains detailed provisions on the secured property, loan terms, repayment obligations, default scenarios, and enforcement rights. The agreement is typically prepared following loan approval and property valuation, requiring registration with the Hong Kong Land Registry to perfect the security interest.

1. Parties: Identification of the mortgagor (borrower) and mortgagee (lender), including full legal names and addresses

2. Background: Context of the mortgage arrangement, including reference to the underlying loan agreement and property purchase

3. Definitions: Definitions of key terms used throughout the agreement

4. Grant of Security: The formal creation of the mortgage and charge over the property

5. Loan Amount and Interest: Details of the principal sum, interest rate, and calculation method

6. Repayment Terms: Payment schedule, method of payment, and prepayment provisions

7. Mortgagor's Covenants: Borrower's obligations including property maintenance, insurance, and payment of rates and management fees

8. Insurance Requirements: Mandatory insurance coverage for the property and assignment of insurance policies

9. Representations and Warranties: Mortgagor's declarations regarding property ownership, authority to mortgage, and absence of encumbrances

10. Events of Default: Circumstances constituting default and consequences thereof

11. Mortgagee's Powers and Remedies: Rights and remedies of the lender upon default, including power of sale

12. Assignment and Transfer: Provisions regarding the lender's right to assign or transfer the mortgage

13. Notices: Method and addresses for serving notices between parties

14. Governing Law and Jurisdiction: Confirmation of Hong Kong law as governing law and jurisdiction of Hong Kong courts