Mortgage Deed Variation Agreement

MORTGAGE DEED VARIATION AGREEMENT

This Mortgage Deed Variation Agreement is made on between: Lender Name: , an entity incorporated in with company number (the "Lender"), and Borrower Name: of (the "Borrower").

RECITALS

WHEREAS, on the Borrower executed a mortgage deed (the "Original Deed") in favour of the Lender which created security over the property known as ;

WHEREAS the parties wish to vary certain terms of the Original Deed as set out in this Agreement so as to amend the security and payment terms in consideration of the mutual covenants set out below;

WHEREAS capitalised terms used in this Agreement have the meanings given in Clause 1 unless otherwise defined herein.

NOW THEREFORE

In consideration of the mutual covenants contained in this Agreement the parties agree as follows:

1. DEFINITIONS

1.1 In this Agreement, unless the context otherwise requires, the following words have the following meanings:

"Effective Date" means .

"Original Deed" means the mortgage deed referred to in the Recitals and any schedule or instrument incorporated by reference into that deed.

2. VARIATION

2.1 Subject to the terms of this Agreement, with effect from the Effective Date the Original Deed shall be varied as follows:

(a) The principal indebtedness secured by the Original Deed is amended to be (the "New Principal").

(b) The rate of interest payable in respect of the secured indebtedness is varied to per annum, calculated and payable .

(c) The final repayment date shall be .

(d) The Original Deed shall be further amended to include the additional security described in Clause 3 and, if applicable, to release any part of the secured property identified in the release schedule.

3. ADDITIONAL SECURITY / RELEASE

4. CONSIDERATION

4.1 The parties acknowledge that the variations set out in this Agreement are made in consideration of the following, which the parties agree represent good and valuable consideration:

(a) The Lender's agreement to amend the secured indebtedness as set out in Clause 2; and (b) the Borrower's covenants to comply with the varied payment and reporting obligations set out in this Agreement.

5. REPRESENTATIONS AND WARRANTIES

5.1 Each party represents and warrants to the other that:

(a) it has full power and authority to enter into and perform its obligations under this Agreement; and (b) this Agreement constitutes a legal, valid and binding obligation enforceable in accordance with its terms.

5.2 The Borrower warrants that as at the Effective Date there are no other charges, encumbrances or third party rights over the Secured Property that would, in the reasonable opinion of the Lender, materially adversely affect the security created by the Original Deed as varied hereby other than:

6. COVENANTS

6.1 The Borrower covenants with the Lender that from the Effective Date it shall comply with the modified repayment schedule, maintain insurance over the Secured Property, and not create or permit any further encumbrance without the Lender's prior written consent.

7. REGISTRATION AND ENFORCEMENT

7.1 The parties shall each do all such acts and execute all such instruments as are necessary to register or record this variation against the title to the Secured Property. The Borrower shall promptly provide any information reasonably required by the Lender for registration purposes.

8. COSTS

8.1 Unless otherwise agreed in writing, the Borrower shall pay all costs, fees and expenses (including legal fees and registration fees) incurred by the Lender in consequence of negotiating, preparing, executing and registering this Agreement.

9. NOTICES

9.1 Notices under this Agreement shall be in writing and delivered to the addresses set out below or to such other address as may be notified in accordance with this clause.

10. FURTHER ASSURANCE

10.1 Each party shall promptly execute and deliver such further documents and do such further acts and things as may be reasonably necessary to give full effect to the provisions of this Agreement and to perfect the varied security.

11. AMENDMENTS, WAIVER AND COUNTERPARTS

11.1 No amendment or waiver of any provision of this Agreement shall be effective unless made in writing and signed by both parties.

11.2 This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall constitute an original of this Agreement but all counterparts together shall constitute one and the same instrument.

12. GOVERNING LAW

12.1 This Agreement shall be governed by and construed in accordance with the laws of and the parties submit to the exclusive jurisdiction of the courts of that jurisdiction.

13. ENTIRE AGREEMENT

13.1 This Agreement, together with the Original Deed as varied, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings relating to the variation of the Original Deed.

14. SEVERABILITY

14.1 If any provision of this Agreement is held to be illegal, invalid or unenforceable in any respect under any applicable law, such provision shall be severed and the remaining provisions shall continue in full force and effect.

15. MISCELLANEOUS

15.1 Time shall be of the essence in relation to any date or time for performance set out in this Agreement where expressly stated.

Sign Now