Memorandum of Common Provisions
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Memorandum of Common Provisions of Mortgage
Regular use is made of a Memorandum of Common Provisions (MCP) to include provisions in Instruments and plans e.g. covenants in mortgages, restrictive covenants and easements in transfers and covenants in leases.
Memorandum of common provisions of mortgage being the standard mortgage terms & conditions drafted by Lawyers and lodged with NSW Land Registry Services for incorporation by reference.
We have also included an unbranded version (without the author’s logo), and a Word version so that you can include your own branding if you wish.
33 Pages Long
Includes:-
- DEFINITIONS AND INTERPRETATION
- CONSIDERATION
- OBLIGATION TO PAY AND DISCHARGE THE SECURED MONEY
- MORTGAGE
- OBLIGATIONS TO DEPOSIT CERTIFICATES OF TITLE AND OTHER DOCUMENTS
- REPRESENTATIONS AND WARRANTIES
- GENERAL AND FINANCIAL UNDERTAKINGS
- OBLIGATIONS RELATING TO MORTGAGED PROPERTY
- INSURANCE
- ACCESS
- FURTHER ASSURANCES
- INDEMNITIES
- DEFAULT
- OBLIGATIONS TO GIVE NOTICE OR PROVIDE INFORMATION
- POWERS OF THE MORTGAGEE
- RECEIVERS
- EXERCISE OF POWERS
- RECEIPT AND APPLICATION OF MONEY
- NO OBLIGATION TO EXERCISE RIGHTS OR GIVE CONSENT
- CONTINUING SECURITY
- PRESERVATION OF MORTGAGEE’S RIGHTS
- SET‑OFF
- POWER OF ATTORNEY
- ILLEGALITY, FORCE MAJEURE
- AMENDMENT IN WRITING
- MORTGAGE AS A DEED
- COSTS
- ENTIRE AGREEMENT
- SEVERABILITY
- MORATORIUM LEGISLATION
- ASSIGNMENT
- NOTICES
- JURISDICTION
Memorandum of Common Provisions of Mortgage
Agreement is 33 pages long
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The National Credit Code regulates the provision of credit services, and exempts lawyers from requiring a licence to engage in certain credit activities. Lawyers may draft mortgage documentation for clients provided that they did not introduce the borrower and lender and are not associated with anyone who did. If a client comes to you with instructions to draft a mortgage for a borrower they have already selected, you are permitted to draft the mortgage documentation by virtue of your capacity as a lawyer.
The legislation and rules are complex and you should refer to the source legislation if you are in any doubt as to whether your instructions fall within the permitted parameters or not. Links to all legislation and rules are provided throughout the commentary.
Application of the National Credit Code
The National Credit Code replaced the uniform credit codes that were previously in place in each state and territory. The National Credit Code is set out in Schedule 1 to the National Consumer Credit Protection Act 2009.
Not all credit is regulated under the Act. Only credit that is covered by the National Credit Code (set out as Schedule 1 to the Act) is regulated under the Act. Therefore, if the credit activities you engage in relate to credit covered by the National Credit Code, you may need to hold a credit licence.
A solicitor practising in this area must have knowledge of that legislation. The National Consumer Credit Protection Act 2009 Cth came into force on 1 April 2010. The procedures covered in this guide do not include additional steps necessary when the transaction falls within the ambit of the new National Credit Code which commenced on 1 July 2010.
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Precedents Online sells legal documents to the legal profession in Australia. The online legal documents are supplied by Kalde Pty Ltd. Most of the copyright in the works available on this site vests in Kalde Pty Ltd and the documents themselves have been created by practising lawyers.
Legal precedents sold on this site are available for immediate use. Precedents shown on this site have been drafted by practicing lawyers and kept up to date with changes in the law.
Precedents Online. Powered by Kalde & Associates Commercial Lawyers.