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Major Terms and Conditions

• In exchange for the lender lending you the initial unpaid balance (of which you are acknowledging receipt) you grant to the lender a security interest over any collateral you may own. That includes a security interest in all your present and after-acquired property.
• In exchange for the lender lending you the initial unpaid balance (of which you are acknowledging receipt), you or such of you who own the land to be mortgaged shall execute in favour of the lender and at the cost of the borrowers a registrable mortgage over that land. Such a mortgage shall be in an all obligations form published by the Auckland District Law Society under number 2002/2103 or, at the option of the lender, any form to the same or similar effect reasonably required by the lender and the priority figure for the purposes of section 80A(2) of the Property Law Act 1952 shall be the initial unpaid balance plus $50,000 or such lesser amount as the lender may decide. The mortgage will secure payment of the money secured and the performance of all other terms of this agreement and the borrowers who own the land to be mortgaged hereby charge that land accordingly. If the land to be mortgaged is subject to any prior mortgage or charge, the borrowers who own the land to be mortgaged will in all respects comply with and perform the obligations in that prior mortgage or charge.
• The borrowers agree that the land to be mortgaged shall also include the interest of the borrowers in any other land including land which a borrower may now own or may not yet own and the borrowers hereby charge or, as the case may be, will charge such other land accordingly.