TEMPLATES OF PROPERTY MORTGAGE CONTRACT 2023

What is a property mortgage contract?

Article 317 of the 2015 Civil Code regulates that mortgage of property is the practice of one party (hereinafter referred to as the mortgagor) using property under his/her ownership to secure the performance of an obligation and not handing over the property to the other party (hereinafter referred to as the mortgagee). At the same time, the mortgaged property is held by the mortgagor. The parties may agree to assign a third person to keep the mortgaged property.

The templates of property mortgage contract

First template of property mortgage contract

PROPERTY MORTGAGE CONTRACT

No.: _____________

The Mortgagor:

 

The Mortgagee

Mortgaged Property and value of Mortgaged Property

Mortgaged Property

Information about the property

Ownership documents

Value of Mortgaged Property: […] (In words: […])

Article 2. Registration of security interest

Article 3. Liability for breach of the Contract

Article 4. Force majeure

Article 5. Rights and obligations of the Parties

Article 6. Validity and termination of the Contract

Article 7. Dispute settlement

Article 8. General terms

Second template of property mortgage contract

THIS MORTGAGE AGREEMENT is made on …, by and between:

THE MORTGAGOR:

AND

THE MORTGAGEE:

IT IS HEREBY AGREED AS FOLLOWS:

Article 1. DEFINITIONS

Article 2. MORTGAGED PROPERTIES

The Mortgaged Properties shall consist of all properties listed below:

[…]; and

Article 3. VALUE OF THE MORTGAGED PROPERTIES

The parties agree that value of the Mortgaged Properties shall be _____ VND (in words: _________ dong);

Article 4. SECURITY REGISTRATION AND FEE PAYMENT

Article 5. OWNERSHIP DOCUMENTS

Article 6. THE RIGHTS OF THE MORTGAGEE

Article 7. THE OBLIGATIONS OF THE MORTGATOR

Article 8. INSURANCE

Article 9. ENFORCEMENT OF THE SECURITY

Article 10. COSTS AND EXPENSES

Article 11. CHANGES TO THE PARTIES

Article 12. THE PARTIES’ UNDERTAKINGS

Article 13. NOTICES

Article 14. GOVERNING LAW AND DISPUTE RESOLUTION

Article 15. FINAL PROVISION

Above is an overview article about the template of a property mortgage contract. If you have a demand or difficulty in drafting a property mortgage contract, please contact us: Phuoc & Partners is a professional consulting firm established in Vietnam and currently has nearly 100 members working in three offices in Ho Chi Minh City, Hanoi and Danang. Phuoc & Partners is also rated as one of the leading consulting firms specializing in business law in Vietnam that has leading practice areas in the legal market such as Intellectual Property, Labour and Employment, Taxation, Merger and acquisition, Litigation. We are confident in providing Clients with optimal and effective legal service.