Selected key provisions in a mortgage memorandum — part one

A mortgagee can register a document containing clauses, which a mortgagee, as a matter of general practice, would require to include in all of its mortgages. This document is called a memorandum of common provisions, or it is more simply referred to as the mortgage memorandum. This enables the bulk, if not all, of the conditions of the mortgage, to be incorporated by reference rather than repeat them in every mortgage.

This guidance note outlines matters relating to a mortgage memorandum that legal practitioners need to be familiar with, and looks at two selected key provisions in a mortgage memorandum by explaining their importance, providing sample wording as reference, and providing practice tips for drafting or reviewing them. The selected two key provisions are the acceleration clause, and the early repayment clause.

See Selected key provisions in a mortgage memorandum — part one.