Landregistry.ie

COOLOCK ARTANE CREDIT UNION LIMITED
GENERAL MORTGAGE CONDITIONS (2011 EDITION)
Definitions: In these Conditions unless the context otherwise requires: “Act” means the Land and Conveyancing Law Reform Act 2009;
“Conditions” means these general mortgage conditions;
“Secured Party” means Coolock Artane Credit Union Limited its successors
and assigns being the party named as the Secured Party in the Mortgage;
“Loan” means the loan advanced or to be advanced by the Secured Party to the
Borrower the details of which are set out in the Schedule hereto or as the case may require, the principal amount thereof from time to time outstanding; “Mortgage” means the mortgage over the Mortgaged Property executed by the
Mortgagor in favour of the Secured Party which incorporates these Conditions; “Mortgaged Property” means the property specified in the Schedule hereto;
“Mortgagor” means the person who is named as Borrower in the Schedule
“Secured Liabilities” means the Loan together, whether present or future
together with all interest thereon and all costs and expenses and other amounts now or hereafter payable under the provisions of the Mortgage and these Interpretation:
These Conditions are supplemental to, and form part of, and are to be construed as one with, the Mortgage. If there is any conflict between the Mortgage and these Conditions, the Mortgage shall prevail. In these Conditions any reference to ‘now’ or like expressions is a reference to the date of the Mortgage and any reference to hereafter’ or like expressions is a reference to the date of the Mortgage and any reference to “hereafter” or like expressions is a reference to any time after the date of the Mortgage. Any reference in these Conditions to a clause is, unless otherwise stated, a reference to a clause of these Conditions. Background:
The Mortgagor has applied to the Secured Party for the Loan. It is a condition of the Secured Party agreeing to advance the Loan that the repayment of the Loan and all interest thereon is secured by a mortgage over the Mortgaged Property. Covenant to pay:
The Mortgagor hereby covenants with the Secured Party to pay and discharge the Secured Liabilities when the same ought to be paid or discharged in accordance with the Mortgage and these Conditions. If the time for payment of any of the Secured Liabilities is not specified in the Mortgage and these Conditions including the Schedule hereto, they shall be payable on demand. Covenant to release:
If the Mortgagor shall pay and discharge the Secured Liabilities the Secured Party will at the cost and request of the Mortgagor release and discharge the security constituted by the Mortgage and these Conditions Any such release or discharge shall be deemed to be made subject to the condition that it will be void if any payment or discharge of the Secured Liabilities is set aside under any applicable law or proves to have been for any reason invalid or void. Mortgagor’s covenants:
The Mortgagor hereby covenants with the Secured Party that until the Mortgage keep all buildings for the time being subject thereto insured against loss or damage by fire and other usual risks to the full reinstatement value thereof and note the interest of the Secured Party thereon and will make all payments required for the above purpose not later than one week after the same shall be due and on demand produce to the Secured Party the policy or policies of such insurance and the receipt for each such payment and that if the Mortgagor shall make default in any of the above matters the Secured Party may at its discretion insure and keep insured all or any of the said buildings to the amount aforesaid and that its expenses of so doing shall be repaid to him by the Mortgagor on demand and until so repaid shall be added to the principal monies hereby secured and bear interest accordingly. All monies received by virtue of any such insurance shall be applied at the sole option of the Secured Party either in making good the loss or damage in respect of which the same shall have been received or in discharge of the monies hereby secured;. keep all buildings for the time being subject thereto in good and substantial repair and that if he shall neglect to do so the Secured Party may at it’s discretion enter upon the Property from time to time in order to repair and keep in repair the same buildings without thereby becoming liable as a mortgagee in possession and that its expenses of so doing shall be repaid to him by the Mortgagor on demand and until so repaid shall constitute part of the Secured Liabilities and bear interest at observe and perform all his obligations in respect of the Mortgaged not without prior written consent of the Secured Party demolish or alter any building on the Mortgaged Property or erect any new building or structure on the Mortgaged Property or otherwise develop the (without the prior written consent of the Mortgagor) neither sell, transfer lease or otherwise dispose of the Mortgaged Property nor (apart from the Mortgage and these Conditions) create or permit to subsist any mortgage charge pledge lien or other encumbrances on or over the Mortgaged Enforcement: If:
any of the Secured Liabilities remain unpaid when due and payable, or any event occurs by virtue of which any of the Secured Liabilities becomes due to be paid or discharged before the date on which it would otherwise be due to: be paid or discharged, or there is a breach by the Mortgagor of the terms and conditions hereof, or an encumbrancer takes possession or exercises or attempts to exercise any power of sale or a receiver or similar official is appointed over the whole or any part of the Mortgaged Property, or (where the Mortgagor, or any person included in the Mortgagor is a natural person) such person is adjudged a bankrupt or dies or becomes of unsound mind; or is made ward of court, or (where the Mortgagor or any person included in the Mortgagor is a body corporate) a meeting is convened, a resolution is passed, a petition is presented, an order is made or another step is taken for the winding-up, bankruptcy court protection or administration of that body corporate, then any part of the Secured Liabilities not already payable on demand shall be immediately due and payable on demand and the security constituted by the Mortgage and these Conditions shall become immediately enforceable. Discretion as to enforcement:
After the security constituted by the Mortgage and these Conditions has become enforceable, the Secured Party may in its absolute discretion enforce all or any part of the security in any manner it sees fit and the power of sale and other powers conferred on mortgagees by the Act shall apply to the Mortgage and these Conditions in each case as varied or extended by the Mortgage and these Conditions, Section 99 of the Act shall not apply to the Mortgage and these Conditions and the Secured Party shall not be obliged to take any steps to sell or Lease the Mortgaged Property after going into possession of same and the Secured Party shall have absolute discretion as to the time of exercise of the power of sale and the power of leasing and all other powers conferred on them Possession:
At any time after the security constituted by the Mortgage and these Conditions has become enforceable and without the need to obtain the consent of the Mortgagor or an order for possession under sections 97 or 98 of the Act the Secured Party may without further notice or demand enter into possession of the Mortgaged Property. The rights of the Secured Party under this clause are without prejudice to, and in addition to any right of possession (express or implied) to which it is at any time otherwise entitled (whether by virtue of the Mortgage and these Conditions operation of law, statute, contract or otherwise). Power of sale:
At any time after the security constituted by the Mortgage and these Conditions has become enforceable the power of sale and all other powers conferred on mortgagees by the Act shall be exercisable immediately without the need: to comply with section 96(1)(c) Of the Act, or for the occurrence of any of the events specified in paragraphs (a) to (c) of section 100(1) of the Act or paragraphs (a) to (c) of section 108(1) of to give notice as specified in the final proviso to section 100(1) of the to obtain the consent of the Mortgagor or a court order authorising the exercise of the power of sale under sections 100(2) or (3) of the Act, or to give any notice to the Mortgagor under section 103(2) of the Act. Section 94 of the Act shall not apply to the Mortgage and these Conditions. Power of leasing and accepting surrenders:
The statutory powers of leasing conferred on the Secured Party are extended so as to authorise the Secured Party to lease, make agreements for leases, accept surrenders of leases and make agreements to accept surrenders of leases as it may think fit and without the need to comply with any provision of sections 112 to 114 of the Act. Without prejudice to the generality of the foregoing the Secured Party may exercise the statutory power to accept surrenders of leases conferred by the Act for any purpose that it thinks fit and not just for the purpose of granting new leases under section 112 of the Act and any new lease granted by the Secured Party following the acceptance of a surrender need not comply with the requirements of section 114(3) of the Act. Contingencies:
If the Secured Party enforces the security constituted by the Mortgage and these Conditions at a time when none of the Secured Liabilities are due but at a time when the Secured Liabilities may or will become so due the Secured Party may pay the proceeds of any recoveries effected by it into a suspense or impersonal Privileges:
The Secured Party is entitled to all the rights, powers privileges and immunities conferred by the Act on mortgagees, but so that the power of sale and other powers conferred by the Act shall be as varied and extended by the Mortgage and Protection of third parties:
No person (including a purchaser) dealing with the Secured Party or its agents whether any of the Secured Liabilities have become payable or remain whether due notice has been given to any person; or whether any power which the Secured Party is purporting to exercise has become exercisable or has been or is being properly exercised, and all protections to purchasers contained in sections 105 and 106 of the Act shall apply to any person (including a purchaser) dealing with the Secured Party in like manner as if the statutory powers of sale had not been varied or extended Redemption of prior mortgages:
At any time after the security constituted by the Mortgage and these Conditions has become enforceable, the Secured Party may: redeem any prior encumbrance against the Mortgaged Property; and/or (b) procure the transfer of that encumbrance to itself, and/or settle and pass the accounts of the prior mortgagee, chargee or encumbrancer; any accounts so settled and passed shall be conclusive and All principal monies, interest, costs, charges and expenses of and incidental to any such redemption and/or transfer shall be paid by the Mortgagor to the Removal and sale of chattels:
At any time after the security constituted by the Mortgage and these Conditions has become enforceable, the Secured Party may, remove, store and sell, at the expense of the Mortgagor, any chattels found on or about the Mortgaged Property and, in the absence of any charge or other security in favour of the Secured Party thereover (whether created by the Mortgage and these Conditions or otherwise), the net proceeds of sale thereof shall be payable to the Mortgagor on demand. If the Mortgagor is not a body corporate, the provisions of this clause shall not be construed or operate to confer on the Secured Party any right to any chattels of the Mortgagor or the proceeds of sale thereof which would constitute the Mortgage and these Conditions a bill of sale within the meaning of the Bills of Sale (Ireland) Acts, 1879 and 1883. No liability as mortgagee in possession:
The Secured Party will not be liable, by reason of entering into possession of the Mortgaged Property to account as mortgagee in possession or for any loss on realisation or for any default or omission for which a mortgagee in possession No liability for loss:
The Secured Party will not be liable for any loss upon a realisation of the security constituted by the Mortgage and these Conditions or upon the exercise of any power, authority, right or discretion of the Secured Party arising under the Mortgage and these Conditions. Leasing powers:
No lease made by the Mortgagor of the Mortgaged Property or any part thereof during the continuance of the Mortgage and these Conditions shall have effect by virtue of the Act or otherwise unless the Secured Party shall consent thereto in Suspense Account:
Any money received in connection with or pursuant to the realisation of any security created or evidenced by the Mortgage and these Conditions may be placed to the credit of a suspense account with a view to preserving the Secured Party’s rights to prove for the whole of its claims against the Mortgagor or any other person liable or may be applied in or towards satisfaction of the Secured Power of Attorney:
The Mortgagor hereby irrevocably and by way of security severally appoints the Secured Party and any nominee of the Secured Party as attorney of the Mortgagor on its behalf in its name or otherwise to execute, seal and deliver or otherwise perfect any deed, assurance, agreement instrument and to do all acts and things which the Secured Party may in its sole and absolute discretion, consider to be necessary or advisable to perfect or improve its security over the Mortgaged Property or to give proper effect to the intent and purpose of the Mortgage and these Conditions or to enable and assist in any way in the exercise of any power of sale of the Mortgaged Property or other power or remedy whether arising under the Mortgage and these Conditions or implied in statute or Costs and expenses:
All costs and expenses paid or incurred by the Secured Party in or in connection with enforcing or attempting to enforce the security constituted by the Mortgage and these Conditions shall be paid on a full indemnity basis to the Secured Party by the Mortgagor on demand and until payment thereof and shall constitute part of the Secured Liabilities and bear interest at the rate specified in clause 4 above. Interpretation:
In the Mortgage and these Conditions words importing the masculine include the feminine and the neuter gender, words importing the singular include the plural and vice versa and where there are two or more persons included in the expression the “Mortgagor’ their obligations under the Mortgage and these Conditions shall be joint and several and the act or default of any of them shall be deemed to be the act or default of all of them. None of such persons shall as against the Secured Party be entitled to any of the rights or remedies legal or equitable of a surety as regards the indebtedness, obligations or liabilities of any of the other of them or be entitled in competition with or priority to the Secured Party to claim or exercise any of the rights (in the nature of contribution or otherwise) of one joint (or joint and several) debtor against another The Secured Party shall be at liberty to release or discharge any one or more of them from any liability under the Mortgage and these Conditions or in respect of his or their interest in the property hereby mortgaged or to take any composition from or make any other arrangements or variation with any one or more of them without thereby releasing or discharging any other or others of them or otherwise prejudicing its rights or remedies against any other or others of them or the property mortgaged by the Mortgage and these Conditions. Assignment:
The Secured Party shall have a full and unfettered right to assign or otherwise transfer all of its rights, benefits and interest under and in the Mortgage and these Disclosure of Information:
The Secured Party may (without the need for any further consent from or notice to the Mortgagor) provide any information concerning the Mortgagor to: any (or to any proposed) assignee transferee, mortgagee, chargee, novatee, grantee, other disposee or successor and their respective officers, employees, agents and advisers; any affiliate of the Secured Party and its officers, employees, agents and any person with whom the Secured Party has entered or proposes to enter into contractual relations in relation to the Secured Liabilities or who provides or proposes to provide services to the Secured Party in connection with the Secured Liabilities and as officers, employees, agents (if there is more than one person included in the expression Mortgagor) the other(s) of them and their respective advisers, and the Secured Party may (without the need for any further consent from or notice to the Mortgagor) make such enquires about the Mortgagor as the Secured Party from time to time considers appropriate Insofar as the information mentioned in this clause 25 consists of personal data within the meaning of the Data Protection Acts 1988 and 2003 (as amended or re-enacted from time to time) the authority contained in this clause 25 shall be a consent for the purposes Governing Law:
The Mortgage and these Conditions shall be governed by and construed in Jurisdiction:
The parties to the Mortgage and these Conditions submit to the jurisdiction of SCHEDULE

The Loan
Borrower:
Loan Amount:
Interest Rate:
Repayable by:
The Mortgaged Property
ALL THAT AND THOSE

Source: http://www.landregistry.ie/eng/Legal_Professional_Customers/Legal_Practices_Procedures/Approval_of_Deeds_of_Charge_Mortgage/Credit_Unions/Coolock_Artane_Credit_Union_Ltd_Mortgage_Conditions.pdf