Ship Mortgage Agreement

The law itself does not require that the total amount or maximum amount of the guaranteed commitment be specified in the mortgage agreement, but for the purposes of registering mortgages, this information (as well as the date of the termination of the mortgage) must normally be clearly stated in the application by the reporting authorities, so that the parties to the mortgage agreement should take this into account when developing an agreement. Registration gives a lender a higher priority than the following scenarios, but is not limited to: can a mortgage be registered in the name of an agent or agent for the benefit of several lenders? If the mortgage is a representative or agent for a credit consortium, should applications be made when a portion of the underlying debt is transferred to existing lenders or a new lender? As a basic legal form of the mortgage, a reference should be included in a guarantee file containing detailed information: the Merchant Shipping Act of 1894 provides that only registered vessels may be subject to legal mortgages; Any other mortgage related to ships will come into effect as a fair mortgage that may occur on unfinished ships, foreign vessels and others. What are the limits of a mortgage borrower`s rights to help themselves? Can a ship be sold privately by a borrower? Will the sale be a sale of sand rights to the ship? No, registering a mortgage on behalf of a broker is problematic (or rather, implementing such a mortgage for the benefit of other lenders will be a problem), since the main requirement of a mortgage borrower under Russian law is that it must be a creditor under the secured obligation. Therefore, each mortgagee must be registered as a creditor for part of the commitment or as an interest rate creditor with respect to the full commitment. However, common mortgages may, by mutual agreement, appoint one of the mortgages who will act as an agent to implement measures related to the maintenance and execution of a mortgage. Under Russian law, mortgage contracts on ships must be concluded in the form of a single document signed by duly accredited representatives of both parties. The notary certificate is not necessary, unless the contract provides for the possibility of having the mortgage executed without a request from the court (however, this execution is not currently authorized for the vessels). As noted above, ship mortgages must be registered; To do so, the signed mortgage agreement, along with the application and other supporting documents, must be filed with the registry administration (port administration or water district management).