Article 18. Pledge of the mortgage certificate of the Law On Mortgage of Immovable Property
1. The pledge of a mortgage certificate to ensure the fulfillment of the obligations of the legal owner of the mortgage certificate is carried out in accordance with the Civil Code of the Republic of Kazakhstan.
2. In case of non-fulfillment of the obligation secured by the mortgage certificate pledge, the mortgage certificate pledge holder has the right to demand the transfer of the rights under the main obligation in accordance with the procedure, on the terms and with the consequences provided for in Article 16 of this Law. In case of refusal to transfer these rights, the mortgagee of the mortgage certificate may demand in court the transfer of such rights to himself.
3. The mortgagee of the mortgage certificate, to whom the rights under the mortgage certificate have been transferred or transferred by the court, has the right to foreclose on the mortgage subject in accordance with the terms of the mortgage certificate and the basic obligation.
The proceeds from the sale of the mortgage are converted into repayment of the debt to the mortgagee of the mortgage certificate, and the remaining amount is transferred to the person who mortgaged the real estate, subject to the requirements of Article 36 of this Law.
4. By agreement of the mortgagee of the mortgage certificate and the mortgagor of the mortgage certificate, a special pledge transfer inscription may be made on the mortgage certificate, giving the mortgagee the right to sell the mortgage certificate after a certain period of time in order to deduct the amount of the obligation secured by the mortgage certificate from the proceeds.
The Law of the Republic of Kazakhstan dated December 23, 1995.
President
Republic of Kazakhstan
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