Article 7. Content of the mortgage agreement of the Law On Mortgage of Immovable Property

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1. The mortgage agreement must specify:

1) the name (name) and place of residence (location) of the pledgor and the pledgee, as well as the debtor, if the pledgor (real surety) is not a debtor under the main obligation;

2) the nature of the main obligation, its size and terms of performance;

3) inventory and location of mortgaged real estate;

4) the name of the right by virtue of which the immovable property that is the subject of the mortgage belongs to the mortgagor (ownership right, economic management right, and others);

4-1) the obligation of the pledgor to provide access to the pledged property to the lender and (or) appraisers in order to determine its estimated value as part of the procedure for the out-of-court sale of the pledged property;

4-2) the consent of the pledgor to the possibility of satisfying the claims of the pledgee out of court in the event of non-fulfillment or improper fulfillment by the borrower of the obligation secured by the pledge for which he is responsible;

4-3) the obligation of the pledgor to inform the pledgee of all changes related to the identity of the pledgor within fifteen working days from the date of such changes.

Changes related to the identity of the pledgor include a change in his place of residence, a change in last name, first name, patronymic (if it is indicated in the identity document), the replacement of identity documents, a change in contact information used to contact the pledgor, and the method of communication.;

5) other conditions regarding which, at the request of either party, an agreement must be reached in the mortgage agreement and which are not prohibited by law.

1-1. It is prohibited to specify in the mortgage agreement the right to demand early repayment of the loan amount and remuneration under it, except in cases provided for by the Civil Code of the Republic of Kazakhstan and this Law.

2. If the main obligation is to be fulfilled in parts, the mortgage agreement must specify the terms or frequency of the corresponding payments and their amounts, or the conditions that make it possible to determine these amounts.

The Law of the Republic of Kazakhstan dated December 23, 1995.

President

Republic of Kazakhstan

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