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A Third Party Mortgage Agreement is used in situations where someone other than the borrower provides property as security for a loan. This arrangement is common in family business contexts, corporate group structures, or where business partners support each other's borrowing. The agreement must comply with Irish property law and banking regulations, including specific requirements under the Land and Conveyancing Law Reform Act 2009 and relevant Central Bank regulations. The document details the creation of the security interest, the obligations of the Third Party Mortgagor, the lender's rights, and enforcement mechanisms. It includes crucial provisions about property maintenance, insurance requirements, and the handling of default situations. Special consideration is given to family home protection laws where relevant, and the document must include appropriate consent mechanisms and protections for all parties involved.

1. Parties: Identifies and defines the three main parties: the Lender, the Borrower, and the Third Party Mortgagor

2. Background: Explains the context of the agreement, including the loan to the Borrower and the Third Party Mortgagor's agreement to provide security

3. Definitions: Defines key terms used throughout the agreement, including Property, Secured Liabilities, and Security Interest

4. Creation of Security: Details how the mortgage security is created and the extent of the charge over the property

5. Representations and Warranties: Third Party Mortgagor's confirmations regarding property ownership, capacity to enter agreement, and absence of encumbrances

6. Covenants: Third Party Mortgagor's ongoing obligations regarding property maintenance, insurance, and compliance with laws

7. Property Insurance: Requirements for insuring the mortgaged property and handling insurance proceeds

8. Enforcement: Lender's rights and remedies in case of default, including power of sale

9. Protection of Purchasers: Provisions protecting purchasers who buy the property following enforcement

10. Power of Attorney: Appointment of the Lender as attorney in specific circumstances

11. Costs and Indemnity: Responsibility for costs and indemnification obligations

12. Notices: How formal communications between parties should be made and delivered

13. Assignment and Transfer: Rights and restrictions regarding transfer of rights under the agreement

14. Governing Law and Jurisdiction: Confirms Irish law governs and Irish courts have jurisdiction