General terms of a home equity loan

General terms of a home equity loan

Standartinė admin » 27 Bal 2015, 13:33

GENERAL TERMS OF A MORTGAGE LOAN

1. DEFINITIONS AND INTERPRETATION

Administration fee shall mean the monthly administration fee stipulated in the Special Terms which the Recipient of the Loan shall pay to the Organizer for administration of the Loan and the Website under this Contract and the Contract for Usage;

Encumbrance shall mean a pledge, mortgage, servitude, usufruct, the right of superficies, lease (including long-term lease), joint ownership, any other material or liability rights applicable in respect of any property determined for the benefit of any third parties or third parties’ interests which directly or indirectly influence the possibilities of the owner of the property to freely manage, use and dispose of the property and each part thereof separately at any time;

General Terms shall mean these General Terms of Loan, including all supplements or amendments thereto;

CC shall mean the Civil Code of the Republic of Lithuania, including all supplements or amendments thereto (Official Gazette “Žin.”, 2000, No. 74-2262);

Credit shall mean the special and general terms which constitute the Loan Contract, including all supplements or amendments thereto, the parties to which shall be the Issuer of the Loan and the Recipient of the Loan stipulated in the Special Terms and under which the parties shall agree on the procedure and terms of provision of the Loan;

Recipient of the Loan shall mean the recipient of the Loan stipulated in the Special Terms of this Contract;

Schedule of repayment of the Loan shall mean the schedule of payments stipulating the repayment of the Loan, the Interest and other payments which must be made by the Recipient of the Loan under the Contract;

Period of payment of the Loan shall mean the date set in the Special Terms until which the Recipient of the Loan shall have the right to use the Loan granted to the Recipient of the Loan;
Contract for Usage shall mean the document which stipulates the terms of the Website with which the person who wishes to use the Website https://savy.lt/ and the Organizer’s services must agree. This Contract for Usage is designed to regulate the rules for the usage of the Website and the legal relationship established in the Website as well as between the Organizer and the Consumers;
Organizer shall mean the “Bendras finansavimas” UAB, company code: 303259527, registered office address: Vokiečių Str. 20, Vilnius, 01130, Lithuania;

Application – a public proposal to conclude a Loan Contract submitted by the Recipient of the Loan in the Website, drawn up in line with the form completed by the Recipient of the Loan in the Website and based on written documents and the consumer’s personal information; the application shall be confirmed electronically by the Recipient of the Loan and the Organizer;
Website shall mean the mutual lending system operating at the address https://savy.lt/ supervised and administered by the Organizer with the help of which the Recipients of the Loan, having completed the Applications properly and received the confirmation from the Organizer, may borrow or invest in loans by taking part in auctions. The activities of the Website shall be administered by the Organizer;
Securities of the liabilities shall mean the measures securing the liabilities of the Recipient of the Loan under this Contract: pledge; (ii) vouchers and warranties of any third parties, or (iii) other securities of the liabilities;
Right of claim shall mean the right of claim (Loan claim) of the Issuer of the Loan to the Recipient of the Loan under the Loan Contract the amount of which shall be stated in the Proposal (in the Special Part), including all rights related to or arising from it;
Special Terms shall mean the Application (Offer) submitted by the Recipient of the Loan and approved by the Organizer as well as the Proposal (Acceptance) of the Issuer of the Loan;

Ratio of the debt and mortgaged property shall mean the ratio between maximum possible debt of the Recipient of the Loan under this Contract and the market value of the mortgaged property in percent established in the Special Terms;

Fee for conclusion of the contract shall mean the fee for conclusion of this Contract stipulated in the Special Terms payable to the Organizer;

Related person shall mean the spouse or the registered partner of the Recipient of the Loan, or any other person who has undertaken any obligations to the Organizer or the Issuers of the Loan in line with the securities of the liabilities;
Rules shall mean the Organizer’s rules for assessment of solvency and responsible lending, including the supplements or amendments thereto;
Consumer – a member of the Website – a natural person or a legal entity – who is either an Issuer of the Loan or a Recipient of the Loan who has agreed with the Contract for Usage, registered in the Website in line with the terms thereof and has been appropriately confirmed by the Organizer;
Consumer’s self-service system shall mean the Consumer’s individual account protected by a unique password designed for the Consumer to perform various actions in the Website, i.e. submit Applications, lend money, sign Loan Contracts, view the whole history of the actions performed by the Consumer, receive various notifications and manage one’s account in any other manner;
Consumer’s Paysera account shall mean the Consumer’s unique account opened in the system administered by “EVP International” UAB, company code: 300060819, at the address: www.paysera.lt; a specific person is identified at the moment of opening the account. This account shall be used by the Website to transfer Loan funds, credit or debit payments. “EVP International” UAB is a financial institution in charge for proper functioning of the account supervised by the Bank of Lithuania.
Consumer bank account – The Consumer account in a bank or other regulated institution.

2. SUBJECT OF THE CONTRACT

2.1 The Issuers of the Loan and the Organizer undertake to grant a Loan to the Recipient of the Loan by way of joint lending under the terms stipulated in this Contract, whereas the Recipient of the Loan, having taken out a Loan, undertakes to repay the Loan, pay the Interest and other payments and perform other liabilities established in the Contract in line with the Contract.
2.2 The Recipient of the Loan undertakes to use the Loan exclusively for the purpose of usage of the Loan. Having used the Loan in line with the purpose stated in the Special Terms, the Recipient of the Loan undertakes to present the evidence of usage of the Loan in line with the purpose thereof stipulated in the Contract to the Organizer.
2.3 The Parties note that the Organizer shall have the right to inspect the following as regards payment of the Loan and implementation of other terms of this Contract:
2.3.1 correctness and accuracy of the information presented by the Recipient of the Loan and Related Persons; and
2.3.2 usage of the Loan in line with the purpose thereof.

3. CONCLUSION OF THE CONTRACT

3.1. This Contract is concluded for joint financing and consists of the Application, the Proposals submitted by the Issuers of the Loan during the Auction (Special Terms) and these General Terms and shall be considered a multilateral loan transaction if more than one Issuer of the Loan lends funds to the Recipient of the Loan under the Application.
3.2. This Contract shall be concluded by way of an Auction and shall be considered automatically concluded between the Recipient of the Loan and the Issuers of the Loan who participated in the Auction and submitted the Proposals compliant with the Application as of the day of the end of the Auction. The Auction shall be successfully completed when the Proposals comply with the Application (coincide with the period of the Loan, the Interest and the amount of the Loan) or when the Recipient of the Loan agrees with a smaller amount of the Loan on the Organizer’s proposal. The Organizer shall have the right to cancel, amend or terminate the Auction at any time. In such a case, the reserved funds shall be returned to the Issuers of the Loan. The Auction shall not take place if there are not enough Proposals submitted under the Application within 30 days. In such a case, the Application for the Loan shall cease to be valid.
3.3. The Parties agree that the actions of the Recipient of the Loan and of the Issuer of the Loan as well as the data specified by them (confirmed by the breakdown of SMS texts, the Consumer’s number, the data of the self-service system of the Issuer / Recipient of the Loan, the statement of the Paysera account of the Issuer / Recipient of the Loan, the identification is confirmed by sending the money to Organizer account, the Consumer’s or the Website’s e-mails or voice recording of a telephone conversation, or an extract of the Website concerning the actions of the Issuer / Recipient of the Loan in the Consumer’s self-service system in the account hereof in the Website) shall be considered the signature of the Issuer / Recipient of the Loan having the legal power established in article 8(1) of the Law on Electronic Signature, whereas the Application and the Proposal submitted on the basis of the Application as well as the Loan Contract under which the amount invested by the Issuer of the Loan is transferred to the Recipient of the Loan shall be equal to a document drawn up in a written form and shall entail the same legal consequences as a document confirmed by the signatures of the Issuer of the Loan and the Recipient of the Loan on each page.

4. PROCEDURE OF PAYMENT OF THE LOAN

4.1. The Organizer undertakes to pay (credit) the Loan or a part thereof to the Recipient of the Loan to his/her bank account only after all the conditions stipulated below are met (the Organizer shall have the right to refuse to request the fulfillment of any of the conditions stipulated below at one’s own discretion and without a separate notification):
4.1.1. All statements and warranties of the Recipient of the Loan and of the Related Persons are accurate, true and valid;
4.1.2. There is no grounds as stipulated in clause 10.1 of the General Terms irrespective of the emergence thereof and, in the Organizer’s opinion, there is no grounds to believe that any such grounds may occur in the future;
4.1.3. All securities of the liabilities have been duly executed and all documents confirming that have been submitted to the Organizer, and the contents and form of such documents are acceptable to the Organizer;
4.1.4. The Issuer of the Loan has concluded the insurance contracts required by the Organizer and submitted the documents and evidence that the insurance specified in the insurance contracts is valid to the Organizer;
4.1.5. The Recipient of the Loan has submitted the copies of the documents of purchase of the real estate to be mortgaged and of the documents issued by SE “Centre of Registers” confirming the rights to the real estate to be mortgaged to the Organizer (the copies may be submitted electronically, unless requested otherwise by the Organizer);
4.1.6. The Recipient of the Loan has submitted the documents confirming complete and thorough information regarding the sources of income needed in order to perform the payments under the Contract as well as the income and the sources of the spouse or of the guarantor to the Organizer, or the Recipient of the Loan, his/her spouse and / or the guarantor gave proper consent to the Organizer to obtain such information from SSSF (State Social Security Fund) or other data bases, and the Organizer has received such information;
4.1.7. The Recipient of the Loan has submitted appraisal of the property to be mortgaged to the Organizer if requested so by the Organizer;
4.1.8. The ratio of the debt and the mortgaged property shall not become higher than stipulated in the Contract after crediting of the Loan and, in the Organizer’s opinion, there are no reasonable assumptions to believe that this ratio may increase in the future;
4.1.9. There are no Encumbrances that are applicable or may become applicable in the future in respect of the property mortgaged to the Organizer unless stipulated otherwise by other terms of the Contract;
4.1.10. The obligations of the Recipient of the Loan under this Contract, the Contract for Usage and other contracts concluded between the Organizer, the Issuer of the Loan and the Recipient of the Loan are being implemented properly;
4.2. The funds of the Loan intended for refinancing of the credit may be paid by one or several payments by transferring them to the account specified by the creditor of the Loan refinanced by the Recipient of the Loan or to bank account of the Recipient of the Loan after the following conditions are met:
4.2.1. The debt to the seller for the purchase of the real estate item has been covered and the documents confirming that have been submitted to the Organizer;
4.2.2. The Recipient of the Loan has submitted to the Organizer a written consent of the creditor of the Loan being refinanced to whom the real estate item is mortgaged regarding mortgage of the real estate item to the Organizer by subsequent mortgage stating the balance of the Loan to be refinanced and the account number after the transfer of the amount of money equal to the balance of the aforementioned debt to which the creditor of the Recipient of the Loan shall waive the initial mortgage of the real estate item;
4.2.3. The Recipient of the Loan has covered the difference between the balance of the debt to the creditor of the Loan being refinanced and the amount of the Loan intended for refinancing and submitted the documents confirming that to the Organizer.
4.3. If any of the terms stipulated in this Contract is not met in the manner satisfactory to the Organizer until the payment of the Loan, the Organizer shall have the right to terminate this Contract by submitting a notification regarding that to the Recipient of the Loan in writing (by e-mail) without entailing any consequences for oneself or the Issuers of the Loan.

5. REPAYMENT OF THE LOAN

5.1. The Recipient of the Loan shall repay the Loan in line with the procedure stipulated in the schedule of repayment of the Loan. The Recipient of the Loan shall begin repaying the whole Loan on the first day of payment stipulated in the schedule of repayment of the Loan after the end of the period of postponement of repayment of the Loan, if any, and shall repay it by periodic payments in line with the schedule of repayment of the Loan before the end of the period of repayment of the Loan. The whole Loan must be repaid before the end of the period of repayment of the Loan.
5.2. The Organizer shall distribute the payments of the Recipient of the Loan as follows: (1) monthly Administration fee, (2) the Interest and the amount of the Loan or a part thereof.
5.3. In case the Recipient of the Loan delays any payments, the liabilities of the Recipient of the Loan shall be set off in the following order when monetary funds are received from the Recipient of the Loan by the Organizer: (i) first line: a penalty for delay owed to the Issuers of the Loan, a penalty for delay owed to the Organizer from the administration fee and the Interest owed to the Issuers of the Loan from the unpaid amount; (ii) second line: the fines owed to the Organizer due to the failure of the Recipient of the Loan to fulfill his/her obligations; (iii) third line: the administration fee owed to the Organizer; (iv) fourth line: the amount of the Loan and the Interest owed to the Issuers of the Loan. In the cases when exaction of the obligations has been transferred forcedly, the first line of compensation deals with the costs related to such exaction incurred by the Organizer (stamp duty, costs incurred by the notary public, court, lawyer, debt exaction companies, correspondence costs of, the Organizer’s fee, etc.).
5.4. The Recipient of the Loan must repay the Loan (the remaining amount of the Loan), the Interest and the Administration fee on the Organizer’s request if, in the Organizer’s reasonable opinion, there is any grounds for termination.
5.5. In the cases when the Organizer terminated the Contract prematurely, the Recipient of the Loan undertakes to pay all Interest and Administration fee owed under the Contract, i.e. the Organizer shall acquire the right to claim the Interest and Administration fee which would be paid had the Recipient of the Loan repaid the Loan in line with the schedule of repayment of the Loan stipulated in the Special Terms.
5.6. If the Recipient of the Loan misses the periods of payment stipulated in the schedule of repayment of the Loan, the Recipient of the Loan shall pay a fine for delay from the amount the period of payment of which was missed as stipulated in the Special Terms for each calendar day of missing the period.
5.7. If the period of repayment of the whole Loan has matured, the Organizer shall continue calculating the interest and a penalty for delay from the unrepaid amount as stipulated in the Special Terms.

6. PREMATURE REPAYMENT OF THE LOAN

6.1. The Recipient of the Loan shall have the right to repay the Loan or a part thereof before the period agreed. The Loan or a part thereof may be repaid before the period agreed on payment days only.
6.2. Wishing to repay the Loan prematurely, the Recipient of the Loan must notify the Organizer by e-mail about the intention to repay the Loan or a part thereof prematurely 5 (five) business days before the respective day of payment. In his/her notification about premature repayment, the Recipient of the Loan shall specify the requisites of the Contract (date and number), the amount of the Loan to be repaid prematurely and the day of payment on which the Loan shall be repaid. If the Recipient of the Loan submits a notification stipulated in this section, he/she shall not have the right to withdraw it without a separate written consent of the Organizer and shall be considered to have unconditionally undertaken to repay the amount specified in the notification at the period specified. If the Recipient of the Loan violates his/her undertaking, the Organizer shall have the right to apply sanctions for the violation of payment liabilities. In case the notification of the Recipient of the Loan does not meet the requirements of this condition, the Organizer shall have the right not to credit the funds of the Recipient of the Loan for premature repayment of the Loan.
6.3. If the Recipient of the Loan covers the debt using the funds borrowed from a financial institution, he/she shall have to pay a refinancing fee established on the day of refinancing the Loan in line with the rates applicable in the Website to the Organizer.

7. SECURITY OF LIABILITIES

7.1. Proper fulfillment of the liabilities of the Recipient of the Loan under the Contract shall be secured by the securities of the liabilities. The content and form of all documents and transactions establishing or creating the securities of the liabilities must be satisfactory to the Organizer.
7.2. In case if the mortgaged property was mortgaged to another creditor before conclusion of the Contract, the Recipient of the Loan must submit the documents confirming the de-registration of primary mortgage in the content and form satisfactory to the Organizer within 30 (thirty) calendar days after the day of payment of the Loan.
7.3. The Recipient of the Loan undertakes to ensure that before complete fulfilment of the liabilities of the Recipient of the Loan under this Contract all securities of the liabilities under this Contract are fully valid and that there is the possibility to enforce the fulfillment thereof in case of the conditions stipulated in respective security documents of the liabilities.
7.4. In case the ratio of the market value of the mortgaged property determined by the property appraiser acceptable to the Organizer becomes higher than the ratio of the Debt and the mortgaged property established in the Special Terms due to the failure to fulfill the liabilities of the Recipient of the Loan under this Contract before complete fulfillment of the liabilities of the Recipient of the Loan under this Contract, the Recipient of the Loan must mortgage any real estate acceptable to the Organizer in addition immediately but not later than within 10 (ten) business days so that the ratio of the unfulfilled liabilities of the Recipient of the Loan and the market value of the whole mortgaged property is not higher than the ratio of the Debt and the value of the mortgaged property, or repay such a part of the Loan that the ratio of the unfulfilled liabilities of the Recipient of the Loan and the market value of the whole mortgaged property is not higher than the ratio of the Debt and the value of the mortgaged property.


8. CONFIRMATIONS AND WARRANTIES OF THE RECIPIENT OF THE LOAN

8.1. The Parties confirm that the Organizer and the Issuers of the Loan have made the decisions to issue the Loan, submitted the Proposals (Acceptances) and accepted the Application (Offer) of the Recipient of the Loan trusting the authenticity, correctness and thoroughness of the Application, information and documents submitted by the Recipient of the Loan as well as the accuracy and correctness of the confirmations and warranties of the Recipient of the Loan presented below on the day of the Auction, the day of conclusion of the Contract (the day of submission of the Proposal (Acceptance) of the Issuer of the Loan) and throughout the whole period of this Contract.
8.2. The Recipient of the Loan confirms and guarantees that:
8.2.1. The Recipient of the Loan is a capable person whose capacity or the rights to conclude transactions are not limited or restricted whatsoever;
8.2.2. The Recipient of the Loan has obtained all required approvals, authorizations and consents needed in order to submit the Application, participate in the Auction, conclude this Contract and the documents securing the fulfillment of the Liabilities as well as to fulfill all conditions (including the authorizations and consents of the spouse or the partner as well as the consents and permits related to the assurance of the interests of minor children);
8.2.3. In his/her Application, the Recipient of the Loan has submitted all thorough information regarding his/her marital status, registered or unregistered marriage, partnership, children, stepchildren, foster children, dependents or other related persons whose interests may be concerned or who may have any influence while concluding and performing this Contract and the securities of the Liabilities to the Organizer;
8.2.4. The obligations undertaken by this Contract and the securities of the Liabilities do not contradict the provisions of any legal act, transaction the party of which the Recipient of the Loan is as well as to any ruling of any court, arbitrage or decision of any other institution applicable to the Recipient of the Loan;
8.2.5. No court, arbitrage or administrative disputes or proceedings the outcome of which may significantly influence the ability and capacity of the Recipient of the Loan to fulfill his/her liabilities under this Contract take place and there is no grounds to believe that such disputes or proceedings could arise in the future;
8.2.6. This Contract, the securities of the Liabilities and other transactions related to the Loan as well as the actions of the Organizer and the Issuers of the Loan performed while concluding them do not infringe any consumer’s rights and interests of the Recipient of the Loan. The Recipient of the Loan has familiarized himself/herself and agreed with the Contract for Usage as well as was duly informed about all Special Terms of the Contract for Usage and this Contract (Application-Offer), Proposal (Accept) and these General Terms reasonably in advance and he/she was provided with a proper possibility to make any comments and proposals regarding them. All terms of this Contract, the Application, the Proposal and the securities of the Liabilities were discussed individually with the Recipient of the Loan and the Recipient of the Loan, having familiarized himself/herself with them, does not believe any of the said terms to contradict the principles of justice, reasonability and honesty;
8.2.7. The Recipient of the Loan has no debt liabilities to any third parties, except his/her liabilities under this Contract and his/her liabilities about which he/she informed the Organizer and the Issuers of the Loan in the Application and in the documents thereof before the end of the Auction;
8.2.8. The Recipient of the Loan has and, as far as he/she can reasonably anticipate, shall have sufficient possibilities to finance all payments of the Loan, the Interest and the Administration fee under this Contract until the end of the period of repayment of the Loan;
8.2.9. All insurance policies and contracts, which had to be concluded in line with the terms of this Contract, were concluded and are (shall be) fully valid at any time when they must be valid in line with the terms of this Contract. There are no facts or circumstances due to which the insurers could avoid or reduce their liability under such insurance policies and contracts in any manner;
8.2.10. All information submitted to the Organizer and the Issuers of the Loan by the Recipient of the Loan or other persons on behalf of the Recipient of the Loan in relation to conclusion of this Contract is accurate, thorough and correct. The Recipient of the Loan is not aware of any facts or circumstances which could materially affect the financial status of the Recipient of the Loan or his/her capacity to fulfill his/her obligations under this Contract properly in the future.
8.3. The confirmations and warranties of the Recipient of the Loan stipulated in clause 8.2 of the General Terms shall be repeated in full scope thereof in the Special Terms (Application) and on every day of payment. The Recipient of the Loan undertakes to notify the Organizer immediately if any confirmation and / or warranty of the Recipient of the Loan becomes essentially inaccurate or incorrect due to any circumstances during the period of this Contract.

9. DUTIES OF THE RECIPIENT OF THE LOAN

9.1. The Recipient of the Loan undertakes to:
9.1.1. Mortgage the Real Estate Item to the Organizer as a security of the Liabilities stipulated in the Special Terms;
9.1.2. Conclude an insurance contract for the Real Estate Item (excluding a land lot) mortgaged to the Organizer under which the beneficiary would be the Organizer and ensure the validity of insurance protection until the moment of complete fulfillment of the liabilities under this Contract;
9.1.3. Use the Loan obtained for the purpose stipulated in the Special Terms only. Submit the documents and the report regarding the usage of the Loan on the Organizer’s request. Should the Recipient of the Loan use the Loan not for the intended purpose, the Organizer shall have the right to request to repay the Loan, the Interest and the Administration fee for the whole period stipulated in the Contract as well as other amounts calculated under this Contract prematurely;
9.1.4. Repay the Loan until the final deadline stipulated in the schedule of repayment of the Loan as well as to pay the Interest for using the Loan and the Administration fee in line with the terms and procedure of clause 5 of this Contract as well as other payments in line with the obligations of the Recipient of the Loan in line with the procedure stipulated in this Contract;
9.1.5. If the Recipient of the Loan fails to repay the Loan or a part thereof in line with the schedule of repayment of the Loan, the Recipient of the Loan undertakes to pay the fines, penalties for delay and other payments to the Organizer and the Issuers of the Loan in line with clause 5.3 of this Contract;
9.1.6. Not to issue any vouchers or warranties, not to mortgage his/her property to any third parties and not to encumber the mortgaged real estate without the consent of the Organizer;
9.1.7. Submit all information regarding all valid obligations of the Recipient of the Loan to any third parties, any received or issued warranties, concluded transactions of vouchers or securities of the liabilities as well as all other information which may be materially significant for the Application, the Proposal, the Auction as well as conclusion, performance, validity and expiry of this Contract to the Organizer before granting the Loan;
9.1.8. Not to guarantee or vouch for the benefit of any third parties, not to assume the debt of any third parties, not to fulfill the liabilities of any third parties and not to secure the fulfillment of the liabilities of any third parties using his/her property without a prior written permission of the Organizer;
9.1.9. Notify the Organizer in advance about any new loans which he/she wishes to obtain and not to take any loans without the consent of the Organizer;
9.1.10. Submit an additional security of the liability or to repay the Loan and all amounts related to and arising from it on the Organizer’s request within the period established by the Organizer without waiting for the Loan to be repaid before the end of the period in line with the schedule of repayment of the Loan in case a threat that the Loan shall not be repaid on time and properly arises, the ratio of the Debt and the value of the mortgaged property is reduced or the property becomes non-liquid, the financial-economic status of the Recipient of the Loan, the guarantor or the warrantor worsens or the Recipient of the Loan fails to fulfill other obligations under this Contract properly;
9.1.11. Ensure the Organizer’s possibility to inspect the activities of the Recipient of the Loan, the mortgaged property and, on the Organizer’s request, present the evidence of usage of the Loan to the Organizer in the form and in line with the terms acceptable to the Organizer;
9.1.12. Notify the Organizer in writing in the following cases immediately but not later than within 5 (five) calendar days from the occurrence of respective circumstances:
(a) the Recipient of the Loan is not able to perform any payments under the Contract on time and properly or to perform other obligations stipulated in the Contract on time and properly;
(b) the mortgaged real estate is damaged or destroyed, or the value thereof is reduced in any other manner;
(c) any decision regarding reorganization, restructure or liquidation of the Recipient of the Loan, or regarding initiation of a bankruptcy case or of out-of-trial bankruptcy proceedings against the Recipient of the Loan is made;
9.1.13. Notify the Organizer in advance about any change of the registered office, worsening of the financial-economic status, fluctuations of income, termination of the employment contract, increase or reduction of personal property, anticipated delays of payment and all other more significant changes which may influence the performance of the obligations under the Contract;
9.1.14. Cover the costs of conclusion, registration of the contracts for the securities of the Liabilities, any notary’s, insurance and other costs of conclusion of the Contract at his/her expense.

10. TERMINATION OF THE CONTRACT

10.1. The legal facts stipulated hereinafter in this clause shall be considered the grounds for termination of this Contract:
10.1.1. Violation of the payment liability: the Recipient of the Loan fails to pay any amount payable under this Contract within the period established in this Contract and fails to eliminate the violation within 20 (twenty) calendar days;
10.1.2. Violation of the obligations under the Contract: the Recipient of the Loan violates the obligations stipulated in clause 9.1 and fails to eliminate such a violation within 10 (ten) calendar days from submission of the Organizer’s written notification regarding the violation;
10.1.3. Failure to adhere to the ratio of the value of the mortgaged property and the debt: the Recipient of the Loan fails to fulfill the duties stipulated in clause 7.4 of the General Terms related to the ratio of the mortgaged property and the debt;
10.1.4. Incorrectness of the confirmations and warranties of the Recipient of the Loan: it emerges that any of the confirmations and warranties of the Recipient of the Loan stipulated in clause 8 of the General Terms is incorrect and misleading and, in the Organizer’s reasonable opinion, this shall materially negatively influence the performance of this Contract;
10.1.5. Other violations: the Recipient of the Loan and / or the Related Persons perform a material violation of their obligations under the securities of the Liabilities or other transactions related to the Loan stipulated in the Special Terms;
10.1.6. Insolvency: the Recipient of the Loan or any Related Person becomes insolvent or announces his/her insolvency in line with the applicable legislation;
10.1.7. Actions of the authorities: any competent authorities assume any actions due to which the Recipient of the Loan or any Related Person becomes unable to fulfill his/her obligations under this Contract, the securities of the Liabilities or other transactions stipulated in the Special Terms in a timely and proper manner;
10.1.8. Court disputes: any court, administrative or arbitrage proceedings are initiated in respect of the Recipient of the Loan or any Related Person which, in the Organizer’s reasonable opinion, may materially negatively influence proper fulfillment of the terms of the Contract;
10.1.9. Failure to pay the Loan: the whole Loan is not paid until the end of the period of payment of the Loan established in the Special Terms;
10.1.10. Illegality: if (i) the performance of this Contract, the securities of the Liabilities or other transactions stipulated in the Special Terms by the Recipient of the Loan or any Related Person becomes illegal due to any amendments of the legislation or any other reasons; or (ii) any security of the Liabilities under this Contract or any provision of the transactions stipulated in the Special Terms becomes illegal or unenforceable;
10.1.11. Violation of other loan contracts: if the mortgaged property is mortgaged to the Organizer or the mortgaged property has been mortgaged to the Organizer under another loan contract before concluding the Contract, occurrence of the grounds of termination of such other loan contract.
10.2. In case, in the Organizer’s reasonable opinion, any grounds for termination stipulated in clause 10.1 of the General Terms, occurs, the Organizer shall gave the right to terminate this Contract by submitting a notification to the Recipient of the Loan in writing and to request the Recipient of the Loan to pay the whole unrepaid amount of the Loan, the Interest payable, the Administration fee payable and all other amounts payable under this Contract immediately but not later than within 15 (fifteen) calendar days from the day of sending the notification. In such a case, the Contract shall be considered terminated and the amounts stipulated in this clause shall become payable as of the moment of reception of the Organizer’s notification at the address stipulated by the Recipient of the Loan or at a respective notary’s public office.
10.3. Having requested to repay the Loan before the established deadline of repayment of the Loan in line with the procedure established in clause 10.2, the Organizer shall not discontinue the calculation of the penalty for delay and the Administration fee until the Recipient of the Loan fully settles accounts with the Organizer and the Issuers of the Loan.
10.4. In case the Organizer terminates the Contract, automatic transfer of the rights of claim of the Issuer of the Loan to the Organizer shall take place in line with the procedure stipulated in the Special Terms.

11. NOTIFICATIONS

11.1. All notifications and other correspondence while performing the Contract shall be delivered to the Recipient of the Loan or the Issuers of the Loan or shall be sent by registered mail, terminal communication means (e-mail, fax) or in any other manner coordinated by the Parties. The Organizer shall also have the right to present the aforementioned notifications or other correspondence to the Recipient of the Loan and the Issuers of the Loan in the Consumer’s self-service system in the Website.
11.2. If the addresses of the Parties, the Consumer’s Paysera account numbers and (or) other requisites change, the Parties must notify each other about that immediately. The Party who fails to fulfill these obligations, may not make any claims or counterclaims regarding the fact that the actions of the other Party performed in line with the requisites last known to it do not meet the terms of the Contract or that it did not receive the notifications sent at those requisites or in the Consumer’s self-service system in the Website.

12. FINAL PROVISIONS

12.1. This Contract shall come into force as of the day of the end of the Auction in line with clause 3.2 of the General Terms and shall be in force until the day of complete fulfillment of the obligations of the Parties under this Contract. If Recipient of the Loan shall not sign the required documents which are needed to fulfill all the clauses of the Contract (e.g. does not sign mortgage contract) and / or decides to cancel its Loan Application, he agrees to pay Organizer Fee for conclusion of the contract, which is stated in the Portal. Recipient of the Loan agrees that this fee is for services, properly provided by the Organizer and Fee for conclusion of the contract will be paid not later than one day after Loan Application is canceled.
12.2. The terms of the Contract and the information obtained while performing the Contract are confidential and must not be published without the Organizer’s consent, excluding the cases stipulated in this Contract.
12.3. Any amendments and supplements to the Contract may be concluded by a separate agreement of the Parties electronically, using the Consumer’s self-service system in the Website or in any other manner agreed upon by the Parties.
12.4. All amendments, supplements and appendices to this Contract shall have the same legal force and shall constitute an integral part of this Contract.
12.5. Should any provision of the Contract be acknowledged as contradicting the laws or other legislation of the Republic of Lithuania in line with the procedure established by the laws, this shall not have any influence on the validity of the remaining terms of the Contract whatsoever. In such a case, the Parties must agree on replacement of the invalid provision of the Contract by another provision in good will by way of negotiations.
12.6. Should the authorities, including the Bank of Lithuania, enact any legislation regulating the crediting relationship and advantages for performing joint financing platforms, the Organizer shall have the right to amend the terms of this Contract unilaterally and they shall become mandatory to the Parties of the Contract as of the day of the notification in the Consumer’s self-service system in the Website.
12.7. The Recipient of the Loan and the Issuers of the Loan agree that the Organizer would transfer the debt claim of the Issuers of the Loan under this Contract to any third Parties.
12.8. Any disputes between the Parties while performing this Contract shall be settled by way of negotiations, whereas, in case of the failure to reach an agreement, the dispute shall be transferred to the court and the jurisdiction of all disputes shall be determined in line with the location of the Organizer’s registered office by the agreement of the Parties.

13. CONFIRMATIONS
13.1. The Recipient of the Loan and the Issuer of the Loan confirm that they have familiarized themselves with the General and the Special Terms of the Contract and that they were given enough time to familiarize themselves with these Terms.
admin
admin
Site Admin
 
Pranešimai: 35
Užsiregistravo: 23 Bir 2014, 11:38

Grįžti į SAVY documents

Dabar prisijungę

Vartotojai naršantys šį forumą: Registruotų vartotojų nėra ir 1 svečias