An aircraft mortgage and security agreement is a legal contract between a lender and a borrower. According to the agreement, the lender owns a security in the form of a property owned by the borrower. The lender is free to sell the property owned, in case the borrower fails to fulfill the outstanding debt.
In the security agreements, the aspect to be used as a security interest is clearly mentioned. It can be a physical asset like a home, an automobile etc. It can also be a bank account. The aircraft document involves various clauses such as:
Representations and Warranties
Covenants of mortgagor
Registration, maintenance and operation of the aircraft and engines
Any type of alterations and additions
Conditions associated with event of loss
An experienced aviation attorney is required to draft an accurate aircraft mortgage and security agreement.
Aircraft Mortgage and Security Agreement
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