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:
- Granting clauses
- 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
- Insurance information
An experienced aviation attorney is required to draft an accurate aircraft mortgage and security agreement.
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