城市房地产抵押管理办法（修正） Administration of Urban Real Property Mortgage Procedures (Revised)

shall continue to be valid. The restructured legal person shall enjoy and bear the rights and obligations under the mortgage contract.

　　Where a mortgagor dies or is declared dead or missing in accordance with the law, the legitimate inheritor or a trustee shall continue to perform the original mortgage contract.

　　PART THREE　CONCLUSION OF A REAL PROPERTY MORTGAGE CONTRACT

　　Article 25　The parties to a mortgage shall execute a mortgage contract in writing for the mortgage of any real property.

　　Article 26　A real property mortgage contract shall specify the following main contents:

　　1. names or individual names, and places of residences of mortgagor and mortgagee;

　　2. principal types of creditors' rights and the amount involved;

　　3. location, name, conditions, floor area of the structure, land use area and access regarding the four boundaries, etc., of the mortgaged real property;

　　4. value of the mortgaged real property;

　　5. name of the occupier and manager of the mortgaged real property, the manner of occupancy and the mode of management, occupancy and management responsibilities and liabilities in respect of any accidental damage, destruction and losses;

　　6. time limit on debtor's clearing of the debt;

　　7. conditions governing nullification of the creditor's rights;

　　8. liability for breach;

　　9. dispute resolution methods;

　　10. date and place of execution of the mortgage contract; and

　　11. other matters as agreed by both parties.

　　Article 27　Where pre-purchased commodity housing is mortgaged, a valid advanced commodity housing purchase contract shall be produced.

　　Article 28　Where a mortgage involves construction projects in progress, the mortgage contract shall also specify the following contents:

　　1. the document numbers of the State-owned Leaseholds Certificate, the Construction Land Planning Permit and the Construction Project Planning Permit;

　　2. the amount paid or payable for assignment of leaseholds;

　　3. the amount invested in any construction proj

ects in progress;

　　4. the progress of construction and the date of completion; and

　　5. the amount of work and the number of projects completed.

　　Article 29　Where a mortgagee wishes to insure the mortgaged real property or, after execution of the mortgage, wishes to impose any restrictions on the mortgagor in respect of renting, assignment of the mortgaged real property, or alteration of the method of use of the real property, the parties to the mortgage shall specify such conditions in the mortgage contract.

　　PART FOUR　REAL PROPERTY MORTGAGE REGISTRATION

　　Article 30　Within 30 days of signing the real property mortgage contract, the parties to a mortgage shall register the mortgaged real property with the Real Property Administration Department at the place where the real property is located.

　　Article 31　A real property mortgage contract shall become valid upon registration.

　　Article 32　The following documents shall be submitted for examination during the registration of a real property mortgage:

　　1. the identification certification of the parties to the mortgage and the legal person status certification;

　　2. the application form for mortgage registration;

　　3. the mortgage contract;

　　4. the State-owned Leaseholds Certificate, Certificate of Rights of Building or Certificate of Real Property Rights; where the building is jointly owned, a Certificate of Common Ownership of a Building and other documentary evidence demonstrating the other joint owner's agreement to the mortgage shall be produced;

　　5. certificates and other supporting materials which can prove that the mortgagor has the right to secure a mortgage;

　　6. materials which can affirm the value of the mortgaged real property; and

　　7. other documents which the registration authorities consider necessary.

　　Article 33　The registration authorities shall examine and verify the application made by an applicant, and where ownership may clearly be ascertained and all the necessary documents are provided, shall decide whether to grant registration within seven days from the date of registration. Where registration is not granted, they shall notify the applicant in writing.

　　Article 34　Where a piece of real property for which a building ownership certificate has been obtained in accordance with the law is mortgaged, the registration authorities shall record the additional types of ownership on the original Certificate of Rights of Building, which shall subsequently be kept by the mortgagor. A Certificate of Other Rights of Building shall be issued to the mortgagee.

　　Where pre-purchased commodity housing or pre-purchased commodity housing currently under construction is mortgaged, the registration authorities shall specify the circumstances on the mortgage contract. Where construction of the mortgaged real property is completed during the period of mortgage, the parties concerned shall, following acquirement of a real property ownership rights certificate by the mortgagor, undertake a new mortgage registration.

　　Article 35　Where a mortgage contract is to be revised or a mortgage relationship terminated, the parties to the mortgage shall, within 15 days from making a revision or termination, register the revision or cancel the registration with the original registration authorities.

　　Where leaseholds and ownership rights to buildings and other related structures are obtained due to disposal of mortgaged real property in accordance with the law, the parties to the mortgage shall, within 30 days from the date the disposal becomes effective, apply for registration of transfer of ownership rights to buildings at the Real Property Administration Department of the local people's government above the county level. They shall also apply to register an alteration of leaseholds at the land administration department of the peo

ple's government at the same level by producing an amended Certificate of Rights of Building.

　　PART FIVE　OCCUPANCY AND ADMINISTRATION OF MORTGAGED REAL PROPERTY

　　Article 36　Mortgaged real property shall be occupied and managed by the mortgagor.

　　During the mortgage period when the mortgagor has the right to occupy and manage the mortgaged real property, the mortgagor shall safeguard the mortgaged real property from any damage and maintain it. The mortgagee has the right to examine and inspect the management of the mortgaged real property in accordance with the mortgage contract.

　　Article 37　Mortgage rights may be assigned along with the creditor's rights. A mortgage rights assignment contract shall be executed for the assignment of mortgage rights. Registration of any alteration of mortgage rights shall also be undertaken. Following the assignment of mortgage rights, the original mortgagee shall inform the mortgagor of the circumstances.

　　Provided the mortgagee agrees, the mortgaged real property can be assigned or leased.

　　Proceeds obtained from assignment or lease of the mortgaged real property shall be paid to the mortgagee ahead of the scheduled date to pay off the mortgage. Where the proceeds obtained exceed the mortgaged sum the outstanding amount shall be kept by the mortgagor. Where the proceeds obtained are less than the mortgaged amount, the debtor shall be liable for the difference.

　　Article 38　Where, owing to the needs of State construction, a piece of mortgaged real property is to be demolished and removed, the mortgagor shall promptly notify the mortgagee in writing of the circumstances. Both parties to the mortgage may secure anew the mortgage for the mortgaged real property. They may also settle the debts and credits in accordance with the law and terminate the mortgage contract.

　　Article 39　Where, during a mortgagor's occupancy or management, a piece of mortgaged real property suffers any damage or losses, the mortgagor shall promptly notify the mortgagee of the circumstances, and shall undertake measures to prevent the damage and losses from escalating. Where a piece of mortgaged real property suffers any damage or losses due to acts of the mortgagor, and the value of the mortgaged real property diminishes to a level that is no longer sufficient to act as guarantee for repayment of the debt, the mortgagee has the right to request the mortgagor to provide a new guarantee or contribute a further guarantee to cover the difference.

　　Where a piece of mortgaged real property devalues not owing to any fault of the mortgagor, the mortgagee may only request the mortgagor to provide a guarantee within the amount of compensation paid for damages. The value of the mortgaged real property after devaluation shall still be held as a guarantee for debt payment.

　　PART SIX　DISPOSAL OF MORTGAGED REAL PROPERTY

　　Article 40　The mortgagee has the right to request disposal of the mortgaged real property under any one of the following circumstances:

　　1. The period of debt payment matures, but the mortgagee is still not fully recompensed, and the debtor has not reached an agreement on extending the debt payment period with the mortgagee;

　　2. In the event that the mortgagor dies or is declared deceased and no representative will act on his behalf to repay the debt upon maturity, or where the legitimate inheritor or beneficiary of the mortgagor refuses to repay the debt upon maturity;

　　3. The mortgagor has announced its dissolution and bankruptcy in accordance with the law;

　

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