Ship Mortgage Deed
Submitted by (applicant)
Address
Postal code
Town
National ID no./organisation no.
Ref. no.
1. Mortgagor(s)
Name
National ID no./organisation no.
Specification of the amount of the secured claim:
Amount
Currency
Amount in words
NOK
Additional liability:
2. Mortgagee
Name
National ID no./organisation no.
3. Mortgaged property
The ship name’s (or newbuilding number)
Signal letters
Shipyard
Year when built
Other
Port of registration/home port, country
This mortgage covers the collateral’s individual parts and appurtenances of any kind and shall also cover
anything obtained in the future, see section 45 of the Norwegian Maritime Code.
In addition, the mortgage covers any sum insured for the collateral.
If the collateral is entered in the Norwegian Shipbuilding Register, the mortgage also includes the main
engine and sections of the hull that are built at the principal yard or other yards in Norway. The mortgage
also includes the hull, large sections of the hull or main engine built by a foreign yard and delivered by the
foreign yard. The mortgagor undertakes to ensure the necessary labelling or other identification of
materials and equipment located at the principal yard or at any other yard that builds the main engines or
large sections of the hull, see section 43 of the Maritime Code.
This mortgage also comprises the sum insured for a ship which is under construction.
Names of any other yards:
Date
Mortgagor’s signature
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4. Agreed priority
This mortgage has a right of succession.
5. Prohibition against certain legal transactions
The ship may not be sold or made subject to any additional mortgage without the mortgagee’s consent.
6. Additional text
The more detailed relationship between the mortgagor and mortgagee, including regarding when the
secured claims fall due for payment and the forced realisation of the collateral, is regulated in the credit
agreement and/or a separate mortgage declaration or agreement concerning the provision of collateral as
guarantee for another party’s payment of a debt.
In the case of a default, the mortgagee may demand that the mortgagor promptly arranges for the
collateral to be brought to the port of the mortgagee’s choice or may take possession of the collateral and
bring it to the port of the mortgagee’s choice for the mortgagor’s risk and expense.
In addition to disposing of the mortgaged ship by forced sale or by taking possession of the ship, the
repayment of the debt together with interest and all costs and expenses incurred may be enforced without
prior legal proceedings, according to the Enforcement Act (Norway) section 7 - 2.
The mortgagor undertakes:
a) to allow the mortgagee or his representative to examine the collateral and have it appraised at any
time and at the mortgagor’s expense. If the value of the collateral value in the new appraisal
shows that the security has, in the mortgagee’s view, been substantially reduced, the mortgagee
may demand early repayment of the debt,
b) to keep the mortgaged property adequately insured by the insurances and on the terms requested
by the mortgagee,
c) to notify the mortgagee immediately if any claim for salvage arises, or if any party takes legal
steps to acquire rights in or control over the collateral. The same applies if the collateral
experiences major damage/a major breakdown or is captured or if the mortgagor for other reasons
loses or experiences restrictions on his control over the collateral or decides to lay up the
collateral,
d) to not charter out the ship for a continuous period of more than 12 months or on bareboat
conditions without the consent of the mortgagee,
e) to not scrap the ship, make major alterations to the ship or make major improvements to the ship
without the mortgagee’s consent,
f) to ensure that the mortgagor’s business operations and the use of the collateral comply with the
prevailing laws and regulations, including any orders stipulated pursuant to such.
These provisions take precedence after regulations in any credit agreement, special mortgage declaration
or agreement concerning the provision of collateral as guarantee for another party’s payment of a debt.
Date
Mortgagor’s signature
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Signatures and confirmations - the mortgagor(s)
I/We hereby consent to the creation of the mortgage specified above.
Place, date
The mortgagor’s (mortgagors’) signatures
Repeated in block letters
I/we certify that the title holder(s) is/are over the age of 18 years, and has/have signed or acknowledged his/her/their signature(s) in
my/our presence.
I/we am/are of age and resident in Norway.
Signature of witness no. 1
Repeated in block letters
Address
Signature of witness no. 2
Repeated in block letters
Address
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