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FEDERAL LAW OF THE RUSSIAN FEDERATION

of November 11, 2003 No. 152-FZ

About mortgage securities

(as amended on 08-12-2020)

Accepted by the State Duma on October 14, 2003

Approved by the Federation Council on October 29, 2003

Chapter 1. General provisions

Article 1. Sphere of regulation

This Federal Law governs the relations arising in case of release, issue, issue and the circulation of mortgage securities, except for mortgages and also in case of obligation fulfillment according to the specified mortgage securities.

Article 2. Basic concepts

For the purposes of this Federal Law the following basic concepts are used:

mortgage securities - bonds with mortgage covering and hypothecation certificates of participation;

the bond with mortgage covering - the bond on which obligation fulfillment is provided completely or in part with pledge of mortgage covering;

the hypothecation certificate of participation - the personalized security certifying share of its owner in the right of common property to mortgage covering, the right to demand from the issued her face of proper trust management of mortgage covering, the right to the money received in obligation fulfillment, requirements for which constitute mortgage covering, and also other rights provided by this Federal Law;

the mortgage agent - the specialized commercial organization which conforms stipulated in Clause to the 8th this Federal Law to requirements which exclusive object of activity is acquisition of rights of the requirement for the credits (loans) provided with mortgage and (or) pledge of the rights to claim of the participant of shared-equity construction following from the agreement of the participation in shared-equity construction meeting the requirements of the Federal Law of December 30, 2004 No. 214-FZ "About participation in shared-equity construction of apartment houses and other real estate objects and about modification of some legal acts of the Russian Federation" (further - rights to claim of the participant of shared-equity construction), and (or) mortgages and which according to this Federal Law is granted the right to perform bond emission with mortgage covering;

the housing bond with mortgage covering - the bond with mortgage covering which part only the rights to claim provided with pledge of premises are.

Article 3. Mortgage covering

1. The hypothecation certificates of participation certifying share of their owners in the right of common property to other mortgage covering, money in currency of the Russian Federation or foreign currency, and also government securities and real estate in the cases provided by part 1 of article 13 of this Federal Law can only constitute mortgage covering provided with mortgage and (or) pledge of rights to claim of the participant of shared-equity construction of the requirement about return of the main amount of debt and (or) about interest payment according to credit agreements and loan agreements, including certified by mortgages, and (or).

2. Requirements for the obligations provided with mortgage can be part of mortgage covering only in case of their compliance to the following conditions:

the main amount of debt according to the obligation provided with mortgage under each agreement or the mortgage shall not exceed eighty percent of the market value (money value) of the real estate which is mortgage subject determined by the independent appraiser;

the agreement on the mortgage providing relevant requirements shall not provide possibility of replacement or alienation by the pledger of the pledged real estate which is mortgage subject without the consent of the pawnbroker;

the real estate pledged in ensuring execution of the corresponding obligation shall be insured against risk of loss or damage for benefit of the creditor according to the obligation provided with mortgage during all obligation duration. At the same time the insurance sum shall be at least than the size (amount) of the requirement about return of the amount of principal debt provided with mortgage;

only money shall be the subject of the agreement of loan.

2.1. The requirement for the obligation provided with mortgage which is part of mortgage covering when replacing subject of mortgage in the cases established by the Federal Laws is excluded from mortgage covering if the real estate which is mortgage subject is not insured against risk of loss or damage no later than six months from the date of replacement of subject of mortgage.

2.2. When replacing the subject of mortgage in the cases established by the Federal Law, real estate value which is mortgage subject it can be determined based on its cadastral cost.

3. At the time of placement or issue of mortgage securities the requirements provided with mortgage and pledged in providing other obligations cannot constitute mortgage covering. The structure of mortgage covering of bonds with mortgage covering, except for housing bonds with mortgage covering, can include the requirements provided with pledge of real estate which construction is not complete.

The requirements provided with the subsequent mortgage can constitute mortgage covering only provided that the main amount of debt according to the obligation provided with prior mortgage, and the main amount of debt according to the obligation provided with the subsequent mortgage in total do not exceed seventy percent of the market value (money value) of the real estate which is mortgage subject determined by the independent appraiser.

The share of the requirements provided with pledge of real estate which construction is not complete shall not exceed ten percent of the size of mortgage covering.

3.1. Requirements on secure pledge of rights to claim of the participant of shared-equity construction to obligations can be part of mortgage covering only in case of their compliance to the following conditions:

the agreement of participation in shared-equity construction is signed according to requirements of the Federal Law of December 30, 2004 No. 214-FZ "About participation in shared-equity construction of apartment houses and other real estate objects and about modification of some legal acts of the Russian Federation";

the agreement of pledge of rights to claim of the participant of shared-equity construction contains condition that in case of transfer to the pledged account of the participant of shared-equity construction of money according to Item 2 of article 77.2 of the Federal Law of July 16, 1998 "About mortgage (pledge of the real estate)" the pledger has no right to give No. 102-FZ to bank of the order as a result of which execution the cash amount, arrived on its pledged account, will become below the amount equivalent to the size of the participant of shared-equity construction of the obligation provided with pledge of rights to claim, except for obligation fulfillments before the pawnbroker;

the main amount of debt according to the obligation provided with pledge of rights to claim of the participant of shared-equity construction under each agreement from which there was such obligation shall not exceed eighty percent of the market value (money value) of the rights to claim of the participant of shared-equity construction which are pledge subject determined by the independent appraiser;

only money shall be the subject of the agreement of loan according to which obligations are provided with pledge of rights to claim of the participant of shared-equity construction.

The share of the requirements provided with pledge of rights to claim of the participant of shared-equity construction at the time of inclusion in mortgage covering shall not exceed forty percent of the size of mortgage covering. The requirements provided with mortgage after state registration of the property right of the participant of shared-equity construction to real estate according to the agreement of participation in shared-equity construction under which rights were pledged as a part of mortgage covering shall correspond to the conditions provided by paragraphs to the third, fourth and sixth part 2 of this Article. The specified real estate shall be insured against risk of loss or damage for benefit of the creditor according to the obligation provided with mortgage no later than six months from the date of state registration of the property right of the participant of shared-equity construction to object of shared-equity construction.

4. The size of mortgage covering is determined by summing of the size of requirements, cash amount and the cost (money value) of other property constituting mortgage covering. The size of mortgage covering shall be determined according to the procedure, established by the Central bank of the Russian Federation (further - the Bank of Russia).

In case of determination of the size of mortgage covering shall not be considered the requirement for the obligation concerning which:

the term of non-execution constitutes more than six months;

the pledge subject, including owing to the introduction in legal force of the judgment about recognition invalid or the termination on other bases of the right of pledge to real estate (mortgages) and (or) rights to claim of the participant of shared-equity construction, except for replacements of subject of pledge in the cases established by the Federal Law is lost;

the judgment about recognition of the obligation invalid or its termination on other bases took legal effect;

the debtor according to the obligation is recognized as insolvent (bankrupt) according to the procedure, stipulated by the legislation the Russian Federation about insolvency (bankruptcy);

there is within more than six months no insurance of the real estate pledged in ensuring obligation fulfillment upon risk of loss or damage.

5. The same property, including requirements for the same obligations, can be part only of one mortgage covering.

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