21. Seller Finance
(a) The Seller agrees to provide the Buyer and advance of xxxx ($xxxx) to enable the Buyer to complete this Contract.
(b) The parties agree that this advance will be secured by the Buyer providing to the Seller a first registered mortgage over the Property.
(c) The mortgage documents shall be in the form as prepared by the Seller’s Solicitors at the expense of the Buyer and shall contain the terms and conditions set out in the Form 20 ‘ Schedule/Enlarged Panel/Additional Page/Document (S.154/Declaration, Version 1 as issued by AUSDOC Commercial & Law Stationers).
(d) The mortgage shall contain the following essential terms and conditions: –
(i) Principal: xxxx ($xxxx)
(ii) Date of Repayment: xxxx
(iii) Interest Rate: xxxx per cent per annum
(iv) Whether or not there is a penalty for early repayment
(e) The Buyer shall execute all documents prepared and delivered pursuant to this clause and do all other things necessary to give effect to this clause including the payment of all expenses involved in the preparation, stamping and registration of the mortgage.