لخّصلي

Mr./ Mohammed Abdullah Saudi nationality is Muslim resident in th city of Tabuk it has national identity number 202035
(The first owner of the property)
Mr. Maher Zain a Saudi citizen, a Muslim religious, resides in the cit of Riyadh it has national identity number 502046
(Second party)
The Parties acknowledge their capacity to contract and agree on th following:
PREAMBLE.Since the first party owns the entire property number ( 15 ) of the rea estate area in (Riyadh), which is a (two-story property each floor consisting of 4 rooms, bathroom, kitchen and balcony and an area of about 420 meter and defined by the following limits and landmarks, the maritime boundar street, the tribal boundary street, the western border is underway, and th eastern border is underway) and as the first team needs to borrow an amount of money and mortgage the said property to ensure its fulfillment, i is free from any indication of preventing it and the repayment of the debt.2023
( 15) of ( c) real estate in ( Riyadh), has been placed under a guarantee to mee the said loan on the date of maturity mentioned earlier
ARTICLE 3:1
The Second Party acknowledges that it has not previously disposed of th encumbered property subject to this contract in any manner whatsoever nor has any consequential right in rem to that property
ARTICLE 4:
The first party handed over to the second party the property in a neutral conditio, suitable for use as prepared, free of any concern or concern, and allowed him to hol it until the loan was fully met with its interest and expenses
ARTICLE 5:
The first party committed to complete the transaction of registration of the mortgage on the real estate newspaper and pay its fees and invite the second party to sign within seven days from the date of this contract and in case of non-performance of this contract the second party put this contract into effect at the Department of implementation of the city ( Riyadh) the mortgage sign was requested to be registered on the said property sheet without the first party being present
ARTICLE 6:
The second party may exploit the said property itself, and the first party may not by agreement of the parties that it leases this property to others or assigns third parties to the tasks of managing the encumbered property
ARTICLE 7:
The second party is obliged to keep the encumbered eye in the best condition and to maintain and repair the necessary costs of the mortgaged property and to recover them in the event of the expiry of the contract period, and the second party has the right to benefit from the fruits of the mortgaged property until the repayment of the loan or the expiration of the contract period, whichever is sooner
ARTICLE 8:
Neither of the parties may dispose of the encumbered property without their combined consent and the second team may expropriate the current owner of the mortgage by the enforcement department when the due date has not been met
ARTICLE 9:
The second party is obliged to pay all expenses and expenses incurred by the first party throughout the duration of the contract, and if it does not pay those expenses, the second party has the right to lock up the property and act the legal acts available to it or claim compensation if necessary
ARTICLE 10:
The second party to make adjustments in the property provided that such amendments do not harm it
Each party shall also be deemed to be excused for its obligations under this contract as soon as they expire without the need to excuse or obtain a court ruling
ARTICLE 11:
The parties agreed that in the event of loss of the property, the first party is entitled to its compensation claim the value of the property The parties also agreed that the second party is obliged to pay the mortgage at the expense of the first party and that these expenses shall be taken upon repayment of the loan or receipt of the property The parties also agreed that the mortgage subject of this contract covers all parts of the property and that all the property is a guarantee of the
ARTICLE 12:
The competent court shall decide any dispute between the parties, and the address of the contractors indicated therein shall be considered as his chosen home in this regard
ARTICLE 13:
This contract is made in two copies, each Party shall keep a copy to work On if nessary
The second party
the first partyThe second team had accepted to borrow the amount required for th mortgage of the property mentioned to it after having seen the document of the property, the two parties, which are in full capacity considered a legitimate and legal, agreed on the following
ARTICLE 1:
The prelude is an integral part of the contract and is automated and interpreted
ARTICLE 2:1
The parties agreed that the period of the mortgage shall be one year starting fron 16/5/2023 and ending on 16/5/2024 and renewable until the loan is fulfilled
The first party also borrowed from the second party the amount of ( 100000 ) SAI and committed to refund it with interest rate of 5% annually on / 5 / 16.