MORTGAGE COVERAGE MANAGEMENT ACTIVITIES – the activity carried out by the mortgagee on its behalf for remuneration within a specified period of time on the basis of the mortgage management agreement and provides representation of the interests of the owners of mortgage bonds, monitoring compliance with the conditions for the replacement of mortgage assets or the inclusion of new mortgage assets to mortgage coverage, monitoring the timeliness and completeness of the issuer’s payment of ordinary mortgage bonds pit, ensure that mortgage cover legal requirements, other functions prescribed by law.
The Trustee has the right at any time during the period of circulation of ordinary mortgage bonds, at its own discretion, to conduct a check of the register of mortgage coverage. The purpose of such verification is to familiarize with changes that have occurred in the mortgage register, in order to comply with the issuer conditions for the formation of mortgage coverage in accordance with the “Law on mortgage bonds” and the Regulations on mortgage coverage of ordinary mortgage bonds. As a result of such a check of the register of mortgage coverage, a written report is drawn up in an arbitrary form.
The manager has no right in his own interest to use and dispose of the mortgage, as well as to make any mortgage-related transactions outside the powers established by the Law “On Mortgage Bonds” and the agreement on mortgage coverage.
An agreement on mortgage management is concluded for the term up to the termination of mortgage mortgage and can not be less than the term of circulation of mortgage bonds.