General Terms and Conditions

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1.     A loan agreement secured by a lien has been concluded between the contracting parties. According to the loan agreement, Correct Zálogház Zrt., as a Creditor, is obliged to make the amount specified in the contract available to the Debtor, and the Debtor is obliged to provide the loan in cash (in one amount until the maturity date, unless otherwise stated on the pawn ticket) to pay it back. The loan is disbursed in cash at the time of concluding the contract.
 

2.     The contract consists of these general terms and conditions and the individual data indicated on the front of the pawn ticket. The amount of the loan, the expiry date, the place and date of contracting, the fees and their rates, the deadline for the payment of each fee, as well as a description of the collateral and its agreed value (offered by the appraiser acting on behalf of the Creditor and accepted by the Debtor).

3.     The pawn ticket according to the Civil Code. 5:89 § (6) count as security. The creator of the document is the Creditor who permits the Debtor the amount of the loan in exchange for receiving the collateral until the end of the grace period as specified on the front page.

Proof and transfer of entitlement are possible only with the security, therefore the Creditor draws the Debtor’s attention to the careful preservation of the pawn ticket. After receiving the collateral, the Debtor is not entitled to enforce any claim.

The voucher is to be presented and it is freely transferable.

4.     The contract is valid from the date of pawning by handing over the collateral to the Creditor and receiving the pawn ticket and the loan amount by the Debtor.

5.     The Creditor is entitled to a lien on the collateral owned by the Debtor to secure his claim. The Creditor has the right to own the collateral but is obliged to keep it in original form and return it to the Debtor after the grace period has ended. The Creditor must not use or utilize the collateral. By transferring the pawned object, the Debtor guarantees his right of ownership, an exclusive right of disposal, and exemption from the mortgage.

6.     The fees, that may occur at the request of the loan, are not defined separately in the contract, also the fees in force are in the announcement, the definition of the fees is described in the Creditor's business rules posted in the pawnshop.

7.     The Creditor is not entitled to unilaterally change the fees specified in the contract. If the parties agree to extend the term of the contract, the contract shall contain the applicable fees on the date of the extension of the contract for the following period.

8.     After the payment of the loan amount and all additional fees by the Debtor, the contract has ended and the Debtor receives back the collateral. On the maturity date of the loan, the Debtor must redeem the collateral and repay the loan. The Debtor fulfills this by paying the loan in one installment to the Creditor's cashier's office (place of performance), during its working hours. In case of payment of the full amount of the loan, the Creditor returns the collateral to the person presenting the pawn ticket and paying the loan and takes the original copy of the pawn ticket. The Debtor shall examine the returned collateral. He is obliged to communicate any objections to the Creditor immediately. Later the Creditor will not accept any objections, the Debtor is not entitled to enforce any claim.

9.     By submitting his pawn ticket, the Debtor is entitled to repay the loan earlier and redeem its collateral; in this case, in addition to the fees already paid, only time-proportionate interest has to be paid, no separate fee will be charged for early repayment. This provision shall also apply if the Debtor wishes to terminate the contract within 14 days. The Creditor may terminate the contract with immediate notice if

• The Debtor has deliberately misled the Creditor by withholding unrealistic data, facts, and information.

• The Debtor fails to fulfill his obligations under the contract;

• By law, for other reasons, immediate termination is needed.

In case of immediate termination, the Creditor claims his right for receiving the given loan as a lump- sum also his right for the collateral becomes immediate. The Debtor may otherwise exercise his right of cancellation if, under his contract with the Creditor, his debt does not exist at the time of cancellation.

10.  The Debtor shall immediately notify the creditor of the following:

• The collateral is claimed by a third party;

• Proceedings have been instituted against the Debtor for the issuance of an order for payment, or an enforcement clause, or if the Debtor has been convicted or enforced in civil proceedings.

• You become aware of data, facts, or circumstances that adversely affect the saleability of the collateral or reduce its value;

• The pledge is seized by a court, NAV, or other authority during the proceedings, it is ordered to be seized or blocked, or it is decided to withdraw it in another way.

11.  The Creditor's right of satisfaction opens on the following day after the expiry date of the loan. However, the Creditor undertakes not to sell the collateral until the end of the month (grace period) despite the open right of satisfaction. The Creditor can then sell it to the public outside of court enforcement. The Creditor shall notify the Client of his intention to sell the collateral 30 days before the date of the sale using an announcement posted in the pledge account or, if necessary, to the people required by law. During the sale, the Creditor - acting on behalf of the owner of the collateral - transfers its ownership. The Creditor shall prepare a settlement after the sale and shall pay to the pledgee (the Client) the amount of the received purchase price less the costs incurred in connection with the preservation, maintenance, processing, transformation, and sale of the collateral.

12.  The Creditor's liability for the collateral shall not exceed the pledged value recorded on the front of the pledge note.

13.  The Creditor is entitled to sell the collateral not taken over by its owner after three months from the date of payment of the loan. Even though the Debtor may have paid the loan and the fees.

14.  The supervisory authority of the Creditor is the Magyar Nemzeti Bank (HNB- Hungarian National Bank), 1013 Budapest, Krisztina krt. 39. Central address: H-1534 Budapest BKKP Mailbox: 777., Central Phone: (36-1) 4899-100, Central fax: (36-1) 4899-102. Web page: http://felugyelet.mnb.hu.

15.  In matters not regulated in the contract, the announcement containing the fees and their rates of the Correct Zálogház is Zrt. as Creditor - posted in the pawnshop - shall apply such as the provisions and measures of the Hungarian law in force.