Long story short, I found myself translating a monster of a mortgage contract, and I’ve hit a clause that I can’t make heads or tails of.
The text in question has something to do with guarantor rights and obligations, but that’s about as far as I got.
(Man, reading through this documents makes me feel so dumb. I know what the words mean individually, but put together and it might as well be utter gibberish.)
I’ll take a stab at it. I’m a native speaker, but I was almost entirely educated in English, so my written Chinese ability is a little iffy, especially in a formal context. However, I think the gist of the clause is that party C’s obligation under this contract is not affected by whether party B has any other guarantors or not.
Here’s my attempted translation. Note that I haven’t got any formal legal training, in either English or Chinese, so the translation of a lot of the legal terms is just a WAG, with a little help from googling around. I’m sure I’ve got many things wrong, but I hope this helps.
“Party C promises to waive the right to request party B to preferentially implement the defence of the mortgage right and other guarantor rights under this contract. That is, if other guarantors (including other securities and/or pledges, such as real-estate securities, provided by party A to party B) in addition to the means of guarantee agreed to under this contract exist, the guarantor liability that party C undertakes for party B is not affected by any other guarantors, and is not absolved or reduced by such. Party B has the right to choose to exercise its right to request party C to be the first to undertake its guarantor liability. Party C waives the right of first defence of all other guarantors. The guarantor liability that party C has promised to undertake for party B is not absolved or reduced even if party B, for any reason, waives its mortgage right and/or pledge right on the assets of party A, or modify the order or content of its mortgage right and/or pledge right, which causes the right of first claim of party B under the mortgage right and/or pledge right above to be lost or reduced.”
Yeah, I consulted a realty agent (though her expertise is American realty law) and that’s about what she managed parse out of it too. Thanks for giving it a shot!
