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This
Deed of Mortgage made at ................. (Give place) this
.................... (Give date) Day of ......................
(Give month) 200... between X, son of..............................
resident of.......................(Give details) hereinafter
called as a mortgagor of the ONE PART and Y, son of........................
resident of ..................... (Give details) hereinafter
called as a mortgagee of the OTHER PART.
WHEREAS
the mortgagor is absolutely seized and possessed of the house bearing
no .................. situated at.................... (Give address)
more particularly described in the schedule hereunder written
AND
WHEREAS the mortgagor has requested the mortgagee to lend him a
sum of Rs............... (Give amount) which the mortgagee
has agreed on the mortgagor mortgaging his property.
NOW
THIS DEED WITNESSETH THAT in pursuance to the said agreement and
in consideration of the sum of Rs.............. (Give amount)
at or before the execution of these presents paid by the mortgagee
to the mortgagor (the receipt whereof, the mortgagor hereby admits
and acknowledges), the mortgagor hereby covenants with the mortgagee
that he will pay on the................... (Give date) Day
of.........................(Give month) (hereinafter called
"the said date"), the said sum of Rs....................(Give
amount) with interest @.......... % per annum from the date
of these presents till the repayment of the said sum in full every
quarter.
The
first installment of interest to be paid on the.....................
day of.............200........... and each subsequent installment
on the............... day of July, October, January and April of
each succeeding year until the said sum is repaid in full. (clarify
payment terms)
AND
THIS DEED FURTHER WITNESSETH THAT
In
consideration aforesaid, the mortgagor hereby transfers by way of
mortgage his house bearing no ................. (Give no.)
situated at ................ (Give address) as a security
for repayment of the said sum with interest @...................
Per annum with the condition that the mortgagor, his heirs, executors,
administrators or assigns shall on the said date pay to the mortgagee,
his heirs, executors, administrators or assigns the said sum of
Rs … together with interest thereon at the rate mentioned above.
AND
IT IS HEREBY AGREED AND DECLARED that if the mortgagor does not
pay the said mortgage amount with interest the mortgagee shall be
entitled to sell the said house through any competent court and
to realise and receive the said mortgage amount and interest, out
of the sale proceeds of the house.
AND
IT IS FURTHER AGREED AND DECLARED by the mortgagor that during the
period, the mortgage amount is not paid and the said house remains
as a security for the mortgage amount, the mortgagor shall insure
the said house and take out an insurance policy in the joint names
of the mortgagor and mortgagee and continue the said policy in full
force and effect by paying premium and in case of default by the
mortgagor to insure or to keep the insurance policy in full force
and effect, the mortgagee can insure the said house and the premium
paid by the mortgagee will be added to the mortgage amount, if not
paid by the mortgagor on demand.
AND
IT IS FURTHER AGREED THAT the mortgagor can grant lease of the said
house with the consent of the mortgagee in writing.
AND
THE MORTGAGOR FURTHER AGREES that he shall bear stamp duty, registration
charges and other out of pocket expenses for the execution and registration
of this deed and reconveyance deed.
IN
WITNESS WHEREOF the parties have signed this deed
The
Schedule above referred to
WITNESSES:
1.
Signed
by X the within named mortgagor
2.
Signed
by Y the within named mortgagee
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