Deed of mortgage

02. Jan, 2011

Mortgage Value: Tk._______________.

DEED OF MORTGAGE

THIS DEED OF MORTGAGE is executed on this the _____ day of  ___________, 2007 of the Christian era.

BETWEEN

MR. A son of Mr. X, 69/1 B.K. Main Road, Purbo Bania Khamer, Police Station: Khulna Sadar, District: – Khulna, represented by his lawful attorney Mr. B, Managing Director of Company 1, having its business address at 8, Mymensingh Road, Banglamotor, Dhaka, appointed and constituted by a registered Irrevocable Power of Attorney Deed No. 22966 dated 28.12.2005, with the Office of Sub-Registrar, Gulshan, Dhaka hereinafter referred to as the “Mortgagor” (which expression shall, unless excluded by or repugnant to the context mean and include his successors-in-interest, legal representatives, administrators and assignees) of the ONE PART.

AND

BANK 1, a scheduled bank incorporated in Bangladesh under the companies act 1994 and carrying out its banking business being governed by the Bank Companies Act, 1991, having its head office at Peoples Insurance Bhaban (15th –16th floor) 36, Dilkusa C/A, Dhaka – 1000, hereinafter referred to as the ‘MORTGAGEE BANK’ (which expression shall unless excluded by or repugnant to the context be deemed to mean and include its successors-in-interest, legal representatives, administrators and assignees) of the OTHER PART.

WHEREAS

The chain of ownership of the scheduled properties are as follows:

It appears that, Mr. B Alias Mr. B was owner of the property and recorded his name in S.A. operation.

Thereafter, said Mr. B Alias Mr. B died leaving behind his two sons, namely (i) Mr. X & (ii) Mr. Y, three daughter namely (i) Mrs. P (ii) Mrs. Q & (iii) Mrs. R, acquired the schedule property by way of inheritance through Haba Deed No. 10604 dated 12.09.1993.

Thereafter, the said Mr. X and others sold the land to East West Property Development (Pvt.) Ltd through Saf Kabala Deed No. 6438 dated 06.05.2002.

Thereafter, said East West Property Development (Pvt.) Ltd sold the scheduled property to Mr. M, by way of purchase through Saf Kabala Deed No. 7662 dated 02.06.2004, in respect of measuring 6.60 decimals.

Thus the said Mr. Abecome the present owner of the scheduled land and got mutated in respect of measuring land 6.60 decimals in the Govt. Revenue Record vide Mutation Case No.  4775/05 dated 01.08.2005.

A.      NOW, COMPANY 1, a limited company incorporated under the Companies Act 1994, having its business address at 8, Mymensingh Road, Banglamotor, Dhaka, represented by its Managing Director, Mr. B bearing (Tax Payer’s Identification Number) T.I.N. ­­­­­­­­­­­­­­­­­­­_________ ____________________________________, Dhaka, (hereinafter referred to as the ‘Borrower’) requested the MORTGAGEE BANK for sanctioning loan facilities;

B.      At the request of the Borrower, the MORTGAGEE BANK has sanctioned a Loan Facility of Tk.20,00,000.00 (Taka twenty lac) only (hereinafter referred to as the ‘Loan’) vide its Sanction Letter No. TBL/DCB/ADV/SANC/2007/102 dated June 24, 2007, (the ‘Sanction Letter’) to the Borrower on conditions inter alia, that the Mortgagor shall mortgage property more fully described in the schedule given below (hereinafter referred to as the “Scheduled Property”) to the MORTGAGEE BANK as security for repayment of the Loan along with interest and charges due thereon;

C.     AND WHEREAS, the Mortgagor has accepted the conditions and offered and agreed to create legal mortgage on the Scheduled Property in favour of the MORTGAGEE BANK for adjustment of the Loan facility sanctioned to the Borrower.

D.     AND WHEREAS, the MORTGAGEE BANK has agreed to accept the Scheduled Property as security for adjustment of the Loan facilities sanctioned in favour of the Borrower.

NOW THIS DEED OF MORTGAGE WITNESSES AS UNDER:

1.       In consideration of the above loan facility of Tk.20,00,000.00 (Taka twenty lac) only given to the Borrower by the MORTGAGEE BANK vide its Sanction Letter No. TBL/DCB/ADV/SANC/2007/102 dated June 24, 2007, the Mortgagor hereby transfer and convey by way of simple mortgage whole of the Scheduled Property alongwith all rights, interest, easements and structures belonging thereto as security for repayment of the aforesaid Loan given by the MORTGAGEE BANK to the Borrower.

2.       That if the Borrower fails to repay the loan to the MORTGAGEE BANK in the manner stated in the Sanction Letter or in any other manner so agreed between the Borrower and the MORTGAGEE BANK, then the MORTGAGEE BANK shall be entitled to recover the outstanding dues from the Mortgagor under these presents by sale of the Scheduled Property without intervention of the Court of law.

3.       That the MORTGAGEE BANK, if necessary, shall be entitled to sell the Scheduled Property without intervention of any Court of law as per the provisions of the Artha Rin Adalat Ain 2003 and the same shall be regarded as valid and binding on all the parties to which the Mortgagor shall not object.

4.       That the property hereby mortgaged shall be kept in good condition at the absolute cost and expenses of the Mortgagor.

5.       That the Mortgagor shall not allow or appoint any Receiver for the scheduled property except at the instance of the MORTGAGEE BANK, who shall always at its discretion be able to appoint a receiver for the said property nor shall any distress or execution be levied or enforced upon or against the said properties or any attempt to create any charge or mortgage on the said properties which may prejudice the security hereby created shall be illegal and of no effect.

6.       That the Mortgagor hereby declared that the property hereby mortgaged is free from all encumbrances of whatever nature and the Mortgagor are legally entitled to mortgage the same with the MORTGAGEE BANK by way of registered mortgage.

7.       That the Mortgagor shall be under obligations to permit the MORTGAGEE BANK, its agent, employees and nominees from time to time to enter into or upon the scheduled property or any part thereof and to view, inspect and value the same and take inventories thereof, as and when necessary.

8.       That the Mortgagor hereby agree that they will pay taxes and rent which are or may become payable according to law on the properties now mortgaged with MORTGAGEE BANK and agrees to indemnify the MORTGAGEE BANK for any default of the Borrower in making such payments.

9.       That the Mortgagor hereby agree that neither this mortgage nor anything contained herein shall impair, extinguish, limit or otherwise prejudicially affect all or any of the right, remedies, privileges, benefits or securities or guarantee which the MORTGAGEE BANK has acquired or may acquire hereinafter or that may otherwise be available to the MORTGAGEE BANK.

10.   That the MORTGAGEE BANK shall be at liberty to enforce the mortgage at any time if the Borrower fails to repay the loan amount as per the Sanction Letter.

11.   That if any of the deeds or other documents of title relating to the property hereby mortgaged shall during the continuance of this security be lost, destroyed, defaced or mutilated by war damage as defined in section 2 of the War Damage Act, 1943, the MORTGAGEE BANK shall not be liable to give any indemnity or make any compensation to the Mortgagor in respect of such loss, destruction, defacement or mutilation or to replace or supply copies of any of the deeds or documents so lost, destroyed, defaced or mutilated.

12.   That on repayment of loan and on payment of all interest and other charges due thereon the Mortgagor shall be entitled to redeem the scheduled property at their own costs from the MORTGAGEE BANK free from all encumbrances and charges accruing on the MORTGAGEE BANK and on such redemption this mortgage shall be deemed to have been extinguished.

13.   That the Mortgagor hereby also agree and declare that the terms and conditions contained in the Sanction Letter including any amendment thereof or addition thereto, from time to time, or renewal if any shall be deemed and be taken to be part of these presents.

14.   That it is also declared by the Mortgagor that if at any time, scheduled property is requisitioned and/or acquired the entire compensation money thus awarded shall be drawn by the MORTGAGEE BANK and it shall be adjusted as his own dues and shall pay the balance, if any, to the Mortgagor thereafter. If there is any shortfall, the Mortgagor shall adjust the same immediately on demand by the MORTGAGEE BANK.

15.   That in the event the MORTGAGEE BANK suffers any loss or damage caused due to any false statement, misrepresentation or concealment of facts regarding the right, title, interest and possession of the mortgaged property, the Mortgagor shall be bound to refund the mortgage value to the MORTGAGEE BANK upon immediate demand and the exercise of the right under this provision shall under no circumstances prejudice the Mortgage Bank from taking any other recourse against the Mortgagor for recovering of its dues.

SCHEDULE OF THE PROPERTIES REFERRED TO ABOVE

All that piece & parcel of land measuring 6.60 (six point six zero) decimals situated within District- Dhaka, Police Station: Sabak Karanigonj thereafter Tajgoan thereafter Cantonment Hal Badda, Sub-Registry Office – Gulshan under Dhaka Cantonment, J. L. No.  C.S. 271 & S.A. 110, Mouza – Joarahahara;  Khatian No. C.S.- 230, S.A.- 588, R.S.- 1703, Dag No. C.S. & S.A. – 3261, R.S. 9618, being lay out project of East West Property Development (Pvt) Ltd at Bashundhara, being Block No. I Plot No. 313; butted & bounded by:

On the North:   Plot No. 354

On the South:  Road

On the East:    Plot No. 314

On the West:   Plot No.313/D

alongwith all structure and building constructed or to be constructed thereon together with all rights, interests, benefits, easement etc. attached thereto.

IN WITNESSES WHEREOF, THE MORTGAGOR HEREUNTO SET HIS SIGNATURE ON THE DAY, MONTH AND YEAR MENTIONED ABOVE.

____________________________

Mr. M

represented by his lawful attorney Mr. B

(Signature of the Mortgagor)

Signed in the presence of

(Signatures, names and

addresses of the witnesses):

1.

2.

Drafted by:

For: “The Lawyers & Jurists”
M.L.Hotel Tower Ltd,
208,Shahid Syed Nazrul Islam Sarani,
Bijoy Nagar, Dhaka-1000.

www.lawyersnjurists.com

BEFORE THE SUB-REGISTRAR, __________________

AFFIDAVIT

I, MR. B, son of Abdul Majid, of 8, Mymensingh Road, Banglamotor, Dhaka On behalf of Mr. M, son of Mr. X, 69/1 B.K. Main Road, Purbo Bania Khamer, Police Station: Khulna Sadar, District: – Khulna, by nationality – Bangladeshi, by faith – Muslim, do hereby solemnly affirm and say as follows:

That being duly authorized I execute this deed of mortgage. That my aforesaid principal is the sole owner of the property and no one has any share in the said property. That the property is not under any contract for sale or not sold or not mortgaged or encumbered otherwise. Further it is not a public khas/vested property or abandoned or it has not been vested upon the government. That if any of the declarations made herein by me is ever found to be not correct, I shall be held liable for any such mistake or misrepresentation and in case I give any false statement or conceal the truth as regards my right, title, interest and possession over the scheduled property and if all or any of theses are detected in future, I shall be held liable for committing criminal offence. That if in future any defect in the description of the Scheduled Property is found, I agree to execute and register a fresh deed or deed of rectification/declaration as would be required in order to make corrected the deed.

THAT THE STATEMENTS MADE ABOVE ARE TRUE TO MY KNOWLEDGE AND BELIEF AND IN VERIFICATION WHEREOF I SWEAR THIS AFFIDAVIT ON THIS THE _________ DAY OF _________________ 2007, BEFORE THE SUB-REGISTRAR.

____________________________________

Deponent

The deponent is known to me, identified by me and has signed in my presence.

____________________________________

Identifier

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