Deed of English Mortgage to Secure Existing Debt and Future Advances
This deed of mortgage is made this ………….. day of ……………. 2000 between AB son of ……………………………… residing at ……………………. (hereinafter referred to as the MORTGAGOR which term shall include his heirs, representatives and assigns) of the one part and CD son of …………….. residing at …………. (hereinafter referred to as the MORTGAGEE which term shall include his heirs, successors and assigns) of the other part.
WHEREAS the said AB is the sole and absolute owner of the property intended to be hereby mortgaged: AND WHEREAS the said AB is indebted to the said CD in the sum of Rs. …………….., and he has agreed to secure repayment thereof, and of any further or other sum or sums of money up to Rs. …………… which may hereafter be advanced to him by the said CD with interest for the same, in the manner hereinafter expressed; now this indenture WITNESSES that in consideration of the sum of Rs. ……… already due and payable by the said AB to the said CD which the said AB does hereby admit, acknowledge and confirm and further advance of Rs. ……… to be hereafter made at the reasonable satisfaction of CD making thus a sum total of Rs. ……… upon having repayment thereof with interest at …………..% per annum and secured by a conveyance of the property hereunder fully described, the said AB hereby agrees with the said CD that he shall pay him, on the ………. day of …………… the sum of Rs. ………. with interest for the same at the rate of ……….. per cent per annum, computed from the date of this deed: and also to pay the said CD such sum or sums of money as may hereafter be advanced by the said CD to the said AB with interest thereon at the rate aforesaid, computed from the time or respective times of advancing the same: and also, so long as any principal money hereinbefore agreed to be paid shall remain unpaid after the day hereby appointed for payment thereof, to pay to the said CD interest thereon at the rate aforesaid on the. ………… day of …………….., and the ……….. day of ………. and this deed also WITNESSES that in consideration of the premises the said AB as the beneficial owner hereby grants, transfers, conveys to the said CD ALLTHAT, etc. (describe the property): to have and to hold the same to the said CD absolutely and for ever: provided always that if the principal sum or sums of money hereinbefore agreed to be paid, with interest thereon, shall be duly paid at the time or times hereinbefore appointed for payment thereof, then and in such case the said mortgaged property shall, at the request and costs of the said AB, be reconveyed to him absolutely.
And that the MORTGAGOR doth hereby covenant unto the MORTGAGEE that the MORTGAGOR has absolute title to the land, hereditaments, messuages and premises hereby granted and conveyed and that the MORTGAGOR has good right, full power absolute authority and indefeasible title to grant convey transfer assign and assure the same unto and to the use of the MORTGAGEE in the manner hereinbefore indicated and further the MORTGAGOR and all persons having lawfully or equitably any estate or interest in the same shall at all time hereafter during the continuance of the security do execute perform or cause to be done executed and performed all such further or other acts, deeds and things as may be reasonably required for further and more perfectly assuring the same unto and in favour of MORTGAGEE.
The Schedule above referred to
In witness whereof the parties hereto have executed these presents on the day, month and year first above-written.
Signed, sealed and delivered by
AB the MORTGAGOR in the presence of:
Signed, sealed and delivered by
CD the MORTGAGEE in the presence of:
Endorsements to be made on the above Deed
on the Occasion of a further Advance
I HEREBY ACKNOWLEDGE to have this day received from the within-named CD the sum of Rs. ………, being a further sum advanced on the within-mentioned security in terms of the mortgage Deed.
(Date) AB