Deed of English Mortgage Where part of the Consideration Money of a Sale is Unpaid

Deed of English Mortgage Where part of the Consideration Money of a Sale is Unpaid

This mortgage deed is made this ………….. day of ……………. 2000 between AB son of …………………. residing at ……………… (hereinafter called the MORTGAGOR which term shall where the subject or context admits of include his heirs, executors, administrators, representatives and assigns) of the first part and CD son of …………… residing at …………. (hereinafter called the MORTGAGEE which term shall unless the context otherwise requires include his heirs, executors, administrators, representative and assigns) of the second part.

WHEREAS the MORTGAGEE was the sole and absolute owner of Premises No. ……….. fully mentioned and described in the Schedule hereto and hereafter referred to as the said property and WHEREAS by an Indenture of Conveyance executed this day immediately prior to these presents the MORTGAGEE has granted, conveyed, sold, transferred, assigned and assured the said property unto and in favour of the MORTGAGOR for the sum of Rs. ………. absolutely and forever.

And whereas at the treaty for the sale it was finally agreed by and between the parties hereto that the MORTGAGOR shall pay a sum of Rs. …………… and secure the balance at Rs. …………. by execution of an English Mortgagee on the said property on terms hereunder contained And WHEREAS the MORTGAGOR is by virtue of the said conveyance absolutely seized and possessed or is otherwise well and sufficiently entitled to an absolute estate of inheritance or an estate equivalent thereto free from encumbrances to the said property. Now this Indenture witnesseth that in consideration of the sum of Rs. …………. being the unpaid balance of the consideration money in respect of the sale and in consideration of the terms and conditions finally agreed to and decided between the parties and in consideration of the possession of the property having been delivered to the MORTGAGOR in pursuance of the said conveyance, the MORTGAGOR does hereby agree with and covenant to pay to the MORTGAGEE on or before the ………… day of ………… in the manner hereunder indicated the said sum of Rs. ………… with interest thereon in the meantime at the rate of ……….. per cent per annum computed from the date of these presents such interest to be paid monthly every month on the …………. of every current month without any delay or a single default and the MORTGAGOR as beneficial owner does hereby grant, transfer, convey, assign and assure unto and to the use of the MORTGAGEE the said property with all building, yards, courtyards, areas, drains, sewers, rights, liberties, easements, privileges, appendages, appurtenance whatsoever and all deeds, attaches, muniments, writings and evidences of title which in any way relate to the said promises to have and to hold the same absolutely and for ever subject to the proviso for redemption hereunder contained, that is, if the MORTGAGOR shall pay or cause to be paid the sum of Rs. …………. with interest thereon at 10% per annum for the debt hereof on or before the ………. day of ……….. according to the agreement in that behalf, the MORTGAGEE, his heirs, representatives or assigns shall, at the request and costs of the MORTGAGOR, his heirs, representatives or assigns reconvey to him or them as he or they shall direct the said property. And that the MORTGAGOR does 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 an estate or interest in the same shall at all times hereafter during the continuance of the security would execute or 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 the MORTGAGEE.

Provided, however, and it is further agreed by and between the parties that if the MORTGAGOR defaults in payment of any instalments of the principal amount on the due dates or any two instalments of interest or commits any breach of the covenants, conditions and stipulations hereunder contained to be observed and performed on his or their part the entire mortgage money shall become at once due and payable and it shall be lawful for the MORTGAGEE to institute a suit for enforcement of the mortgage and sale and to have a Receiver appointed over the mortgaged property notwithstanding the fact that the period of redemption hereunder provided shall not have then expired.

And that the MORTGAGOR, his heirs, executors, administrators, representatives and assigns to the intent that he shall personally remain responsible for performance of all covenants on his part covenant and agree with the MORTGAGEE as follows that the MORTGAGOR shall, after appointment of such Receiver, shall not receive or collect any payment in respect of the mortgaged premises and shall forthwith deliver possession and attorn all tenancies to the Receiver so appointed without any objection of any kind whatsoever, and that the MORTGAGEE shall be entitled to apply for such direction or directions on the Receiver as in law he may be entitled to do so.

And also in case the MORTGAGOR fails and/or neglects to pay the mortgage money as hereunder provided, the MORTGAGEE shall be entitled to cause the property to be sold, and in that event he shall, out of the proceeds of such sale at the first instance, be entitled to repayment of the mortgage money with all interest at the rate aforesaid payable till the date of payment or realization through court and in the event of any deficiency, the MORTGAGOR and also the confirming party shall remain personally liable for the same and  submit to a personal decree on that account.

And that the MORTGAGOR shall at all times during the continuity of the security hereunder created keep the property with all buildings, erections, fixtures, etc. in good repair and condition and shall not cause nor suffer, any loss, damage or mischief thereto until the said sum of Rs….. with all interest and the costs, charges and expenses of the MORTGAGEE, if any, is fully paid and also free from encumbrances and attachment and duly insured against fire and other insurable risks during the subsistence of this mortgage and shall not deliver possession of the property to any person or persons. And that the MORTGAGOR shall not suffer any decree or attachment affecting the property and that the MORTGAGEE shall be entitled to have property insured unless the mortgaged premises already insured by the MORTGAGOR who shall give timely information thereof to the MORTGAGEE and any expenses incurred by the MORTGAGEE in that behalf shall be added to his claim and shall bear interest thereon at the rate mentioned above.

And that the MORTGAGOR shall not grant any lease or leases of the property or any portion thereof not let out the same except on monthly tenancy basis nor erect any temple or other place of religious worship, nor create any trust or debutter or settlement or endowment except with the consent and permission in writing of the MORTGAGEE who shall be entitled to refuse in all such cases at his absolute discretion without assigning any reasons. The MORTGAGOR shall, in the event of any such lease or leases granted with the permission of the MORTGAGEE, keep the MORTGAGEE apprised of the terms and conditions under which the MORTGAGOR shall propose to give the mortgaged premises or portion thereof on lease and shall give sufficient notice thereof prior to the grant of any such lease and shall also make the entire premium if any available to the MORTGAGEE who shall credit and adjust the same against the mortgage debt.

And that MORTGAGOR shall, during the subsistence of this security, pay all his income-tax and other personal taxes and all public charges, e.g. rates and other assessments, impositions and outgoings in respect of the property and produce for inspection of the MORTGAGEE all paid up bills and challans as and when demanded nor submit to nor suffer any attachment or charge on the mortgaged property.

And that in case the MORTGAGOR sells any portion of the property, he shall obtain prior permission in writing from the MORTGAGEE and has to make the entire consideration money available to the MORTGAGEE who shall adjust the sum or sums so received in pro tanto satisfaction of the mortgage debt due to him.

And that on payment of the mortgage money and all expenses and charges that may have accrued due to the MORTGAGEE from the MORTGAGOR up till the date of redemption, the MORTGAGEE shall reconvey the mortgaged premises to the MORTGAGOR at the costs and expenses of the MORTGAGOR free from all encumbrances, if any, created by the MORTGAGEE in respect of the mortgaged premises and return all documents of title or other necessary documents, which may be in possession of the MORTGAGEE, having been delivered to him by the MORTGAGOR or his representative in interest at any time prior to such redemption.

And that the MORTGAGEE shall have the right to assign the mortgage debt together with the security or nominate any person or persons to receive the mortgage money as shall remain outstanding from time to time and receipts of such person or persons shall be a complete discharge to the MORTGAGOR who shall have no liability to see the application of the money. And that MORTGAGOR shall keep the MORTGAGEE informed of all proceedings if any, for compulsory acquisition of the mortgaged property and developments from time to time and shall consent to the payment of the claim of the MORTGAGEE in full at the first instance together with all costs, charges and expenses ancillary or incidental thereto notwithstanding the period of redemption hereunder provided shall not have expired.

And that these presents shall at all times he construed as an English MORTGAGEE within the meaning of Transfer of Property Act and the MORTGAGEE shall have and be entitled to all powers, authorities, rights, remedies and reliefs open to the MORTGAGEE of the same description and that all notices, letters, etc. addressed to the MORTGAGOR shall be deemed to have been sufficiently served if sent at his residence or hereinbefore mentioned under certificate of posting.

The Schedule

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:

Disclaimer:

The information contains in this web-site is prepared for educational purpose. This site may be used by the students, faculties, independent learners and the learned advocates of all over the world. Researchers all over the world have the access to upload their writes up in this site. In consideration of the people’s participation in the Web Page, the individual, group, organization, business, spectator, or other, does hereby release and forever discharge the Lawyers & Jurists, and its officers, board, and employees, jointly and severally from any and all actions, causes of actions, claims and demands for, upon or by reason of any damage, loss or injury, which hereafter may be sustained by participating their work in the Web Page. This release extends and applies to, and also covers and includes, all unknown, unforeseen, unanticipated and unsuspected injuries, damages, loss and liability and the consequences thereof, as well as those now disclosed and known to exist.  The provisions of any state’s law providing substance that releases shall not extend to claims, demands, injuries, or damages which are known or unsuspected to exist at this time, to the person executing such release, are hereby expressly waived. However the Lawyers & Jurists makes no warranty expressed or implied or assumes any legal liability or responsibility for the accuracy, completeness or usefulness of any information, apparatus, product or process disclosed or represents that its use would not infringe privately owned rights. Reference herein to any specific commercial product process or service by trade name, trade mark, manufacturer or otherwise, does not necessarily constitute or imply its endorsement, recommendation or favouring by the Lawyers & Jurists. The views and opinions of the authors expressed in the Web site do not necessarily state or reflect those of the Lawyers & Jurists. Above all, if there is any complaint drop by any independent user to the admin for any contents of this site, the Lawyers & Jurists would remove this immediately from its site.