Deed of English Mortgages

Deed of English Mortgages

This deed of mortgage made this …….……………… day of ……………. 2000 between AB son of ……………………………… residing at ……………………. hereinafter called the MORTGAGOR (which term shall include his heirs, successors, executors, administrators and assigns) of the one part and CD son of …………….. residing at ……….……  hereinafter called the MORTGAGEE (which term shall include his heirs, successors, executors, administrators and assigns) of the other part. WHEREAS the MORTGAGOR is 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 lands, hereditaments …………… fully mentioned and described in the Schedule hereto and whereas the MORTGAGOR intending to borrow a sum of Rs. ……….. approached the MORTGAGEE which the MORTGAGEE has agreed to lend and advance on having repayment thereof with interest at ………% per annum and secured by a conveyance by way of mortgage of the said property. NOW THIS DEED witnesseth that in consideration of the sum of Rs. ……. this day paid to the said AB by the said CD (the receipt whereof the said AB hereby acknowledges), the MORTGAGOR hereby agrees with and covenants to pay to the MORTGAGEE on the ………. day of ………. the sum of Rs. ……………, with interest thereon in the meantime at the rate of ………. per cent per annum computed from the date of this deed such interest to be paid monthly and every month on the 15th of every current month and this deed also WITNESSES that for the consideration aforesaid the said AB, as the beneficial owner, does hereby grant, transfer, convey unto and to the use of the said CD ALL THAT etc. (describe the property): to have and to hold the same absolutely and for ever provided always that if the MORTGAGOR shall pay or cause to be paid the sum of Rs. …………. with interest thereon, on the ……………. day of ………….., according to the foregoing agreement in that behalf, the MORTGAGEE, shall, at the request and costs of the MORTGAGOR, 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 any estate or interest in the same shall at all times hereafter during the continuance of the security does 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 commits any default in payment of the principal amount on the due date or any three instalments of interest, whether they have been demanded or not it shall be lawful for the MORTGAGEE to institute a suit for sale and to have a Receiver appointed over the mortgaged property.

The Schedule above referred to

In witness whereof the parties to this Mortgage Deed 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:

Memo of Consideration

Received of and from CD the sum of Rs. ………………  being the loan amount for the said Mortgage.

Witness:                                                                                   I say received

Signature

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