Deed of Release

Deed of Release

(Used by the West Bengal State Co-operative
Housing Federation Limited)

This indenture made this ………………… day of ……………… 20………… between the West Bengal State Co-operative Housing Federation Limited, a society registered under the West Bengal Co-operative Societies Act 1940 (West Bengal Act XXI of 1940 bearing registration No. 104/Cal of 1965 and having its registered Office at ‘Todi Mansion’, P-15 India Exchange Place Extension in the City of Calcutta hereinafter referred to and called the releasor (which term or expression shall, unless excluded by or repugnant to the context, mean and include its successors and assigns) of the one part and ………………… Society Limited, registered under the Co-operative Society Act 1983, bearing Registration No. ………… dated …………… and having its registered office at …………… hereinafter referred to and called the releasee (which term or expression shall unless excluded by or repugnant to the context mean and include its successors and assigns) of the other part, witnesseth.

Whereas the releasee  executed and registered a Deed of Mortgage on ………………… which was registered at the office of the Registrar of Assurance, Calcutta, in Book No. …………… Volume No………pages No. ………… to ……………… Being No. ………… for the year ……………… and the releasee (Mortgagor in the said Deed of Mortgage) mortgaged the property described in the schedules to the said Deed of Mortgage for taking loan of Rs. ………… (Rupees …………) only from the releasor (Mortgagee in the Deed of Mortgage) for the purpose of construction) of ……… (……………) separate house/apartments at ………… in the district of ……… for …………… members of the Releasee Society namely …………… Society Limited, on the terms, conditions and covenants as fully stated and contained in the said Deed of Mortgage dated, …………… (hereinafter referred to as the Principal Mortgage).

And whereas the said members included one member, namely ………… of the Releasee Society.

And whereas for the said ………………… Rs. …………… (Rupees …………………) was sanctioned by the releasor society on terms and conditions as fully described and set out in the said Principal Mortgage;

And whereas thereafter a further charge Deed for a sum of Rs. ………… (Rupees …………) only in favour of the said member as in schedule B therewith was registered at the office of the Registrar of Assurances, Calcutta on …………… (date) in Book No. ……………… Volume No. ………… Pages ……… to …………… Being No. ………… for the year …………… wherein for the said ………… a sum of Rupees ………… (Rupees ………………………) only and thus the said ……………… became entitled to Rs. …………… (Rupees ………………) only;

And whereas the said Shri …………………… accordingly received a sum of Rs. …………… (Rupees ………………) only out of the sanctioned loan of Rs. …………… from the releasor/society);

And whereas the property of the said member Shri ………………… was mortgaged in the said Principal Mortgage and in the said further charge by the releasee Society in favour of the releasor Society as described and set out in Schedule ‘A’ herewith;

And whereas the releasee society has made payment of a sum of
Rs. ………… (Rupees ……………) only and all interest and all other sums due and payable thereon to the releasor on account of the said loan of
Rs. ………… (Rupees …………) only as paid to Shri ……………… by the releasor-society which payment the releasor society doth hereby admit and acknowledge;

And whereas the releasee society has accordingly as per provisions contained in the said Principal Mortgage has requested the releasor-society to release the mortgaged property as in Schedule ‘A’ hereunder;

And whereas accordingly the releasor society has decided to release the said property as in Schedule ‘A’ herein in favour of the releasee society;

Now this deed witnesseth as follows:

In pursuance of the aforesaid payment of Rs. ………… (Rupees ……………) only and all interest and all other sums due and payable thereon as received by the releasor from the releasee as aforesaid doth by this indenture release the mortgaged property on request of the said member, namely Shri ……………… as described in the said Schedule the said Principal Mortgage and also fully described and set out in the Schedule A herein from the mortgage charge and declare that the society property as in Schedule A herein covered by the said Principal Mortgage is now free from all encumbrances, charges, liabilities and obligations whatsoever and accordingly from this day, the property mentioned in Schedule A herein is released from the mortgage bond by the releasor in favour of and unto the releasee.

The releasor doth hereby declare and state that it has not made any transfer of its interest in the property released nor has it encumbranced or charged it in any way.

All deeds, documents etc. of the Releasee Society in respect of the said property described in the Schedule A herein are to be handed over and returned by the releasor accordingly.

Provided always and it is further agreed between the releasor and the releasee society that this Deed of partial release is between the parties hereto without affecting and/or changing any of the terms, conditions, rights and obligations of the parties as contained and set out in the said principal Mortgage.

Schedule A referred to above

Description of the property regarding loanee member.

Under District ……………… Sub-Registry and Police Station ………… Mouza …………… J.L. No. …………… Old Khatian No. …………… Hal Khatian No. …………… Dag No. …………… Area and Land Decimals of land as per plan annexed to the said principal Mortgage dated …………… along with the building and all other construction and structure standing thereupon.

In witness whereof the parties herein execute these presents on the day, month and year first above-written.

For West Bengal State Co-operative                                      For ………… Society Ltd.

Housing Federation Ltd. the Releasor                                    the Releasee

………………………………

Witness:

1.

2.

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