Deed of Simple Mortgage

Deed of Simple Mortgage

This deed of mortgage made the ………………. day of ………………. between AB of, etc. (hereinafter called the MORTGAGOR), of the one part and CD of etc., (hereinafter called the MORTGAGEE), of the other part, WITNESSES, that in consideration of a sum of Rs. ………….. lent and advanced to the MORTGAGOR by the MORTGAGEE the receipt whereof the MORTGAGOR does hereby and also by the receipt hereunder admit, acknowledge and confirm, he, the said AB does hereby and hereunder transfer and mortgage, as and by way of simple mortgage, unto and in favour of the said CD, his heirs, executors, administrators or assigns, ALL THAT property specifically described in the schedule hereunder, and charge and assure the same by way of security for the repayment of the said sum of Rs. ………….. together with interest thereon at the rate of ………….. per cent per annum: and the MORTGAGOR does hereby agree and covenant with the MORTGAGEE that he will pay or cause to be paid to the MORTGAGEE the principal sum aforesaid, together with the interest then due, on or before the …………. day of ……….. without delay or default and this deed further witnesseth and it is hereby agreed and declared by and between the parties that in case the said sum of Rs. …………. with interest thereon at the stipulated rate is not paid within the time and in the manner as aforesaid, it shall be lawful for the MORTGAGEE to enforce this mortgage and to cause the property or any portion thereof to be sold and appropriate the proceeds towards satisfaction of the mortgage debt provided, however, that in the event of any shortfall or deficiency, i.e. should the claim be not then satisfied, the MORTGAGEE shall be entitled to recover the balance personally as against the MORTGAGOR who shall be entitled to redeem the said mortgage at his option by payment of the amount of mortgage debt inclusive of interest at any time before the…………. day of………… and this deed further witnesseth that the MORTGAGOR does hereby covenant with the MORTGAGEE that notwithstanding any act, deed or thing herebefore done, executed, performed or suffered to the contrary, the MORTGAGOR has good title, full power and absolute authority to charge, assure and mortgage the said property in the manner hereunder effected and that the same is free from all encumbrances and attachments.

The Schedule above referred to

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

Signed, sealed and delivered by

the withinmentioned MORTGAGOR AB

in the presence of:

Signed, sealed and delivered by

the withinmentioned MORTGAGEE CD

in the presence of:

MEMO OF CONSIDERATION

Received a Cheque No. …………… dated ………… for Rs. ……………… on B Bank etc.

Received payments

Sd/.  CD

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