Deed of Usufructuary Mortgage by Conditional Sale

Deed of Usufructuary Mortgage by Conditional Sale

(Anomalous Mortgage)

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 WITNESSES that on consideration of the sum of Rs. …………….  now paid to the MORTGAGOR by the MORTGAGEE (the receipt whereof the MORTGAGOR does hereby acknowledge), the said AB hereby conveys to the said CD. ALL THAT, etc. (describe the property): from this day and that the MORTGAGEE shall be in possession of the mortgaged property under the terms of the deed for securing payment on the……………… day of…………. of the principal sum secured, with the interest thereon at Rs. ………. per cent per annum, which mortgage-money will be set off against the usufruct of the mortgaged property, and the MORTGAGEE does hereby promise to keep clear accounts thereof.

The MORTGAGOR hereby agrees that the MORTGAGEE shall retain possession of the mortgaged property until the principal sum together with the interest due be paid off out of the proceeds of the property and on payment of the aforesaid sum, the MORTGAGEE shall execute and register a release of the mortgaged property in favour of the MORTGAGOR, and that the MORTGAGEE shall not do, execute, perform, nor suffer to the contrary any act, deed or thing whereby or by reason or means whereof the value of the said property in his possession may be diminished or the same may otherwise be prejudiced in title or estate.

The MORTGAGOR does also agree to pay the Government revenue and the municipal taxes of the said property regularly, and in case he fails to make such payment, the MORTGAGEE shall be at liberty to pay such revenue and taxes, and such sum paid shall be considered an additional principal sum advanced to the MORTGAGOR, and shall carry interest at the rate stipulated above and lastly, the MORTGAGOR also agrees that if he, the MORTGAGOR, does not pay the principal sum with the interest then due on the stipulated date, this conveyance will become absolute and the MORTGAGEE will be entitled to foreclose the mortgaged property, and thereafter the MORTGAGOR, his heirs, executors, administrators or assigns shall be absolutely debarred of all the rights to redeem the same.

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:

Memo of Consideration

Received of and from the withinmentioned MORTGAGEE the sum of

Rs. ……….  being the consideration withinmentioned by Bank Draft No. ……. dated ………………. for Rs. …………. issued by X Bank Ltd. payable in Calcutta.

WITNESSES:                                                                                        Received

Signature of the MORTGAGOR

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