Mortgage of Land and Building to be erected thereon to secure Present and Future Advances by Shiva.

Mortgage of Land and Building to be erected thereon to
secure Present and Future Advances

THIS DEED OF SIMPLE MORTGAGE is made the . . . . . . . . . . day of . . . . . . . . . . ., 20 . . . . . . . . . . ., BETWEEN A.B., aged . . . . . . . . . . ., etc. (Mortgagor) of the one part AND C.D., a Company registered under the Indian Companies Act, 1956, with its registered office at . . . . . . . . . . ., (Mortgagee) of the other part.

WHEREAS A.B. is the owner in possession in his own rights of the open lands measuring . . . . . . . . . . .square feet affronting . . . . . . . . Road in the city of . . . . . . . . . . .and numbered as plots Nos. 2, 3 and 4 in the . . . . . . . . . . .Housing Scheme of the Improvement Trust free from all encumbrances;

AND WHEREAS the said A.B. is about to erect a two-storeyed building thereon having five shops on the ground floor and residential quarters on the first floor;

AND WHEREAS the plans of the said building have been approved and sanctioned on the . . . . . . . . . . .day of . . . . . . . . . . ., 20 . . . . . . . . . ., by the appropriate Municipal Corporation authority;

AND WHEREAS the said A.B. has approached the said C.D. company to lend and advance to him the sum of Rupees . . . . . . . . . . .(Rs . . . . . . . . . . .) only and further money as and when required during the building of the said premises and the said C.D. company has agreed to do so on the assurance of the said A.B. for repayment of the said sum and all further sums to be advanced to the said A.B. with interest at the rate and in the manner hereinafter appearing.

NOW THIS DEED WITNESSES that in pursuance of the said agreement and in consideration of the sum of Rupees . . . . . . . . . . (Rs . . . . . . . . . . .) only now paid by the said C.D. to the said A.B. which said sum the said A.B. hereby acknowledges as having received AND ALSO in consideration of the further sums hereinafter to be advanced the said Mortgagor hereby covenants with the Mortgagee to pay to him within a period of . . . . . . . . . . years the sum of Rupees . . . . . . . . . . .(Rs . . . . . . . . . . .) only with interest on the same at the rate of . . . . . . . . . . .% per annum AND ALSO such sum or sums as may hereafter be advanced by the said C.D. to the said A.B. with interest thereon at the rate aforesaid calculated from the time or respective times of advancing the same AND it is hereby declared and agreed that the said C.D. shall upon the request or requests of A.B. advance the further sum or sums of money all aggregating a limit of Rupees . . . . . . . . . . .(Rs . . . . . . . . . . .) only.

AND THIS DEED ALSO WITNESSES that in further pursuance of the said agreement and for the consideration aforesaid the said A.B. as beneficial owner hereby conveys by way of simple mortgage unto the said C.D. all that open land comprising of plots Nos. 2, 3 and 4 on the . . . . . . . . . . .Road in the city of . . . . . . . . . . .

AND ALSO ALL THAT building consisting of five shops and residential quarters in the course of construction upon the said three plots of land by the said A.B. TO HOLD the same with all the rights of a simple mortgage under the Transfer of Property Act:

PROVIDED ALWAYS that if the said principal sum or sums of money hereinbefore covenanted to be paid with interest at the rate and within the period stipulated shall not be duly paid or if the Mortgagor omits to complete the building or delays in so doing the Mortgagee may refuse to pay any further advances and shall have the right to have the land and so much of the building as might have been constructed sold for realisation of the advances and interest due thereon and if the mortgage debt be still unsatisfied the Mortgagee may enforce the loan against the person or other property of the Mortgagor.

IN WITNESS whereof the said A.B., the Mortgagor, and E.F., as manager for and on behalf of the said Mortgagee company, have hereunto signed at . . . . . . . . . . .the day and the year first abovewritten.

Sd. A.B.

Witnesses:                                                        Mortgagor.

1.

2.                                                                   Sd. For C.D. Co.

Mortgagee.

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