Pledge of Movables Agreement by Shiva.

Pledge of Movables Agreement

MEMORANDUM OF AGREEMENT made the . . . . . . . . . . . .day of . . . . . . . , 20 . . . . . . BETWEEN A.B. etc. (hereinafter called ‘‘the Borrower’’) of the one part AND C.D. etc. (hereinafter called ‘‘the Lender’’) of the other part.

WHEREBY IT IS AGREED as follows:

1. The Lender has lent the sum of Rs . . . . . . . . (the receipt of which the Borrower hereby acknowledges) and the Borrower has delivered to the Lender the articles belonging to the Borrower and specified in the Schedule hereto (or, the goods specified in the Schedule hereto stored in the godown at . . . . . . . . the key of which has been handed over by the Borrower in token of such delivery) by way of pledge for securing the payment on or before the . . . . . . . . day of . . . . . . . . next of . . . . . . . .

(a) The said loan of Rs . . . . . . . .;

(b) Interest thereon from this date at the rate of . . . . . . . .per cent per annum, compoundable half-yearly on the . . . . . . . .and the . . . . . . . .in each year;

(c) The expenses of warehousing the said goods;

(d) The expenses of keeping the said articles in proper repairs;

(e) All other costs, charges and expenses (if any) which the Lender may be entitled by law to add to his security.

2. In consideration of the said loan the Borrower hereby personally promises to repay the said several items specified in the last preceding clause.

3. The Lender shall not be liable to the Borrower for any involuntary losses which may occur during his custody of the said articles (goods) or by reason of the sale thereof.

4. The power of sale conferred by law on the Lender shall be exercisable by public auction or private contract in respect of the entire articles (goods) in one lot or in several lots at the discretion of the Lender.

5. Before exercising such power of sale as aforesaid the Lender shall give at least one month’s notice to the Borrower.

IN WITNESS WHEREOF the parties hereto have hereunder put their signatures (or, the Mortgagor has signed this deed) the day and year first abovewritten (or, on the dates respectively mentioned against their signatures).

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