Power of Attorney Empowering a Creditor to receive Rents by way of Security for a Loan Advanced by Shiva.

Power of Attorney Empowering a Creditor to receive
Rents by way of Security for a Loan Advanced

KNOW ALL MEN BY THIS POWER OF ATTORNEY I, A. B., son of . . . . . . . . ., resident of . . . . . . . . ., hereby appoint and constitute C. D., son of . . . . . . . . ., resident of . . . . . . . . ., my lawful attorney.

WHEREAS I, A. B., have borrowed the sum of Rupees . . . . . . . (Rs. . . . . .) only, from the said C. D. and in lieu thereof executed in his favour a pronote, dated . . . . . . . . ., carrying interest at the rate of nine per cent per annum; AND WHEREAS although the loan is now one year old, yet neither any interest nor principal has been paid to the said C. D. NOW THEREFORE for the purpose of securing the due payment of the said loan, interest and principal THESE PRESENTS WITNESS, that in pursuance of the said recited agreements and in consideration . . . . . . . . ., I, the said A. B., hereby irrevocably appoint and nominate the said C. D., his executors or administrators, the attorney and attorneys of me, the said   A. B. and in my name to receive and recover from the tenants and occupiers of the two properties described and detailed below, ALL THOSE several monthly rents, so respectively reserved and made payable to me, the said A. B., out of or in respect of the same houses; AND all monies due, or hereafter to become due, in respect of the same rents or either of them, and to give effectual discharges for the same, exonerating the persons paying such rents respectively from all responsibility in respect of the application thereof; and, for the said purposes aforesaid, to levy and make such distresses and entries upon the said houses, and to do and execute all such other acts, matters and things as may be expedient for compelling and enforcing payment of the said rents; AND IT IS HEREBY DECLARED AND AGREED, that the said C. D., his executors, administrators and assigns, shall stand possessed of the said rents and monies so to be received by him and them as aforesaid UPON TRUST thereout, in the first place, to pay the rents and other outgoings which shall, from time to time, be payable in respect of the said houses, in case default shall be made by me, the said A. B., in paying the rents and performing the covenants to be made by me, the said A. B., respectively paid and performed in pursuance of my covenants hereinafter contained; And, in the next place, UPON TRUST, from time to time to retain to and reimburse himself and themselves the said sum of Rs . . . . . . . . advanced by the said C. D. to me the said A. B. as aforesaid, with interest thereon at the rate of 9 per cent per annum from the date hereof to the time or respective times of the repayment of the same ; And after full payment and satisfaction of the said principal and interest monies, and all costs and expenses attending the execution of this present trust, UPON TRUST, to pay over unto me, the said A. B., my executors, administrators, or assigns, any monies which shall remain in the hands of the said C. D., his executors, administrators or assigns, unapplied to the purposes aforesaid;

AND IT IS HEREBY DECLARED AND AGREED, that when the said principal and interest monies, costs and expenses shall have been fully satisfied, the said C. D., his executors, administrators, on the request of me the said A. B., my executors or administrators or assigns, shall deliver unto me or us this present power of attorney to be cancelled. And I, the said A. B., hereby covenant with the said C. D. to pay unto the said C. D., his executors, administrators or assigns on the . . . . . . . . . day of . . . . . . . . .next, the sum of Rs . . . . . . . . . with interest for the same in the meantime at the rate of nine per cent per annum; And also, that I, the said A. B., my executors or administrators, so long as any principal monies shall remain owing, by virtue of these presents, will pay to the said C. D., his executors, administrators or assigns, interest for the same at the rate aforesaid, by equal half-yearly payments on the . . . . . . . .  day of . . . . . . . . .and the . . . . . . . . . day of . . . . . . . . . in every year; And that I, the said A. B., my executors, administrators will not prevent or hinder the said C. D., his executors, administrators from receiving the rents and monies so to be received by him or them as aforesaid, but will, on the request of the said C. D., his executors, administrators, and at the cost of me the said A. B., my executors, administrators, make, do and execute all such further acts, deeds and authorities as shall be requisite for authorising and empowering the said C. D., his executors or administrators, to receive the said rents and monies, so long as any part of the principal sum intended to be hereby secured, or of the interest thereon, shall remain owing to him or them as by the said C. D., his executors or administrators, shall be reasonably required.

IN WITNESS whereof I, the said A. B., have hereto put my signature at . . . . . . . . . this . . . . . . . . . day of . . . . . . . . . 20 . . . . .

Witnesses:

1.                                                                               Sd. A. B.

2.                                                                               Executant.

DESCRIPTION OF HOUSES AND NAMES OF TENANTS
AND RENTS PAYABLE BY EACH

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