Sale of Equity of Redemption of Simple Mortgage

Sale of Equity of Redemption of Simple Mortgage

This deed of sale made this 15th day of December 1999 between, AB son of ………. aged …………. residing at ………… hereinafter referred to as the vendor (which term shall unless excluded by or repugnant to the context, include his heirs, successors, legal representatives and assigns) of the one part and CD, son of …………… aged ……………. residing at ……………… hereinafter referred to as the purchaser (which term shall unless excluded by or repugnant to the context include his heirs, legal representatives and assigns) of the other part.

Whereas by a Deed of Mortgage dated the ……….. day of ……….. 1999 made between the said AB described therein as mortgagor of the one part and XY son of …………… of …………. described therein as Mortgagee of the other part and registered in Book I, Vol. ……… pages ……….. to ……….. being No. …….. for ………. in the office of ……….. it was witnessed that the premises hereinafter described in the Schedule hereto was charged and assured unto and in favour of the said XY as and by way of simple mortgage for securing the principal sum of
Rs. ………… (in words Rupees …………….) with interest thereon at ………….. per cent per annum, subject to the proviso for redemption thereof on the ………. day of ……. as thereunder provided and whereas there is now due and payable to the said XY the said sum of Rs. …………….. as principal and a further sum of Rs. ……..… as interest thereon making thus a sum total of Rs. ……………… under and by virtue of the hereinbefore recited deed of mortgage and whereas the said AB has agreed to sell and the said CD has agreed to purchase the said property at and for the sum of Rs. …………… free from all encumbrances except, however, the hereinbefore recited mortgage and subject to payment of all moneys due thereunder.

Now this indenture witnesses that in pursuance of the said agreement and in consideration of the sum of Rs. ……… (in words Rupees ……………..) now paid by the said CD to the said AB (the receipt of which sum the said AB hereby acknowledges) the said AB doth hereby grant, convey, sell, transfer, assign and assure the said property and every part thereof (with the boundaries thereof more particularly described in the Schedule hereto): To have and to hold the same to the use of the said CD absolutely and forever, subject, nevertheless, to the payment of the debt secured by the said mortgage of the ………………….. day of …….. 1999 and observance and performance of all the covenants and conditions thereunder provided.

And the said CD for himself, his heirs, executors and administrators hereby covenants with the said AB, his heirs, executors and administrators that he, the said CD, his heirs, executors, administrators, representatives or assigns shall pay or cause to be paid to the said XY, his heirs, executors, administrators or assigns the entire debt payable under the said mortgage of the ………. day of …….. 1999 and observe and perform all the covenants and conditions thereunder contained on the part of the said AB and shall at all times indemnify and keep indemnified the said AB, his heirs, executors and administrators against all claims or demands, loss or damages, costs, charges and expenses, suits, proceedings, arising out of payment or non-payment of the said mortgage debt or performance or non-performance of the covenants and conditions to be observed and performed on the part of the said AB under the said deed of mortgage.

The Schedule

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

Signed, sealed and delivered                by the vendor in Calcutta in the presence of:

Signed, sealed and delivered                by the purchaser in Calcutta in the presence of:

Memo of Consideration

Received of and from the within-mentioned purchaser the sum of Rs……….. being the full consideration payable by bank draft No. 10 dated ………… issued by X Bank Ltd. payable in Calcutta.

Witness                                                                                                      Received

Signature of vendor

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