Simple Mortgage by the Karta of a Hindu Family to pay Antecedent Debt by Shiva.

Simple Mortgage by the Karta of a Hindu
Family to pay Antecedent Debt

THIS MORTGAGE is made the . . . . . . . . . . .day of . . . . . . . . . . ., 20 . . . . . . . . . . ., by A.B., aged about . . . . . . . . . . .years, son of E.F., resident of . . . . . . . . . . ., as Karta for and on behalf of the Joint Hindu Family comprising himself and the following coparceners:

(here give the names and ages of all the coparceners)

hereinafter for the sake of brevity referred to as ‘‘the Mortgagor’’.

WHEREAS the property comprising one bungalow complete with outhouses, garage and the grounds appurtenant thereto situate at . . . . . . . . . . . and more fully described in the Schedule hereto is a joint ancestral property of the said A.B. and the coparceners abovementioned, which the said A.B. hereby mortgages in favour of C.D., (hereinafter for the sake of brevity referred to as the ‘‘Mortgagee’’);

AND WHEREAS the said property and other properties of the joint family are encumbered in the sum of Rupees . . . . . . . . . . . (Rs . . . . . . . . . . .) only as on date under a mortgage created by E.F. and the said debt was not contracted for immoral purposes but for family necessity and is binding on the Mortgagor;

AND WHEREAS the said A.B. is desirous of paying off the mortgage-debt created by E.F. aforesaid, on various properties belonging to the joint family because the said mortgage carries a higher rate of interest and is due for payment;

AND WHEREAS C.D. is willing to advance the said sum of Rupees . . . . . . . . . . . (Rs . . . . . . . . . . .) only which amount shall cover the antecedent debt with interest due up to date and expenses of the present mortgage.

NOW THEREFORE THIS DEED WITNESSES that in pursuance of the above agreement and in consideration of the sum of Rupees . . . . . . . . . . . (Rs . . . . . . . . . . .) only paid by the said C.D. to A.B., Karta of the said joint family, which said sum the said Karta hereby acknowledges as having received in full before the Registering Authority, the said A.B. for himself and on behalf of the other coparceners abovementioned hereby transfers ALL THAT dwelling house with compound, outhouses, garden, garage and appurtenances belonging thereto situate at . . . . . . . . . . .and bounded and measured as shown below and more fully described in the Schedule hereto by way of SIMPLE MORTGAGE to C.D. on the following terms and conditions, that is to say:

1. The Mortgagor undertakes to repay the aforesaid sum of Rupees
. . . . . . . . . . . (Rs . . . . . . . . . . .) only within a period of five years together with interest at 9% per annum from the date hereof to date of repayment. That interest shall be compoundable six monthly.

2. The Mortgagor shall pay all interest monthly, all payments shall first be credited towards interest and thereafter towards capital.

3. The Mortgagor shall not set up any payment of interest or capital if not evidenced by a receipt duly issued by C.D.

4. The Mortgagor shall not be entitled to any reduction in the interest on the capital if payment towards the capital is below Rupees two hundred.

5. The Mortgagor is not an agriculturist within the meaning of any State or Central law entitling the Mortgagor to a reduction of interest.

6. The Mortgagor will pay off the prior mortgage on the property hereby transferred and keep the said property free of all encumbrances, charges, etcetera during the subsistence of this mortgage and shall not do or suffer to be done anything whereby the security herein given is impaired.

7. The Mortgagee shall be entitled on the Mortgagor failing to observe any one or more of the terms herein mentioned to obtain a simple money decree for the amount then outstanding against the Mortgagor and/or in the alternate obtain an order for the sale of the property hereby mortgaged and out of the sale proceeds of the said property pay all expenses of sale and then apply the balance towards the satisfaction of the amount then outstanding and the surplus, if any, shall be refunded to the Mortgagor.

IN WITNESS whereof the said A.B. for himself and on behalf of the other coparceners abovementioned has hereunto at . . . . . . . . . . .signed on the day and the year first abovementioned.

Sd. A.B.

Witnesses:                                                        ?  Mortgagor.

1.

2.

SCHEDULE OF PROPERTY:

Disclaimer:

The information contains in this web-site is prepared for educational purpose. This site may be used by the students, faculties, independent learners and the learned advocates of all over the world. Researchers all over the world have the access to upload their writes up in this site. In consideration of the people’s participation in the Web Page, the individual, group, organization, business, spectator, or other, does hereby release and forever discharge the Lawyers & Jurists, and its officers, board, and employees, jointly and severally from any and all actions, causes of actions, claims and demands for, upon or by reason of any damage, loss or injury, which hereafter may be sustained by participating their work in the Web Page. This release extends and applies to, and also covers and includes, all unknown, unforeseen, unanticipated and unsuspected injuries, damages, loss and liability and the consequences thereof, as well as those now disclosed and known to exist.  The provisions of any state’s law providing substance that releases shall not extend to claims, demands, injuries, or damages which are known or unsuspected to exist at this time, to the person executing such release, are hereby expressly waived. However the Lawyers & Jurists makes no warranty expressed or implied or assumes any legal liability or responsibility for the accuracy, completeness or usefulness of any information, apparatus, product or process disclosed or represents that its use would not infringe privately owned rights. Reference herein to any specific commercial product process or service by trade name, trade mark, manufacturer or otherwise, does not necessarily constitute or imply its endorsement, recommendation or favouring by the Lawyers & Jurists. The views and opinions of the authors expressed in the Web site do not necessarily state or reflect those of the Lawyers & Jurists. Above all, if there is any complaint drop by any independent user to the admin for any contents of this site, the Lawyers & Jurists would remove this immediately from its site.