Simple Mortgage executed by the Real Owner and Benami by Shiva.

Simple Mortgage executed by the Real Owner and Benami

THIS DEED OF SIMPLE MORTGAGE is made the . . . . . . . . . day of . . . . . . . . . ., 20 . . . . . . . . . ., BETWEEN Shri A.B., aged . . . . . . . . ., etc. and Shrimati C.D., aged . . . . . . . . . ., etc. wife of the said A.B., (hereinafter referred to as ‘‘the Mortgagors’’) of the one part AND E.F., aged . . . . . . . . . ., etc. (hereinafter referred to as ‘‘the Mortgagee’’) of the other part.

WHEREAS the said A.B. purchased two plots of land, numbered 3 and 4 on the . . . . . . . . . . Road in the city of . . . . . . . . . ., from one Shri . . . . . . . . . . benami in the name of his wife and Shri . . . . . . . . . ., son of the Mortgagors paid the consideration money by cheques from the funds belonging to the said A.B.;

AND WHEREAS the said A.B. from his own moneys received from. . . . . . . . . ., Railway as his provident fund on retirement built a three-storeyed pucca residential house on the said two plots of and land also benami in the name of his wife, the said C.D.;

AND WHEREAS the said Shri . . . . . . . . . . and his mother, the said C.D., have no proprietary interest or claim in or upon the said two plots or the building built thereon and have also on . . . . . . . . . . executed a deed of release in favour of the said A.B., which said deed is registered as No. . . . . . . . . . ., Vol. I . . . . . . . . . . . . . . . . . . ., in book . . . . . . . . . . on pages . . . . . . . . . . before the Sub-Registrar of . . . . . . . . . . on . . . . . ;

AND WHEREAS the said A.B. is the sole unquestioned proprietor, but on the insistence of the Mortgagee the said C.D. has also joined in the execution of this deed;

AND WHEREAS A.B. is in need of money for the purposes of defraying family expenses and specially to meet the expenses for the prolonged treatment of his daughter and has approached the said E.F., the Mortgagee, to advance a loan of Rupees . . . . . . . . . . (Rs . . . . . . . . .) only on the security of the said house and the two plots of land belonging to the said A.B. situate in . . . . . . . . . . on the . . . . . . . . . . Road in the city. . . . . . . . . . and more specifically described at the foot of this deed and the said Mortgagee has agreed to do so.

NOW THIS DEED WITNESSES that in pursuance of the aforesaid agreement and in consideration of the sum of Rupees . . . . . . (Rs . . . . . .) only paid by the Mortgagee to the Mortgagors as detailed below:

Rupees . . . . . . . . . . (Rs . . . . . . . . . .) only paid by cheque on . . . . . . Bank Ltd. . . . . . . . . . ., on . . . . . . . . . . and the balance of the mortgage money amounting to Rupees . . . . . . . (Rs . . . . . . . . . .) only paid in cash before the Sub-Registrar at the time of presenting this deed for registration, which said sums of money, totalling Rupees . . . . . . . . . .
(Rs . . . . . . . . . .) only, the Mortgagors hereby acknowledge as having received in full, they the Mortgagors hereby covenant and bind themselves as hereunder.

1. That the plots of land Nos. 3 and 4 situate in . . . . . . . . . . on the Road in the city of . . . . . . . . . ., together with the three-storeyed pucca house built thereon bounded and more specifically described at the foot of this deed shall hereby stand transferred as security for the due payment of the sum advanced, that is, Rupees . . . . . . . . . (Rs . . . . . .. .), only together with all interest at . . . . . . . . . per cent per annum with half-yearly rests.

2. That all interest will be cleared monthly and all payments made by the Mortgagors shall first be credited towards interest due and thereafter applied towards the satisfaction of the principal. A payment of less than Rupees two hundred (Rs. 200) only will not entitle the Mortgagor to claim a reduction in interest on the capital.

3. That the Mortgagors have not nor shall hereinafter encumber, charge or do anything or cause to be done anything whereby the security is impaired. The Mortgagors shall, however, be free to negotiate or sell the property and shall keep the property in good and tenantable condition. The Mortgagors shall also continue to pay all taxes, rates, cesses or any other charges due in or upon the said property.

4. That the Mortgagors shall pay back the entire money advanced, principal and interest due within a period of . . . . . . . . . . years from the date hereof.

5. That on failure by the Mortgagors to fulfil any one or more of the above terms the Mortgagee shall have the option at his discretion, (failure to exercise such option being expressly understood not to mean any waiver whatsoever) to claim the full amount, capital and all interest then due and to recover the same, together with all costs from the property or the person of the Mortgagors.

6. That the terms ‘‘the Mortgagors’’ and ‘‘the Mortgagee’’ herein used shall unless inconsistent with the context, include the heirs, survivors, successors and representatives or assigns of the parties as the parties themselves.

IN WITNESS whereof the said A.B. and C.D. have hereunto at . . . . . . . . . . before the witnesses present signed on the day and the year first abovewritten.

Witnesses:

1.                                                                   ?Sd. A.B.

2.                                                                   ?Sd. C.D.

Mortgagors

SCHEDULE OF PROPERTY HEREBY MORTGAGED

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