Sub-mortgage by Usufructuary Mortgagee by Shiva.

Sub-mortgage by Usufructuary Mortgagee

THIS DEED OF MORTGAGE made on the . . . . . . . . day of . . . . ., 20 . . . . BETWEEN A.B. etc. (hereinafter called ‘‘the Mortgagor’’) of the one part AND C.D. etc. (hereinafter called ‘‘the Mortgagee’’) of the other part.

WHEREAS—

(1) By a deed of usufructuary mortgage dated the . . . . . . . . day of . . . . , 20 . . . . X.Y. etc., owner of the property described in the Schedule hereto mortgaged the same to the Mortgagor for Rs . . . . . . . . and agreed inter alia that the usufruct of the said property should be taken by the Mortgagor in lieu of interest on the said sum of Rs . . . . . . . . and that the mortgage should be redeemable at any time after . . . . . . . . years on payment of the said sum of Rs . . . . . . . .;

(2) The Mortgagor has since been in possession of the said property and the said principal sum of Rs . . . . . . . . is still due to him on the said mortgage;

(3) The Mortgagee has agreed to lend to the Mortgagor a sum of Rs.
. . . . . . . upon having the repayment thereof with interest secured in the manner hereinafter appearing.

NOW THIS DEED WITNESSES as follows:

I. In pursuance of the aforesaid agreement and in consideration of the sum of Rs . . . . . . . .advanced by the Mortgagee (the receipt of which the Mortgagor hereby acknowledges) the Mortgagor hereby covenants with the Mortgagee as follows:

(1) That the Mortgagor will pay to the Mortgagee the said sum of Rs. . . . . . . . . . .on the . . . . . day of . . . . . . . ., and in the meantime interest thereon or on so much thereof as shall, for the time being, remain unpaid at the rate of . . . . . . . .per cent per annum by half-yearly payments on the . . . . . . . .day of . . . . . . . . and the . . . . . . . . day of . . . . . . . . in each year, and also so long as any part of the said principal money or sum to be treated as such remains due under this deed;

(2) That any interest not paid on (or within . . . . . . . . days after) due date shall be treated as principal and added to the principal sum hereby secured and bear interest at the rate and payable on the half-yearly dates aforesaid provided that this provision for the payment of compound interest shall in no way prejudice or affect the exercise by the Mortgagee of any of the rights or remedies vested in him by law or by this deed;

(3) That the Mortgagor will on demand pay all reasonable costs incidental to this mortgage;

(4) That in case any interest or any sum payable on account of costs shall be in arrear for thirty days, the whole sum secured by these presents shall thereupon become payable at once.

II. In further pursuance of the aforesaid agreement and for the consideration aforesaid the Mortgagor hereby assigns to the Mortgagee ALL that debt secured by the aforesaid deed of usufructuary mortgage and all the rights, remedies and securities expressly or impliedly contained in or conferred upon the Mortgagor by the aforesaid deed of usufructuary mortgage TO the intent the secured debt shall remain and be charged as security for the payment to the Mortgagee of the said principal money, interest and costs, in accordance with the covenants hereinbefore contained.

IN WITNESS WHEREOF the parties hereto have hereunder put their signatures the day and the year first abovewritten.

Sd. A.B.

Mortgagor.

Sd. C.D.

Mortgagee.

SCHEDULE:

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