Usufructuary Mortgage—Profit-Interest by Shiva.

Usufructuary Mortgage—Profit-Interest

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.

WITNESSES as follows:

I. In consideration of the sum of Rs . . . . . . . . . . . borrowed by the Mortgagor from the Mortgagee (the receipt of which sum the Mortgagor hereby acknowledges) the Mortgagor hereby transfers by way of usufructuary mortgage to the Mortgagee ALL that property described in the Schedule (or the first schedule) hereto to the intent that the said premises shall remain in possession of the Mortgagee as security for the repayment to the Mortgagee of the said sum of Rs . . . . . . . . . . .in accordance with the provisions hereinafter contained.

II. The Mortgagor hereby covenants with the Mortgagee as follows:

(i) The said property hereby mortgaged is free from encumbrances (except the encumbrances mentioned in the Second Schedule hereto);

(ii) All the rents and profits of the mortgaged property collected by the Mortgagee will after paying the government revenue and cesses and other taxes assessed, imposed or charged on the said property and defraying the cost of collection and management and the costs, if any, incurred in any suit relating to the said property in the civil or revenue court, be appropriated by the Mortgagee in lieu of interest on the said sum of Rs . . . . . . . . . . .

III. The Mortgagee hereby covenants with the Mortgagor that the Mortgagor may redeem the aforesaid mortgage any time after . . . . . . . . . years (or, in the month of Jeth in any year after . . . . . . . . . . . years) on repayment of the said sum of Rs . . . . . . . . . . .

IV. It is hereby agreed between the parties as follows:

(1) that the parties shall have all such rights and be subject to all such liabilities of a Mortgagor and Mortgagee provided in the Transfer of Property Act, 1882 as may be applicable to them;

(2) that any rents of the mortgaged property for the period of the mortgage remaining unrealised but being legally recoverable at the date of redemption shall be purchased by the Mortgagor from the Mortgagee at a price equal to 75 per cent of the total amount of such unrealized rents.

V. It is hereby agreed that wherever such an interpretation would be requisite in order to give the fullest scope and effect legally possible to any covenant or contract herein contained, the expressions ‘‘the Mortgagor’’ and ‘‘the Mortgagee’’ hereinbefore used include their respective heirs, executors, administrators and assigns.

IN WITNESS WHEREOF the parties hereto have hereunder put their signatures (or, the Mortgagor has signed this deed) the day and year first abovewritten (or, on the dates respectively mentioned against their signatures).

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