Mortgage Deed Format-Format Template, Download Free Doc Pdf File Example

Mortgage Deed Format Format Template, Download Free Doc Pdf File Example

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Mortgage Deed Format Word Text Document Format

MORTGAGE DEED FORMAT

     

The indenture made this _________ day of ____________ 200 (Two thousand _______________) between Shri/Smt _________________Son/Daughter/Wife of Shri/Smt ________________________ residing at ____________________ (hereinafter called “THE MORTGAGOR” which expression shall unless excluded by a or repugnant to the subject or context, include his/her heirs, executors, administrators and assigns) of the ONE PART and _______________ (hereinafter called “THE MORTGAGEE” which expression shall, unless excluded or by repugnant to the subject or context include his successors in office and assigns) of the OTHER PART

Whereas,  the  term  Mortgagor  and  Mortgagee,  unless  repugnant  to  the  context  shall  mean and  include  their  representatives  heirs,  successors,  executors,  administrators,  trustees, legal representatives and  assigns. 

Whereas, the Mortgagor herein, is the sole and absolute owner of immovable property more fully described in the schedule hereunder written and herein after called the scheduled property. 

Whereas, the Mortgagor  is the  absolute owner, having  acquired the property,  by and since  then Mortgagor has been in possession  and enjoyment of the schedule property and paying  taxes and  levies thereon,  as sole  and absolute  owner thereof. 

Whereas  Mortgagor  being  in  need  of  money  for  the  purpose  of  his  family  expenses  and the . Mortgagor requested the Mortgagee to lend him a sum of Rs.          (Rupees. only) which  the  Mortgagee  has  agreed  to  lend  to  the  Mortgagor  executing  these  presents  with  a view  to secure  the repayment thereof  with interest as herein after provided. 

NOW THIS DEED WITNESSETH;

  1. That pursuant to the said agreement and in consideration of the sum of Rs.                  (Rupees. only) lent and advanced by the Mortgagee to the Mortgagor on the execution of these presents (receipt whereof the Mortgagor hereby admit). He, the Mortgagor hereby covenants with the Mortgagee that he the Mortgagor will pay to the Mortgagee the sum of Rs.      (Rupees. only) on the  day  of            (herein  after  referred to as the ‘due  date’)  with interest thereon in the  meanwhile and until repayment of  the  said sum in full, at the rate of on the  day   of  and each subsequent installment on the day  of each succeeding  month until the  said principle  sum  of Rs. (Rupees.          only) repaid in full, and  the  Mortgagor  further covenants  with  the  Mortgagee  that  in  the  event  of  the  Mortgagor  failing  to  pay  any installment  of  interest,  he  will  be  liable  to  interest  on  the  said  installment  in  default  at  the same  rate  as  aforesaid  from  the  date  of  default  until  payment  such  installment  as  and  by way  of  compound  interest.  Without  prejudice  to  the  right  of  the  Mortgagee  to  take  any action  on  default  as  herein  under  provided,  and  it  is  agreed  and  declared  that  in  the  event of  Mortgagor  committing  default  in  payment  of  any  installment  of  interest  or  committing breach  of  any  other  term  of  this  deed,  the  whole  amount  of  principal  then  due  with interest  thereon  will  at  the  option  of  the  Mortgagee  become  payable  forthwith  as  if  the said date  had expired.

 

  1. And  this  deed  further  witnessed  that  in  consideration  aforesaid,  the  Mortgagor    hereby mortgage  his  said  scheduled  property  hereunder  written  as  a  security  for  repayment  of  the said  sum  with  interest  and  all  other  moneys  due  and  payable  hereunder  with  a  condition that the Mortgagor repaying the said principal sum of Rs.             with  all  interest  and  other  moneys  due  to  the  Mortgagee  (hereinafter  referred  to  as  the Mortgage  amount)  the  Mortgagor  will  redeem  the  said  scheduled  property  from  the mortgage  security  and shall  if so required by  the  Mortgagor execute  a  deed of Release  but at the  costs  of the  Mortgagor. 

 

  1. And  it  is  further  agreed  and  declared  by  the  Mortgagor  that  in  the  event  of  the  Mortgagor failing  to  pay  the  said  principal  sum  with  all  interest  and  other  moneys  when  the  same shall  become  due  and  payable  under  these  presents,  the  Mortgagee  will  become  entitled to  have  the  said  scheduled  property  sold  through  any  competent  court  and  to  realize  and receive  the  said  mortgage  amount  out  of  the  net  sale  proceeds  of  the  said  scheduled property. 

 

  1. And  it  is  further  agreed  and  declared  by  the  Mortgagor  that  he  shall  also  be  liable  to  pay and  shall  pay  all  the  costs,  charges  and  expenses  that  the  Mortgagee  will  incur  for  the protection  of  the  mortgage  security  and  or  for  the  realization  of  the  mortgage  amount  and the  same  shall  be  deemed  to  form  part  of  the  mortgage  amount  and  the  security  there  for as aforesaid. 

 

  1. And  it  is  further  agreed  that  during  the  pendency  of  the  security  hereby  created  and  until repayment  of  the  mortgage  amount,  the  Mortgagor  will  get  insured  and  keep  insured  the buildings  and  structures  standing  on  the  said  land  against  loss  and  damages  due  to  fire  or any  other  accident  in  the  sum  of  at  least  Rs.             With  some  Insurance  Company  of repute  and  pay  all  premium  n  the  insurance  policy  as  and  when  it  becomes  due  and payable  in  respect  thereof  to  such  company  and  shall  hand  over  the  policy  to  the Mortgagee  duly  endorsed  in  his  name  as  assignee  and  in  the  event  of  the  Mortgagor failing  to  do  so  or  to  pay  the  premium,  the  Mortgagee  will  be  entitled  to  insure  the  said buildings  and  structures  and/or  to  pay  the  premium  thereon  and  the  amount  paid  by  the Mortgagee  in respect thereof  will  be  deemed to form part of  the mortgage  amount.

 

  1. And it is further  agreed that in the event of the  said scheduled property  being  destroyed or damaged  by  fire  or  any  accident  as  aforesaid.  The  Mortgagee  will  be  entitled  to  receive the  insurance  claim  under  such  policy  to  the  exclusion  of  the  Mortgagor  and  to appropriate  the  same  first  towards  all  arrears  of  interest  and  then  the  principal  amount  or as  any  part  thereof  as  may  be  sufficient  to  pay  the  mortgage  amount  due  and  if  any surplus remains the  same  only  will  become payable  to Mortgagor. 

 

SCHEDULE

(Mortgaged under this deed)

IN  WITNESS  WHEREOF  the  Mortgagor  has  put  his  hand  and  signature  on  the  day, month  and  year first hereunder written in the  presence  of  witnesses: 

WITNESSES: 

MORTGAGOR

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