- MORTGAGE
DEED
-
THIS DEED OF
MORTGAGE is executed at___ on this ____ day of___
, 2001 by and BETWEEN Mr___, son of___,
Indian Inhabitant aged about___ years, residing
at___ (hereinafter referred to as the
MORTGAGOR (which expression shall,
unless repugnant to the subject or context, mean
and include his heirs, successors, assigns,
executors, administrators or any one claiming
through or under him) of the ONE PART; AND
Mr.___, son of ___, Indian Inhabitant aged
about___ years, residing at ___ (hereinafter
referred to as the MORTGAGEE (which expression
shall, unless repugnant to the subject or
context, mean and include his heirs, successors,
assigns, executors, administrators or any one
claiming through or under him);
WHEREAS the
Mortgagor is the absolute owner in possession of
the property bearing no.___
WHEREAS the
Mortgagee has agreed to lend and advance a sum of
Rs...................... to the Mortgagor at his
request with interest at the rate hereunder
stated and secure in the manner hereinafter
expressed.
NOW THIS DEED
OF MORTGAGE WITNESSETH AS FOLLOWS:
- In
consideration of the loan made by
Mortgagee to Mortgagor and for the
purpose expressed above, the Mortgagor
does hereby grant and convey to
Mortgagee, with MORTGAGE COVENANTS, the
land with the buildings situated thereon
and all the improvements and fixtures now
and hereafter a part thereof, being more
particularly described in the Schedule
hereto and made a part hereof and having
a address of: (Property Description)
-
- Mortgagor
further covenants and agrees that:
-
- 1. No
superior mortgage or the note secured by
it will be modified without the consent
of Mortgagee hereunder.
-
- 2. Mortgagor
will make with each periodic payment due
under the Note secured by this Mortgage a
payment sufficient to provide a fund from
which the real estate taxes, betterment
assessments and other municipal charges
which can become a lien against the
mortgaged premises can be paid by
Mortgagee when due. This provision shall
be effective only in the event that a
fund for the same purpose is not required
to be established by the holder of a
senior mortgage.
-
- 3. In the
event that Mortgagor fails to carry out
the covenants and agreements set forth
herein, the Mortgagee may do and pay for
whatever is necessary to protect the
value of and the Mortgagee's rights in
the mortgaged property and any amounts so
paid shall be added to the Principal Sum
due the Mortgagee hereunder.
-
- 4. As
additional security hereunder, Mortgagor
hereby assigns to Mortgagee, Mortgagor's
rents of the mortgaged property, and upon
default the same may be collected without
the necessity of making entry upon the
mortgaged premises.
-
- 5. In the
event that any condition of this Mortgage
or any senior mortgage shall be in
default for fifteen (15) days, the entire
debt shall become immediately due and
payable at the option of the Mortgagee.
Mortgagee shall be entitled to collect
all costs and expenses, including
reasonable attorney's fees incurred.
-
- 6. In the
event that the Mortgagor transfers
ownership (either legal or equitable) or
any security interest in the mortgaged
property, whether voluntarily or
involuntarily, the Mortgagee may at its
option declare the entire debt due and
payable.
-
- 7. This
Mortgage is also security for all other
direct and contingent liabilities of the
Mortgagor to Mortgagee which are due or
become due and whether now existing or
hereafter contracted.
-
- 8. Mortgagor
shall maintain adequate insurance on the
property in amounts and form of coverage
acceptable to Mortgagee and the Mortgagee
shall be a named insured as its interest
may appear.
-
- 9. Mortgagor
shall not commit waste or permit others
to commit actual, permissive or
constructive waste on the property.
-
- 10. Mortgagor
further covenants and warrants to
Mortgagee that Mortgagor is \indefeasibly
seized of said land in fee simple; that
Mortgagor has lawful authority to
mortgage said land and that said land is
free and clear of all encumbrances except
as may be expressly contained herein.
-
- This Mortgage
is governed by the Indian Statute and the
other conditions set forth herein, for
breach of which Mortgagee shall have the
Statutory Power of Sale to the extent
existing under Indian law.
-
SCHEDULE
-
All that piece and parcel of the property
bearing
no._________________________________, and
bounded on the :-
- EAST
BY :
- WEST
BY :
- NORTH
BY :
- SOUTH
BY :
IN WITNESS
WHEREOF, the parties abovenamed have affixed
their respective signatures to this deed on the
day, month and year first above written.
- SIGNED,
SEALED AND DELIVERED
- by the
withinnamed Mortgagor in the
- presence of
____________________
- SIGNED,
SEALED AND DELIVERED
- by the
withinnamed Mortgagee in the
- presence of
____________________
NOTE: If the
principal sum secured is Rs.100 or more,
registration under Section 17 (1) (b) of the
Indian Registration Act is mandatory.
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