Sub-mortgage of a mortgaged property by the Mortgagee with necessary covenants and conditions and right of redemption by the original Mortgagor
WHEREAS by an Indenture of Mortgage dated ____________and made between X therein described of the One Part and the Sub-mortgagor of the Other Part the hereditaments in the schedule there under and hereunder mentioned and described were granted and conveyed to the Sub-mortgagor subject to a proviso for redemption thereof upon payment by the said X to the Sub-mortgagor of the sum of Rs__________ with interest thereon at the rate of _________ per cent per annum on___________ then next.
AND WHEREAS the said sum of Rs___________ and all interest thereon are now due and owing to the Sub-mortgagor on the security of the said Indenture of Mortgage.
AND WHEREAS the Sub-mortgagee has agreed to lend and advance to the Sub-mortgagor the sum of Rs_________Upon having re-payment thereof as hereinafter expressed and secured in manner hereinafter appearing.
NOW THIS INDENTURE WITNESSETH that in pursuance of the said agreement and in consideration of the sum of Rs.___________ to the Sub mortgagor this day paid by the Sub-mortgagee (receipt clause) he the Sub mortgagor hereby assigns unto the Sub-mortgagee ALL THAT the said sum of Rs._____________ now due and owing to the Sub-mortgagor upon the security aforesaid and all interest due and to accrue due for the same AND the full benefit and advantages of the securities for the same moneys TO HAVE HOLDRECEIVE AND TAKE the said several premises unto the Sub-mortgagee TOGETHER WITH power for the Sub-mortgagee in his name or in the name of the Sub-mortgagor to demand, sue for, recover and receive and give discharges for the said principal sum of Rs________. due and owing to the Sub-mortgagor upon the security of the said Indenture of Mortgage and all interest due or to become due for the same and for the purpose to do and execute all such acts, deeds and things as may be deemed necessary or expedient, he the Sub-mortgagor hereby agreeing to ratify and confirm all and whatsoever the Sub-mortgagee shall do or cause to be done in the premises.
AND THIS INDENTURE ALSO WITNESSETH that in further pursuance of the said agreement and for the consideration aforesaid he the Sub-mortgagor hereby demises unto the Sub-mortgagee ALL THAT the hereditaments mentioned and described in the schedule hereunder within TOGETHER WITH (insert general words and estate clause) TO HOLD the same unto the Sub mortgagee for all the residue now unexpired of the term granted by the said Indenture of Mortgage except the last day (or last ten days) thereof subject to the equity of redemption subsisting therein under the said Indenture of Mortgage AND subject also to the proviso for redemption hereinafter contained that is to say PROVIDED ALWAYS that if the Sub-mortgagor or the person or persons deriving title under him shall pay unto the Sub mortgagee the said sum of Rs_______ with interest for the same in the meantime at the rate of._____________ per cent per annum on__________next then the Sub-mortgagee shall and will at any time thereafter at the request and cost of the Sub-mortgagor re-assign and surrender and release the premises and the hereditaments hereinbefore respectively assigned and demised unto the Sub-mortgagor or as he or they shall direct subject nevertheless to the equity of redemption as aforesaid.
AND THIS INDENTURE LASTLY WITNESSETH that in pursuance of the said agreement and for the consideration aforesaid he the Sub-mortgagor hereby covenants with the Sub-mortgagee to pay to him on................ next the said sum of Rs................ with interest thereon in the meantime and until re-payment thereof PROVIDED ALWAYS that the Sub-mortgagee or the person or persons deriving title under him shall not be bound to enforce or realise the security under the said Indenture of Mortgagee unless and until he or they shall think fit AND also shall not be answerable for any loss or damage occasioned by delay or omission to do so nor shall the present security be in any way prejudiced or affected by such delay or omission.
THE SCHEDULE ABOVE REFERRED TO:
(Describe the property)
IN WITNESS etc.