Legal charge by trustees of an Unincorporated Club

 

 

Date

___________________________________________________________________________ (hereinafter called the Borrowers)

And

___________________________________________________________________________ (hereinafter called the Lender).

WHEREAS:

(1) By a conveyance dated the…………. day of…… and made between (vendor to the club) of the One Part and the then trustees of the……………… Club of the Other Part the property hereinafter described and expressed to be hereby charged was conveyed to the then trustees for a legal estate as trustees for the said club to be sold leased mortgaged or otherwise dealt with by the trustees as the committee of the club should from time to time direct;

 (2) The borrowers are the present trustees of the said club having been appointed as such trustees by a resolution passed in accordance with the rules of the said club at a meeting held on the............. day of............ and by a conveyance dated the............... day of.............. and made between (then trustees) of the One Part and the borrowers of the Other Part the said property was vested in the borrowers for a legal estate.

 (3) The lender has agreed to lend to the borrowers the sum of Rs……… upon having the repayment thereof with interest secured in manner hereinafter appearing;

(4) The borrowers have complied with all the formalities which by the rules of the said club are requisite to enable them lawfully to create this mortgage and the committee of the said club to whom the engrossment of this deed was produced by resolution dated the.............. day of............. directed the trustees to execute such engrossment as appears by the signature in the margin hereof of................... the chairman of such committee.

 NOW THIS DEED WITNESSETH as follows:

 1. In consideration of the sum of Rs…….. paid by the lender to the borrowers as such trustees as aforesaid (the receipt whereof the borrowers hereby acknowledge) the borrowers as trustees hereby charge by way of legal mortgage all that (parcels) with the payment to the lender on the……………. day of………... of the principal sum of Rs…………. (hereinafter called the principal money) with interest thereon at the rate of……… per cent per annum from the date hereof and also if the principal money shall not be so paid with the payment to the lender (as well after as before any judgment) of interest thereon or on such part thereof as shall from time to time remain owing at the rate aforesaid by equal quarterly (half-yearly) payments on the (state days of payment) in each year.

2. If on the said............ day of............ the principal money shall be paid to the lender with interest as aforesaid the lender shall at the request and cost of the borrowers duly discharge this security.

3. The borrowers shall not be personally liable for the payment of the principal money or the interest thereon.

(Other usual provisions that the mortgagee may require.)

 

IN WITNESS etc.

 

[Signatures of the borrowers]