Deed of transfer of equitable mortgage by deposit of title deed where mortgagor is concurring and joining in the deed
THIS TRANSFER OF MORTGAGE is made the ___________ day of ___________
BETWEEN
Mr. ___________ S/O ___________ R/O ___________ (hereinafter called the Mortgagee) of the FIRST PART
AND
Mr. ___________ S/O ___________ R/O ___________ (hereinafter called the borrower) of the SECOND PART
AND
Mr. ___________ S/O ___________ R/O ___________ (herein- after called the transferee) of the OTHER PART.
WHEREAS:
(1) By a memorandum dated the ___________ day of ___________ and made by the borrower upon the deposit with the Mortgagee of the documents specified in the first schedule to the principal deed the property described in the second schedule thereto was equitably mortgaged with the payment of the sum of Rs ___________ (and of any further sums which might be advanced by the mortgagee to the borrower) with interest thereon (respectively).
(2) The said sum of Rs. ___________ is still owing (together with the sum of Rs ___________ in respect of further advances) with current interest thereon as the borrower hereby acknowledges.
(3) The transferee has agreed at the request of the borrower to pay to the Mortgagee the sum of Rs ___________ upon having the said sums) of Rs ___________ (and Rs. ___________) and the interest thereon and the securities therefor transferred to him in manner hereinafter appearing.
(4) All the documents aforesaid have been handed over to the transferee as he hereby acknowledges.
NOW THIS DEED WITNESSETH that in consideration of the sum of Rs ___________ now paid by the transferee at the request of the borrower to the Mortgagee (the receipt whereof the Mortgagee hereby acknowledges) the Mortgagee as Mortgagee hereby transfers the benefit of the mortgage to the transferee.
WITNESSES:
- FIRST PARTY
- SECOND PARTY
- OTHER PARTY
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