Deed of exchange of immovable properties subject to a mortgage—mortgagee joining the deed
This deed of Exchange is executed at __________ on this the _________ day of ___________
BETWEEN
Mr. ______________ (Mortgagor) S/O ______________ R/O ______________ (hereinafter called the first party) of One Part
AND
Mr. ______________ (Another Individual Owner) S/O ______________ R/O ___________ (hereinafter called the Second party) of Other Part
AND is joined by Mr. ___________ (Mortgagee) to further witness and confirm the exchange of properties and to effect Substitution of securities of the respective mortgages.
Whereas, the term the First Party and the Second Party unless repugnant to the context shall mean and include their representatives, heirs, successors, executors, administrators, trustees, legal representatives and assigns.
Whereas, the First Party herein, is the sole and absolute owner of immovable property more fully described in the First Schedule hereunder written and herein after called the First Schedule property.
Whereas, the First Party is the absolute owner, having acquired the First Schedule in and by sale deed dated ___________ from Mr. ___________ and the said sale deed was registered as Document No. ___________ of ___________ Book 1 on the file of the Sub Registrar of ___________ and since then First Party has been in possession and enjoyment of the First Scheduled property and paying taxes and levies thereon, as sole and absolute owner thereof.
Whereas, the Second Party is the absolute owner, having acquired the Second Schedule in and by sale deed dated ___________ from Mr. ___________ and the said sale deed was registered as Document No. ___________ of ___________ Book 1 on the file of the Sub Registrar of ___________ and since then Second Party has been in possession and enjoyment of the Second Scheduled property and paying taxes and levies thereon, as sole and absolute owner thereof.
Whereas it has been agreed between the parties hereto to exchange their respective properties viz. First scheduled property written here under unto and to the use of the Second Party in consideration of the Second Scheduled property here under written unto the use of First Party.
Whereas the First Party’s Immovable Property lies subject to a Mortgage between the First Party and the Mortgagee under a Deed of Mortgage executed on ___________ and is security for that mortgage.
Whereas the Second Party’s Immovable Property lies subject to a Mortgage between the Second Party and the Mortgagee under a Deed of Mortgage executed on ___________ and is security for that mortgage.
Whereas the parties here to have now agreed to execute this deed of exchange.
NOW THIS DEED WITNESSETH that in pursuance of the aforesaid agreement and in consideration of the party of the Second Part conveying to the party of the First Part, the Second Scheduled property hereunder written and Second Party hereby grant and convey by way of exchange unto the party of the First Part absolutely and forever all that piece and parcels of the property described in the Second Scheduled together with all the liabilities, easements, profits, privileges, advantages, rights, members and appurtenances whatsoever of the said Second Scheduled property and also together with all the deeds, documents, writings and other evidences of title relating to the said Second Scheduled property and all the estate, right, title, interest, use, possession, benefit, claim and demand whatsoever, both at law and in equity of the party of the First Part TO HAVE AND TO HOLD the said Second Scheduled property hereby granted and conveyed by way of exchange unto and to the use and benefit of the party hereto of the First Part subject to payment of all rents, taxes, assessments, rates, duties, now chargeable upon the same or which may herein after become payable in respect thereof to the local authority.
NOW THIS DEED WITNESSETH that in pursuance of the aforesaid agreement and in consideration of the party of the First Part conveying to the party of the Second Part the First Scheduled property hereunder written and First Party hereby grant and convey by way of exchange unto the party of the Second Part absolutely and forever all that piece and parcels of the property described in the First Scheduled together with all the liabilities, easements, profits, privileges, advantages, rights, members and appurtenances whatsoever of the said First Scheduled property and also together with all the deeds, documents, writings and other evidences of title relating to the said First Scheduled property and all the estate, right, title, interest, use, possession, benefit, claim and demand whatsoever, both at law and in equity of the party of the Second Part TO HAVE AND TO H1OLD the said First Scheduled property hereby granted and conveyed by way of exchange unto and to the use and benefit of the party hereto of the Second Part subject to payment of all rents, taxes, assessments, rates, duties, now chargeable upon the same or which may herein after become payable in respect thereof to the local authority.
NOW THIS DEED WITNESSETH that in pursuance of the aforesaid agreement and in consideration of the party of the First Part conveying to the party of the Second Part the First Scheduled property hereunder written and mortgaged under the deed of mortgage is hereby exchanged and substituted with the property of the Second Schedule for the purposes of security for the aforementioned Mortgage Deed.
NOW THIS DEED WITNESSETH that in pursuance of the aforesaid agreement and in consideration of the party of the Second Part conveying to the party of the First Part the Second Scheduled property hereunder written and mortgaged under the deed of mortgage is hereby exchanged and substituted with the property of the First Schedule for the purposes of security for the aforementioned Mortgage Deed.
THAT each of the parties of the First and the Second Part mutually covenants with the other that;
- He has now in himself, absolute right, full power and absolute authority to grant the scheduled property hereby granted or assured or intended to be by him unto and to the use of the other party in manner aforesaid.
- That the other party shall and may at all times hereafter peacefully and quietly enter upon have occupy, possess and enjoy the scheduled property conveyed to him and receive the profits thereof and for his own use and benefit without any suit, eviction, interruption, claim or demand whatsoever from or by him the covenanting party or his heirs, or any of them or any persons lawfully or equitably claiming or to claim by from under or in trust for them or any of them.
- The said scheduled property is free from all encumbrances, claim, and attachment of whatsoever in nature.
- Each covenanting party and all the persons having or lawfully claiming any estate or interest whatsoever in the scheduled property is conveyed by him shall and will from time to time and at all times herein after at the request and cost of the other of them do and execute or caused to be done and executed such further and other acts deeds, things, conveyances and assurances in the law whatsoever for the better and more perfectly assuring the said land and premises conveyed to him by the other and every part thereof unto and to the use of, the party to whom it is conveyed in the manner aforesaid as by him his heirs, executors, administrators and assigns shall be reasonably require.
FIRST SCHEDULE
(Property belongs to First Party exchanged to the Second Party)
Market value of the property is Rs ___________
SECOND SCHEDULE
(Property belongs to Second Party exchanged to the First Party)
Market value of the property is Rs ___________
IN WITNESS WHEREOF the First Party as well as the Second Party have signed on the day, month and year first herein above written.
WITNESSES:
- FIRST PARTY
- SECOND PARTY
- MORTGAGEE
