Deed of transfer of Mortgage by Mortgagee in favour of a transferee, with the consent of the Mortgagor who joins the deed
This Deed of transfer of Mortgage made on this ____________ day of _____________
Between
Mr. ___________ (Mortgagee) S/O ___________ R/O ___________ hereinafter named "the transferor" (which expression shall unless contrary to the context include his related successors, executors, administrators and assigns) of the one part.
And
Mr. ___________ S/O ___________ R/O ___________ hereinafter named "the transferee" (which expression shall unless contrary to the context include his related successors, executors, administrators and assigns) of the other part.
AND is joined by
Mr. ___________ (Mortgagor) to further witness and confirm the transfer of the mortgage.
Whereas
(1) By a mortgage (hereinafter called the mortgage) dated the ___________, and made between the borrower of the One Part and the lender of the Other Part of the Mortgage Deed, the lands and premises described in the First Schedule hereto were with other lands described in the Second Schedule hereto transferred by way of legal mortgage to the lender to secure the payment of the sum of Rs ___________ with interest thereon as therein expressed.
(2) The whole of the said sum of Rs ___________ remained owing with all interest thereon up to the date hereof had been paid by the transferee.
(3) The Transferee has paid all dues with interests on behalf of the borrower, and is now entitled to the remedies/rights/securities which the Transferor had against the Borrower.
(4) The documents of title specified in the Third Schedule hereto which are now is the possession of the transferor relate both to the property hereby transferred and to the other property comprised in the mortgage.
NOW THIS DEED WITNESSETH as follows:
- In pursuance of the said agreement and in consideration of the sum of Rs ___________ now paid by the transferee to the transferor (the receipt whereof the transferee hereby acknowledges) the transferee as original mortgagee hereby transfers and releases unto the transferee all the lands and premises described in the First Schedule hereto TO HOLD the same unto the transferee free from the principal monies and interest secured by and from all other claims under or in relation to the mortgage.
- The transferor hereby acknowledges the right of the transferee to hold and acquire all such rights the transferor had against the mortgagor.
FIRST SCHEDULE
WITNESSES:
- FIRST PARTY
- SECOND PARTY
- ORIGINAL MORTGAGOR
