Sub-mortgage of a mortgaged property by the Mortgagee with necessary covenants and conditions and right of redemption by the original Mortgagor
This Deed of Mortgage made on this ____________ day of _____________
Between
Mr. ___________ (Original Mortgagee) S/O ___________ R/O ___________ hereinafter named "the Sub-Mortgagor" (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 Sub-Mortgagee" (which expression shall unless contrary to the context include his related successors, executors, administrators and assigns) of the other part.
Whereas
(1) The Sub-Mortgagor has borrowed a sum of Rs. ___________ (Rupees ___________) for the purposes of securing Mortgage money from the Mortgagee and has promised in repaying said sum with interest @ ___ % annually.
(2) The Mortgagor being owner of and completely seized of a plot of land located at ___________ (more specifically stated in the schedule hereto).
(3) The Mortgagee has asked and the Mortgagor has consented to mortgage the said property as security for payment of said loan.
(4) Mr. ___________ the original Mortgagor has paid as of today, an aggregated sum of Rs ___________ as half-yearly interest on the aforesaid mortgage to Mr ___________, the Sub-Mortgagor herein and a sum of Rs. ___________ is due and payable towards half-yearly interest accruing hereinafter, besides the principal sum of Rs ___________ which is owed by the Original Mortgagor.
Now This Deed Witnesseth as Follows:
- In consideration of sum of Rs. ___________ borrowed by Sub-Mortgagor from the Sub-Mortgagee (the Sub-Mortgagor hereby acknowledges its receipt) the Mortgagor hereby agrees with the Mortgagee that the Mortgagor will pay to the Mortgagee the said sum of Rs. ___________ on ___________ the day of ___________ along with an interest @ ___ % from the date of this deed till time, said sum is fully repaid (hereinafter stated "the mortgage money").
- That securing the aforesaid loan, the Sub-Mortgagor hereby transfer, by way of sub-mortgage, to the Sub-Mortgagee ALL that property stated in schedule annexed hereto (hereinafter stated "the mortgaged property") intending that if payment is defaulted of mortgage money hereunder, the Sub-Mortgagee can get mortgaged property be sold, which sale proceeds will be applicable in paying the mortgage money.
- The Sub-Mortgagor also agrees with Sub-Mortgagee that mortgaged property is free from all encumbrances/charge.
- The Sub-Mortgagor shall bear a right, prior sum becoming due per this deed, for paying to Sub-Mortgagee any sum not less than Rs. ___________, due to sum secured under this deed. All sum so paid shall be applicable per order as below: (I) By reducing or paying interest /costs then due per the terms of this deed in reducing or paying the principal money secured under this deed.
- The Parties hereto consents that the cost of registration of this deed with stamp duty and other misc. expenditure shall be borne by the Sub-Mortgagor.
- The Sub-Mortgagor assigns the unexpired term of the Mortgage in Favour of the Sub-Mortgagee for the period of the mortgage until the property is redeemed.
- The Original Mortgagor may redeem the mortgaged property upon paying off the Money borrowed by the Sub-mortgagor.
FIRST SCHEDULE
WITNESSES:
- FIRST PARTY
- SECOND PARTY
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