Supplemental Deed of Mortgage offering additional security for default of non-payment of the principal amount of loan on the appointed date by the Mortgagor
THIS MORTGAGE is made the ___________ day of ___________ BETWEEN
Mr. ___________ S/O ___________ R/O ___________ hereinafter named “Borrower” (which expression shall unless contrary to the context include his related successors, executors, administrators and assigns) of the ONE PART.
Mr. ___________ S/O ___________ R/O ___________ hereinafter named “Lender” (which expression shall unless contrary to the context include his related successors, executors, administrators and assigns) of the OTHER PART.
(1) This deed is supplemental to a mortgage (hereinafter called the Mortgage) dated the ___________ day of ___________ and made between (Parties) whereby certain land at ___________ was demised to the lender (or charged) by way of legal mortgage for securing payment to the lender of the principal sum of Rs ___________ and interest at the rate of ___________ per cent per annum payable quarterly on the usual quarter days (or as provided in the mortgage) reducible on payment within ___________ of the due dates to ___________ per cent per annum.
(2) The said sum of Rs ___________ is still owing on the security of the mortgage but all interest thereon has been paid up to the date hereof (or together with the sum of Rs ___________ in respect of interest).
(3) The lender has required the borrower to pay off the said sum or to give further security for the re-payment of the said sum of Rs ___________ and the interest thereon which the borrower has agreed to do in manner hereinafter appearing.
NOW THIS DEED WITNESSETH as follows:
- In pursuance of the said agreement and in consideration of the lender waiving his request for immediate payment of the said sum of Rs ___________ and interest the borrower as beneficial owner hereby demises to the lender all the property described in the schedule hereto TO HOLD the same unto the lender for the term of ___________ years from the date hereof without impeachment of waste subject to the like provision contained in the mortgage (as hereby varied or extended) shall apply to the property hereby demised in the same manner as if the said property has been included in and demised by the mortgage.
- Any provisions required for varying the provisions of the existing mortgage.
- In this deed where the context admits the expressions “the borrower” and “the lender” include the persons deriving title under them.
THE SCHEDULE ABOVE REFERRED TO:
(Description of additional property mortgaged)
- FIRST PARTY
- SECOND PARTY