Deed of Release of Mortgaged Property in favour of Borrower by executor where Debt is released?by the will of the Mortgagee
THIS DEED OF RELEASE is made on _______ day of ____ 20___
Between
___________ [executor of the mortgagee] of [address, etc.] (hereinafter called the executor) of the One Part
and
__________[mortgagor] of [address, etc.] (hereinafter called the borrower) of the Other Part.
WHEREAS:
- By a mortgage (hereinafter called the mortgage) dated the _____ day of _____ and made between the borrower of the one part and [mortgagee] of the other part the property hereby released was charged by way of legal mortgage to secure payment to the said [mortgagee] of the sum of Rs. _______ with interest thereon as therein stated.
- By his will dated the ______ day of ______ the said [mortgagee] appointed the executor to be the executor thereof and bequeathed to the borrower all sums whether capital or interest secured by the mortgage and due or accruing due at the date of his death; and directed the executor to discharge the mortgage in favour of the borrower.
- The said [mortgagee] died on the _______.
- The executor proved the will of the said [mortgagee] in the ______ court at _____ on the _______ day of _______.
- In compliance with the directions in the said will the executor has agreed to execute this release.
NOW THIS DEED WITNESSETH that the executor as personal representative hereby releases unto the borrower all that the property described in the schedule hereto. TO HOLD the same unto the borrower free from the mortgage and all principal money and interest hereby secured and from all claims and demands thereunder and the executor hereby acknowledges the right of the borrower to production of the probate of the will of the said [mortgagee] and to delivery of copies thereof.
SCHEDULE?
[Description of property as in legal charge]
IN WITNESS etc.
[Signature of executor]
