Deed of Release of mortgage of immovable property by deposit of title deeds
THIS INDENTURE made on _________________
__________________ (Mortgagee) of the One Part
_________________ (Mortgagee) of the Other Part.
WHEREAS by a Memorandum of Deposit of Title Deeds dated.......... and made between the Mortgagor of the one part and the Mortgagee of the other part and registered before __________ etc. the Mortgagor inconsideration of the sum of Rs. _________ lent and advanced to him by the Mortgagee covenanted with the Mortgagee to pay to him the said sum of Rs._______ with interest thereon at the rate of _________ % p.a. until repayment thereof in full and also all costs, charges and expenses which the Mortgagee might incur in enforcing the said Memorandum and in realising the moneys thereby secured.
AND WHEREAS as security for the due fulfilment of the covenants and conditions contained in the said Memorandum and with intent to create a mortgage on the hereditaments mentioned and described in schedule “A” thereunder and hereunder written the Mortgagor delivered to and deposited with the Mortgagee at ________ the deeds and writings relating thereto and specified in schedule “B” thereunder and hereunder written as is evidenced by the said Memorandum.
AND WHEREAS the Mortgagor has from time to time made part payments towards the principal and interest secured by the said Memorandum and has also paid to the Mortgagee on a further sum of Rs. ______ which the Mortgagee has accepted in full settlement of the balance of principal and interest thereunder.
AND WHEREAS in the premises aforesaid the Mortgagor has called upon the Mortgagee to grant him a formal release and discharge of the mortgage debt and of the hereditaments secured by the said Memorandum which the Mortgagee has agreed to do in manner hereinafter appearing.
NOW THIS INDENTURE WITNESSETH that in consideration of the discharge as aforesaid of the mortgagee debt secured by the said Memorandum which the Mortgagee hereby admits and acknowledges he the Mortgagee hereby releases and discharges the Mortgagor and the hereditaments mentioned and described in schedule “A” hereunder written from all moneys secured or intended to be secured by the said Memorandum and from all claims and demands whatsoever for or in respect of the same or any part thereof And redelivers unto the Mortgagor the deeds and writings relating to the said hereditaments and specified in Schedule “B” hereunder written.
AND the Mortgagee hereby covenants with the Mortgagee that the Mortgagee has not at any time heretofore done, executed or knowingly suffered or been party or privy to any act, deed or thing whereby the said hereditaments or any part thereof are, is or may be affected or encumbered in any way or whereby the Mortgagee is prevented from releasing and discharging the same in the manner aforesaid.
THE SCHEDULE “A” ABOVE REFERRED TO:
(Description of property)
THE SCHEDULE “B” ABOVE REFERRED TO:
(Particulars of Title deeds)
IN WITNESS WHEREOF etc.
[Signatures of the parties]