Deed of Release and surrender of mortgaged property upon payment of debt by borrower-Lender, a mental patient acting through Legal Guardian
THIS DEED is made on _________
BETWEEN
________________ [patient] (hereinafter called the lender) acting by [receiver] pursuant to the hereinafter recited Order (hereinafter called the receiver) of the One Part
AND
________________ [mortgagor] of [address, etc.] (hereinafter called the borrower) of the Other Part and is supplemental to a mortgage dated the________ day of _______ 20_____ and made between the borrower of the One Part and the lender of the Other Part (hereinafter called the mortgage) whereby the lands therein described were charged to the lender by way of legal mortgage for securing the repayment of a sum of Rs.________ and interest thereon.
WHEREAS:
- The said sum of Rs ______ still remains owing to the lender on the security of the mortgage together with Rs. _______ for interest and Rs._________ for costs.
- The borrower is desirous of paying off the said sum of Rs._______ and redeeming the said mortgage.
- By an Order dated the ______ day of _____ 20____ made in the Court of _________ in the matter of the lender upon the lodgement in court as therein provided of the principal sum of Rs.________ secured by the mortgage and payment of all mortgagee’s costs and interest due the receiver was authorised in the name and on behalf of the lender to surrender and release to the borrower or as he should direct and at his expense the hereditaments therein comprised and for that purpose to execute and do such instruments acts and things as should be settled and approved by the court.
- Pursuant to the said Order the principal sum of Rs. ______ has been lodged in court to the credit of the lender as appears by the certificate of the _______ dated the _____ day of _____ and the borrower has paid to the lender acting by the receiver as aforesaid all interest thereon up to the date of such lodgement and all mortgagee’s costs as the lender acting as aforesaid hereby admits.
- This deed has been settled and approved by the court as appears by the seal of the court impressed in the margin hereof.
NOW THIS DEED WITNESSETH that in pursuance of the said Order and in consideration of the principal money so lodged as aforesaid and of the sum of Rs._________ now paid by the borrower to the lender acting by the receiver as aforesaid for interest and costs the lender acting by the receiver as aforesaid hereby surrenders and releases unto the borrower all the lands and property comprised in the mortgage TO HOLD the same unto the borrower for all the estate and interest therein now vested in the lender freed and discharged from all principal money and interest secured by and all claims and demands under the mortgage.
SIGNED SEALED AND DELIVERED by the said [patient] acting by the said [receiver] as aforesaid in the presence of __________
IN WITNESS etc.
[Signature of patient acting by the receiver]
