AGREEMENT REDUCING RATE OF INTEREST AND EXTENDING TIME OF PAYMENT

THIS AGREEMENT made on this ........................ day of ..........................
BETWEEN
Sh. ..............................s/o Sh........................................... r/o .............................................. hereinafter called "the Mortgagor" (which expression shall unless repugnant to the context include his respective heirs, executors, administrators and assigns) of the one part
AND
Sh. ..............................s/o Sh........................................... r/o .............................................. hereinafter called "the Mortgagee" (which expression shall unless repugnant to the context include his respective heirs, executors, administrators and assigns) of the other part
WHEREAS
1. By a deed of mortgage dated ............................ executed between the Mortgagor and Mortgagee hereto (hereinafter referred to as "the Principal Deed") the Mortgagor mortgaged the property therein specified to secure a loan of Rs. .........................., the repayment of which, it was agreed to be made with interest at 16 per cent per annum within a period of 5 years.
2. The Mortgagor has paid a part of the principal sum secured by the principal deed alongwith interest due thereon and a sum of Rs............................... (Rupees ....................................) is still outstanding as on the date of this deed.
3. The Mortgagor has foreseen difficulties in repayment of the said principal sum alongwith interest @ 16 percent and also within the time as mentioned in the principal deed and therefore, made a request to the Mortgagee to reduce the rate of interest and also to extend the time of payment as mentioned in the principal deed

NOW THIS AGREEMENT WITNESSETH AS FOLLOWS:
1. The interest payable under the principal deed shall be reduced to 12 per cent per annum from 16 percent per annum with effect from these presents.
2. The period of repayment of principal and interest secured by the Principal Deed shall be extended by 2 years i.e. from 5 years to 7 years.
3. Save as aforesaid, all other terms and conditions as mentioned in the principal deed shall remain the same.
IN WITNESS WHERE OF, the parties hereunto have hereunder put their signatures this day .................. of .....................

MORTGAGOR----------
MORTGAGEE ---------
Witness:
1.-------
2.-------