Assignment of a policy of assurance by the Borrower by way of additional security against mortgage debt
THIS INDENTURE made, on ______________________.
BETWEEN
_________________________________________________ (insert the name, address etc. of borrower) (hereinafter called the Borrower), of the ONE PART
and
_________________________________________________ (insert the name, address etc. of mortgagee) (hereinafter called the Mortgagee) of the OTHER PART.
WHEREAS these presents are supplemental to an Indenture of Mortgage (hereinafter called the Principal Indenture) dated etc. and made etc. whereby certain policies of assurance effected on the life of the Borrower were assigned by him unto the Mortgagee by way of mortgagee for securing the payment to the Mortgagee of the sum of Rs. ____________ with interest thereon at the rate of Rs. ______ per cent per annum;
AND WHEREAS the said sum of Rs. ________ remains owing on the security of the Principal Indenture;
AND WHEREAS the Borrower is now entitled to the further policy of assurance effected in his own name and on his own life hereinafter mentioned and assigned;
AND WHEREAS the Borrower has agreed to assign the said policy to the Mortgagee by way of further security in manner hereinafter appearing;
NOW THIS INDENTURE WITNESSETH as follows:-
- IN pursuance of the said agreement and in consideration of the sum of Rs.________remaining owing as aforesaid, the Borrower, as Beneficial owner, hereby assigns unto the Mortgagee ALL THAT policy of assurance effected in the name and on the life of the Borrower for the sum of Rs._________ with the (Insurance Company) dated the ____ day of _______ numbered _________and at the annual premium of Rs.________ and the said sum of Rs. ________ assured by and all other money to become payable under the said policy and the Full benefit of the said policy, TO HOLD unto the Mortgagee, subject to the like right of redemption is now subsisting under the Principal Indenture in respect of the policies of assurance thereby assigned.
- ALL the covenants, powers and provisions contained in the Principal Indenture shall extend and apply to the policy hereby assigned, as if corresponding, covenants, powers and provisions had been inserted in these presents. AND in the event of any money being paid by the Mortgagee or the persons deriving title under him in respect of the policy hereby assigned or of any policy to be substituted therefor, by reason of the default of the Borrower to pay such money, then the policies and premises comprised in the Principal Indenture, and any policy or policies substituted for the same, shall, as well as the policy hereby assigned, stand charged with the repayment of such money and the interest thereon.
IN WITNESS, etc.
[Signatures of the Borrower and of the Mortgagee]
