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Further Charge Mortgage With Possession - English

1) This document is a deed of further charge with possession between a mortgagor and mortgagee. The mortgagor has taken out an additional loan from the mortgagee and is using the property as security. 2) The mortgagor acknowledges receipt of the additional loan amount. As security for repayment, the mortgagor mortgages the property described in the schedule. 3) Possession of the property remains with the mortgagee until the full loan amount is repaid. The loan is repayable on demand or after a specified time period, and the mortgage will be discharged upon repayment.

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Jai Ganesh
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571 views5 pages

Further Charge Mortgage With Possession - English

1) This document is a deed of further charge with possession between a mortgagor and mortgagee. The mortgagor has taken out an additional loan from the mortgagee and is using the property as security. 2) The mortgagor acknowledges receipt of the additional loan amount. As security for repayment, the mortgagor mortgages the property described in the schedule. 3) Possession of the property remains with the mortgagee until the full loan amount is repaid. The loan is repayable on demand or after a specified time period, and the mortgage will be discharged upon repayment.

Uploaded by

Jai Ganesh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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DEED OF FURTHER CHARGE

(WITH POSSESSION)

THIS DEED OF FURTHER CHARGE WITH POSSESSION EXECUTED


AT ___________ ON THIS ____ DAY OF________TWO THOUSAND
SEVENTEEN, BY:
Mr. ___________, son of Mr. __________, aged about ____________ years residing
at .________________________, (ID NO: ) (Mobile no )hereinafter called
the ‘MORTGAGOR’.

TO AND IN FAVOUR OF

Mr. _______________, son of Mr. ____________, aged about ___________


years, residing at _____________________,(ID NO: ) (Mobile no)hereinafter called
the‘MORTGAGEE’

The terms MORTGAGOR and MORTGAGEE shall mean and include


wherever the context admits or requires their respective heirs, executors,
administrators, legal representatives, nominees and assigns:

WHEREAS the MORTGAGOR is the sole, legal, true, absolute and


exclusive OWNER of the property viz., ……………………………….

which is more fully and particularly described in the schedule hereunder,


which he has purchased from and out of his own funds and savings, without
any ancestral nucleus, from Mr. _____________ vide a Deed of absolute sale
dated _______________, duly Registered on the file of the Sub Registrar,
___________, as Document No.____________ of _____________, of Book I,

Ever since the Mortgagor has been in continuous, uninterrupted peaceful


possession and enjoyment of the said property, with full powers of alienation,
without any let or hindrances, paying all taxes and outgoing payable to the
Government and Local Authorities and has got valid and marketable title to the
said property.
AND WHEREAS by a Deed of Mortgage with possession, for Rs._________ dated
________ made between the Mortgagor and the Mortgagee and registered at the
office of the Sub Registrar ___________ as Document No.____ of _________ of
Book No.1. and in accordance to the condition stipulated in the above Deed of
Mortgage, the possession of the said property continues to be with the Mortgagee.

WHEREAS the MORTGAGOR is in need of further funds for his


Business Development / family expenses and has therefore approached the
mortgagee herein for an additional MORTGAGE / LOAN and the MORTGAGEE
has agreed to lend the same on the security of the property referred to above
and more particularly described in the Schedule hereunder.

NOW THIS DEED OF FURTHER CHARGE WITH POSSESSION


WITNESSETH as follows:

That in pursuance of the above agreement, a total Loan of


Rs.__________/-(Rupees _____________ Only) has been paid by way of
____________, and the receipt of the above total loan amount is hereby
accepted and acknowledged by the Mortgagor.

That in consideration of the said total loan amount of Rs.__________/-


(Rupees _____________ Only), the mortgagor doth hereby covenant to repay
the Mortgagee the said sum of Rs.__________/-(Rupees _____________
Only) and as security for the due and prompt repayment of the total loan amount
due under this deed, the Mortgagor doth hereby mortgage the property more
particularly described in the Schedule hereunder and it is hereby agreed as
follows:

1) The total loan amount is Rs.__________/-(Rupees _____________


Only) and the possession of the property shall rest with the Mortgagee till the
entire loan amount is discharged.
1) The total loan amount due under this FURTHER CHARGE WITH
POSSESSION shall be repayable on demand by the Mortgagee or immediately
after_____ years(_____ YEARS) and_____ months notice shall be given for
such demand and the mortgage shall be discharged by the Mortgagee and
possession of the property shall be handed back to the Mortgagor, only on the
repayment of the same;

2) In case the amount becomes due and payable for any reason either
by operation of above said clauses or by operation of law, it shall be open to
the Mortgagee to exercise all the powers contained in the Transfer of property
Act; 1882,this shall be without prejudice to his right to file suit against the
Mortgagor for the sale of the Property;

3) In case sale is held after due notice to the Mortgagor, by exercise of


the Powers of the Transfer of Property Act, the Mortgagor shall concur with the
Mortgagee in executing a conveyance to the Purchaser and in default of his
doing so, the mortgagee shall be entitled to execute a conveyance deed to the
purchaser, conveying both the rights of the Mortgagor and the Mortgagee, no
such sale shall be impeached by the Mortgagor.

4) In case a sale is held and the Sale proceeds are found insufficient for
the payment of the Mortgage amount, the balance amount shall be made good
by the Mortgagor, personally from his other properties,

5) In case a sale is held and there are surplus proceeds, after


appropriation towards cost, and loan amount, such surplus shall be paid to the
Mortgagor.
6) The Mortgagor doth hereby covenant that he has got a good and valid
title to the Mortgaged Property and that he has not done anything in derogation
of the same; and that he has not created any other mortgage, charge or other
encumbrances to any other person, over the schedule mentioned Property;

7) The Mortgagor doth hereby also assures that he will not allow the
security to be impaired within the meaning of section 69, 69A of the Transfer
of Property Act, 1882.

8) The Mortgagor assures that he has paid all the taxes and outgoings in
relation to the Property hereby mortgaged and the Mortgagee agrees that he
shall properly and regularly pay all the taxes and other charges in respect of the
Schedule Property till the Mortgage is discharged/ possession is handed back
to the Mortgagor.

9) Any notice sent or left at the address of the Mortgagor given in this
deed of Further Charge With Possession, shall be deemed to be a good service
of any notice;

The present Market Value of the Property is Rs. __________/-


SCHEDULE OFPROPERTY

IN WITNESS WHEREOF THE MORTGAGOR HAS SIGNED THIS DEED, ON THE


DAY, MONTH AND YEAR FIRST ABOVE WRITTEN, IN THE PRESENCE OF THE
FOLLOWING WITNESSES:

MORTGAGOR
Witnesses:

1.

2.

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