Scribd
Upload
213 views3 pages

Format of Deed For Simple Mortgage

The document outlines the terms of a mortgage agreement between two parties, including that the mortgagor agrees to repay the principal plus interest to the mortgagee by a certain date, and if he fails to do so, the mortgagee can sell the mortgaged property to recover the amount. The property is also to be insured and the mortgagee is authorized to insure it himself if the mortgagor does not. Various other terms such as costs and consent for leasing are also mentioned.

Uploaded by

LionKing
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
213 views3 pages

Format of Deed For Simple Mortgage

The document outlines the terms of a mortgage agreement between two parties, including that the mortgagor agrees to repay the principal plus interest to the mortgagee by a certain date, and if he fails to do so, the mortgagee can sell the mortgaged property to recover the amount. The property is also to be insured and the mortgagee is authorized to insure it himself if the mortgagor does not. Various other terms such as costs and consent for leasing are also mentioned.

Uploaded by

LionKing
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 3

Format of Deed for Simple Mortgage

This Deed of Mortgage made at …………………. this ……………. day of


……………….

Between

X, son of ………………………….

resident of ……………………….

hereinafter called as a mortgagor of the ONE PART

And

Y, son of ………………….

resident of ………………

hereinafter called as a mortgagee of the OTHER PART.

WHEREAS the mortgagor is absolutely seized and possessed of or otherwise


well and sufficiently entitled to the house bearing municipal no…………….
situated on …………………… Road, ………………….. more particularly
described in the Schedule hereunder written;

AND WHEREAS the mortgagor has requested the mortgagee to lend him a sum
of Rs. …………………… which the mortgagee has agreed on the mortgagor
mortgaging his property.

NOW THIS DEED WITNESSETH THAT in pursuance to the said agreement and
in consideration of the sum of Rs. ……………… at or before the execution of
these presents paid by the mortgagee to the mortgagor (the receipt whereof, the
mortgagor doth hereby admit and acknowledge and of and from the same hereby
release and discharge the mortgagee), the mortgagor hereby covenants with the
mortgagee that he will pay on the ………………… day of ……………..
(hereinafter called “the said date”), the said sum of Rs. …………….. with interest
@ …….. % per annum from the date of these presents till the repayment of the
said sum in full, every quarter the first installment of interest to be paid on the
………………. day of ………. 2000 and each subsequent installment on the
……………. day of July, October, January and April of each succeeding year
until the said sum is repaid in full.

AND THIS DEED FURTHER WITNESSETH THAT


In consideration aforesaid, the mortgagor doth hereby transfer by way of
mortgage his house bearing municipal no …………….. situated on …………..
Road . …………………. and more particularly described in the Schedule
hereunder written as a security for repayment of the said sum with interest @
……………. per annum with the condition that the mortgagor, his heirs,
executors, administrators or assigns shall on the said the pay to the mortgagee,
his heirs, executors, administrators or assigns the said sum of Rs …………..
together with interest thereon at the rate mentioned above, the said mortgagee,
his heirs, executors, administrators, or assigns shall at any time thereafter upon
the request and at the cost of the mortgagor, his heirs, executors, administrators
or assigns reconvey the said house, hereinbefore expressed to be mortgaged
unto or to the use of the mortgagor, his heirs, executors, administrators or
assigns or as he or they shall direct.

AND IT IS HEREBY AGREED AND DECLARED that if the mortgagor does not
pay the said mortgage amount with interest when shall become due and payable
under these presents, the mortgagee shall be entitled to sell the said house
through any competent court and to realise and receive the said mortgage
amount and interest, out of the sale proceeds of the house.

AND IT IS FURTHER AGREED AND DECLARED by the mortgagor that during


the period, the mortgage amount is not paid and the said house remains as a
security for the mortgage amount, the mortgagor shall insure the said house and
take out an insurance policy in the joint names of the mortgagor and mortgagee
and continue the said policy in full force and effect by paying premium and in
case of default by the mortgagor to insure or to keep the insurance policy in full
force and effect, the mortgagee can insure the said house and the premium paid
by the mortgagee will be added to the mortgage amount, if not paid by the
mortgagor on demand.

AND IT IS FURTHER AGREED THAT the mortgagor can grant lease of the said
house with the consent of the mortgagee in writing.

AND IT IS FURTHER AGREED BY THE MORTGAGOR that he shall bear stamp


duty, registration charges and other out of pocket expenses for the execution and
registration of this deed and reconveyance deed but however each party will bear
cost and professional charges of his Solicitor/Advocate.

IN WITNESS WHEREOF the parties have put their hands the day and year first
hereunder written.

The Schedule above referred to

Signed and delivered by X the within named mortgagor


Signed and delivered by Y the within named mortgagee

WITNESSES;

1.

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy