Deed Of Mortgage With Possession
| Updated at | March 2010 |
Deed Of Mortgage With Possession
THIS DEED OF MORTGAGE WITH POSSESSION made and executed on the
day of Two Thousand (..2000):
B Y:
(hereinafter referred to as the "MORTGAGOR", which expression shall, wherever the context so requires or admits, mean and include ___ heirs, executors, administrators and assigns).
IN FAVOUR OF:
(hereinafter referred to as the "MORTGAGEE", which expression shall, wherever the context so requires or admits, mean and include ___ heirs, executors, administrators and assigns).
WITNESSES AS FOLLOWS:
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WHEREAS the Mortgagor is the sole and absolute owner of all that Premises bearing No.,,,
______________;
-
WHEREAS the Mortgagor is urgently in need of funds for the purpose of ___ family and legal necessities and therefore the Mortgagor has requested the Mortgagee to grant a loan of Rs. /= (Rupees only) and offered to secure repayment thereof by mortgaging the Premises bearing No.,,, _________, more fully described in the Schedule below and hereinafter referred to as the "SCHEDULE PREMISES" with possession to the Mortgagee and the Parties are desirous of reducing the terms agreed into writing;
-
NOW THIS DEED OF MORTGAGE WITH POSSESSION WITNESSES AS
FOLLOWS:
1) That in pursuance of the aforesaid and in consideration of Rs. /= (Rupees only) paid by the Mortgagee to the Mortgagor by Cheque No. dated..2000 drawn on Bank, Branch, __________ in the presence of the Witnesses attesting hereunder, the receipt of which the Mortgagor hereby accepts and acknowledges, the Mortgagor hereby mortgages, the Premises bearing No., _________, more fully described in the Schedule below and hereinafter referred to as the "SCHEDULE PREMISES" as security for the repayment of the said sum of Rs. /= (Rupees only), subject to the terms and conditions contained herein;
2) The Mortgagor has this day delivered vacant possession of the Schedule Premises to the Mortgagee in pursuance of this mortgage;
3) The period of this mortgage shall be Three years and on the expiry of the said period, the Mortgagor shall be entitled to redeem the mortgage by repaying the abovementioned sum of Rs. /= to the Mortgagee and on such redemption, the Mortgagee should re convey the Schedule Premises to the Mortgagor at the cost of the Mortgagee and deliver back vacant possession of the Schedule Premises to the Mortgagor immediately;
4) During the said period...
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