Mortgage of a Patent
| Updated at | March 2010 |
DEED OF MORTGAGE is made at..... this..... day of........between Mr.Vishwas Raoresiding at..... hereinafter referred to as 'the Borrower' of the One Part and Mr. Bikram Salujaresiding at... hereinafter referred to as the 'Lender' of the Other Part.
WHEREAS --
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The Borrower is the registered proprietor of a patent and which is more particularly specified in the Schedule hereunder written.
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The Borrower requires funds to exploit or use the said patent commercially and has requested the Lender to advance him a loan of Rs..... which the Lender has agreed to do on the Borrower executing this Deed.
NOW THIS DEED WITNESSETH that in pursuance of the said agreement and in consideration of and as a security for repayment the said sum of Rs.... lent and advanced by the Lender to the Borrower on the execution of these presents (receipt whereof the Borrower admits) and all the interest and other moneys payable in respect thereof the Borrower as beneficial owner hereby assigns or transfers unto the Lender all the said patent described in the Schedule hereinafter written together with the invention related thereto and all the rights, title and interest of the Borrower in respect of the said patent and the rights and benefits arising out of the registration thereof under the Patents Act 1970 and together with the full and exclusive benefit of the same and all improvements, and extensions in respect thereof TO HOLD the same and all the premises hereby assigned unto the Lender but subject to the covenant for redemption hereinafter contained.
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And the Lender hereby covenants with the Borrower that in the event of the Borrower repaying the said amount with interest as is hereinafter provided and other moneys payable by him hereunder within the period of redemption hereinafter mentioned, the Lender shall release and retransfer all his right, title, interest hereby created or granted in respect of the said patent.
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And the Borrower hereby agrees and covenants with the Lender that--
(i) He will repay the said amount of Rs.... with interest on or before the..... day of......
(ii) He will in the meanwhile and until repayment of the said amount in full pay interest thereon at the rate of Rs...... p. c. p.a. by monthly rests, the first of such payment to be made on the.....day of............ and subsequently on the..... day of each and every succeeding month.
(iii) If he fails to pay any Instalment of interest as aforesaid, the Lender will be entitled to charge...
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