Mortgage of a ship by a body corporate to secure a loan

Updated at:March 2010
 
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(PARTICULARS OF THE SHIP)

Official No.

Name of Ship

No. Year and Port of registry

Whether a sailing, steam or motor ship

Horse-power of engines, if any

Feet

Tenths

Length from fore part for stamp to the shaft

Side of the head of the stern post

Main Breadth to outside of plating

Depth in hold from tonnage deck to ceiling

Amidships.

Number of Tons

Gross...

Register

and as described in more detail in the certificate of Surveyor and the register book.

WHEREAS:

  1. We AB & Co. Ltd., a company registered under the companies Act, 1956 and having its registered office at ............ have entered into an agreement this ...... day of ........... with Bank of ........... a banking Corporation constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and having its Head Office at ........ whereunder we have borrowed and the Bank has lent and advanced a sum of Rs. ....... repayable with interest at the rate of Rs. ........... per cent per annum and on the terms and conditions in the said agreement mentioned.

  2. By the said agreement, we, AB & Co. Ltd., have agreed to mortgage the ship particulars of which are mentioned above as a security for repayment of the said amount with interest and other moneys as therein mentioned and to execute a deed of mortgage in the manner following.

Now, we, AB & Co. in consideration of the premises, for ourselves and our successors covenant with the Bank (Mortgagee) and its successors and assigns to repay the said amount of Rs. ...... with interest as aforesaid and on the other terms and conditions contained in the said agreement.

And for the purpose of better securing to the said bank the payment of such sums as last aforesaid we AB & Co. Ltd., do hereby mortgage to the said Bank ...... shares, of which we are owners in the ship above particularly described, and in her...

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