Simple Mortgage by Manager of Joint Hindu Family for Legal Necessity
| Updated at | June 2010 |
WHEREAS..........................,..........................,..........................and........................ form a joint Hindu family governed by the Mitakshara school of Hindu law and............................... is the manager or karta of the said joint Hindu family.
AND WHEREAS................,................ and............... are the major sons of................;
AND WHEREAS the property bearing No........... situated at,................................................. within the Registration District and Sub Registrar of .................. hereinafter called the said property, is owned by the said joint Hindu family;
AND WHEREAS the joint Hindu family carries on the business of.................................... at.................. under the name and style of M/s.......................................................
AND WHEREAS the mortgagors are in need of Rs................... for purposes of their business, marriage of daughter of..........., and repairing of the joint Hindu family properties, which they are not able to arrange and therefore the mortgagors requested the mortgagee to lend Rs................... for the aforesaid purposes;
AND WHEREAS the mortgagee after satisfying about the title of the said property and bonafide requirement of the loan amount for a legal necessity, has agreed to lend the said sum at the interest of............... per cent per annum on the mortgagors securing the repayment of the same by mortgage of the said property.
NOW THIS DEED WITNESSETH that in pursuance of the said agreement and in consideration of the sum of Rs................... at or before the execution of these presents paid to the mortgagors by the mortgagee (the receipt whereof the mortgagors do hereby admit and acknowledge), hereinafter called the mortgage amount, the mortgagors covenant with the mortgagee that they will pay to the mortgagee on the.................. day of .................. (hereinafter called the due date) the said sum of Rs................... with interest for the same in the meantime at the rate of.................. % per annum from the date of these presents by quarterly payments, first of such payments shall be made on the .................. day.................. now and the subsequent payment shall be made at the expiration of.......... months thereafter, so long as the said sum of Rs................... or any part thereof shall remain unpaid to the mortgagee, interest for the same at the...
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