( Mortgage Deed)
For Rs………………………………………………………………..
This deed of mortgage is made on this ………day of ………….2009 between Sh. ………………………………son of Sh………………………….. resident of …………………………………………………………………… called the mortgager(s) which expression shall unless the context does not so admit, include his/her/their, heirs executors, administrator , representatives , and assigns) of the one part and Bank of Braoda a body corporate established and incorporated under the banking companies( acquisition and Transfer of Undertakings) Act 1970 and having its Head Office at Mandi, Baroda ( Gujrat) and among others a branch Office at Palwal District Palwal ( HR) (hereinafter called “The Mortgagee” which expression shall unless repugnant to the context does not so admit include its successors and assigns) of the others part.
And whereas the mortgagor(s) has/have requested the Mortgagee to grant …………………………………….to Sh………………………. son of Sh …………………………….resident of ……………………………………………….. and the mortgagee has agreed to advance the sum of Rs………………………………… under the ……………………………………………….. of the mortgagee to Sh.……………….......................................................... son of Sh………………………….r/o……………………………. as per the terms and conditions mentioned below for …………………….
And whereas the mortgagor(s) has/have agreed to mortgage the said ……………. In favour of the mortgagee in consideration of the said ……………………… of Rs ……………………………………………………….To Sh…………………………. son of Sh…………………………………..
The other conditions of the mortgage deed are as under:-
1- That the mortgagor(s) is/are the absolute owner/s of the aforesaid …………….. and is also in possession thereof together with all rights and easements of all kinds thereto and the mortgagor(s) is/are entitled to sell, transfer or alienate the said property.
2-That in consideration of a sum of Rs…………………………………………. advanced/ to be advanced by the mortgagee to Sh………………………….. son of Sh…………………………………………………………… in the manner described in Schedule “B” attached and on the terms and conditions mentioned in the sanction letter, the mortgagor(s) hereby mortgage by way of simple mortgage without possession, the said land and also the construction and superstructure to be built thereon, more, particularly descried in the schedule Marked A and as per plan attached thereby transferring and conveying he/her/their interest in the said property so mortgaged unto the mortgagee. The Mortgagor(s) Borrower(s) Sh……………………………….son of ………………………………. Shall repay personally the said sum of Rs……………………………………………… with interest at the rate of Rs………………………………. per annum with …………………. rests from the date of advance to the mortgagor(s) until repayment of realization in the manner as stated in para no. (6) below. The mortgagor(s) borrower agree with the mortgagee that in the event of the non payment or the sum accruing due under this deed or remaining due from the mortgagor(s) borrower to mortgagee, the said mortgagee shall be entitled to recover and realizes its dues with interest under this presents together with the costs incurred by it in this behalf by sale of the property hereby mortgaged.
3- That the mortgagor (s) borrower(s) shall be personally liable to reply the amount of …………………………………… remaining due from them, in case the realization from the property mentioned above, false short of the amount due to the mortgagee for the principal and interest accruing due under this Deed to the Mortgagee in addition to the personal liability of the mortgagor(s) borrower(s) herein provided in para 2 in this para the mortgagee shall be entitled to recover the amount of loan from other movable and immovable properties of the mortgagor(s) and appropriate and adjust the same towards the mortgage debt under theses presents.
4-That mortgagor (s) / borrower(s) further agree(s) to keep the securities charged to the bank fully insured for its full market value of the mortgagor(s) /Borrower(s) against risks or damage and loss, destruction by fire with the necessary banker clause and keep up such insurance until the amount due under this deed is paid in full to the mortgage. The costs of insurance shall be born by the mortgagor(s) /Borrower(s) in case the mortgagor(s) /Borrower(s) fail(s) at any time to insure and pay the necessary premium, the bank may, but it will not be bound to insure the debit the costs of the premium to the mortgagor(s) /Borrower(s) account. The amount of premium not paid to the bank will carry interest as at the rate of amount advanced and become a part of the principal amount.
5- That the mortgagor(s) /Borrower(s) shall also continue to pay all rates and taxes accruing due in respect of the said premises under any law or rule for the time being in force and perform all the terms and conditions of the documents of title on which he/she/they /holds the land mortgaged.
6- That the mortgaged has originally granted to the borrower(s) the ……………… …………………………………… for a period of 12 months, subject to repayment on demand. In case of continues default, the bank reserves the right o recall the said advance facility at any time without assigning any reason.
7- That the mortgagee shall be entitled to recover and realize the outstanding dues and interest in the ………………………………………. Of Sh……………… ………… by sale of the mortgaged property and also realizing rents and profits of premises, be entitled to have a receiver of the same appointed through court without, prejudice to bank’s rights to recover as prided in para no. 2 and 3 above.
8- That the mortgagor(s) /Borrower(s) has ensured the mortgagee that the said property is free from all encumbrances and that the mortgagor is / are entitled to convey the same by way of simple mortgage unto the mortgagee.
9- That on payment of all the dues of the said mortgagee under these presents, the mortgage shall be bound to re-convey the said premises fee from all encumbrances to mortgagor(s) borrower(s) and execute Deed of Discharge, Transfer and every other writing in favour of the mortgagor(s) /Borrower(s) at his/her /their expenses necessary for this purpose.
In witnesses whereof the parties to these presents have set their hands on this ……. day of ……………………
Witnesses
1 Mortgagor(s) /Borrower(s)
Schedule –A details of the property/land
Part of Schedule –A
The property stands in the name of S………………………son of………………….. resident of Vill………………………………………………………….
Schedule –B
1- ………………………………………….. up to Rs………………………………………………. in the name of Sh……………………… son of ………………………………………..
2- repayment period . The ………………………………………………. Is granted originally for a period …………………………….. in case of continues default by the borrower(s) Mortgagor(s) the bank reserves the rights to recall the personal expenses any time without assigns any reason.
Witnesses :
1-
2-
Mutation Letter in favour Bank of Baroda Branch _____
To,
The Tehsildar,
__________
Dear Sir,
Sub: Entrance
and confirmation mutation in favour of the bank of
Sh…………………. S/o…………………r/o……………
……………………. Has been sanctioned a loan of Rs………….. ( Rs………………………………………………..) Deed of his undermentioned property has been registered in favour of the bank. The details of the property mortgaged with the bank are as under:-
Certified that the contents given above are true copies of entries made in the registered deed , which is in the custody of the bank. Therefore it is requested that the mutation may kindly be entered and got confirmed. The duplicate copy may be returned after compliance by the earliest possible.
Your’s faithfully
Manager
Certified that the mutation in favour of the bank for above mentioned property is entered on……………….. at Sr…………………….. and same has been remarks revenue officer.
Signature of Patwari Halka.
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