DEED OF EXCHANGE, WHERE ONE PROPERTY IS SUBJECT TO A MORTGAGE [CD1]
THIS DEED of exchange made at……………….on
this………………. day
of……………….20……………….between A son
of……………….resident of……………….(hereinafter called the "First Owner") of
the FIRST PART and B son of ……………….resident of……………….(hereinafter called the
"Mortgagee") of the SECOND PART and C son of.....................resident
of……………….(hereinafter called the "Second Owner") of the THIRD PART.
WHEREAS
(1)
The First Owner is seized and possessed of or
otherwise well and sufficiently entitled to the property more particularly
described in the First Schedule hereto, subject to the mortgage in favour of
the mortgagee to secure the payment of the principal sum of Rs . ……………….and
interest thereon created by mortgage deed dated……………….
(2)
The Second Owner is seized and possessed of or
otherwise well and sufficiently entitled to the property, more particularly
described in the Second Schedule hereto.
(3)The First Owner and the Second
Owner have agreed to exchange their respective properties and the mortgagee has
consented to the said exchange and has agreed to join herein.
NOW THIS DEED WITNESSETH AS
FOLLOWS
(1)In pursuance of the said
agreement and in consideration of the transfer hereinafter made by the Second
Owner, the First Owner as beneficial owner with the consent of the mortgagee
hereby grants and transfers unto the Second Owner all that the property
described in the First Schedule hereto to hold the same unto the Second Owner
subject to the mortgage money.
(2)
In further pursuance of the said agreement and
in consideration of the transfer hereinbefore made by the First Owner, the
Second Owner as beneficial owner hereby grants and transfers unto the First
Owner all that the property described in the Second Schedule hereto, to hold
the same unto the first owner.
(3)
The mortgagee, with the consent of and at the
direction of the Second Owner hereby releases the First Owner from his covenant
to pay the mortgage money and from all claims or demands under or in respect
thereof.
(4)
In consideration of the release hereinabove
given the Second Owner hereby covenants with the mortgagee that he will at all
times hereafter duly and regularly pay all moneys which shall become payable
under the mortgage at the times and in the manner therein appointed and will
also observe and perform all the covenants therein contained on the part of the
First Owner in the mortgage deed.
(5)The
mortgagee shall be entitled to exercise all powers of sale and other powers
contained or implied in the mortgage deed and remedies for recovering payment
of the moneys thereby secured or any part thereof save as expressly released by
Clause 3 hereof.
(6)It is hereby declared that the value of the property
mentioned in each of the Schedules hereto is Rs……………….
(7)This
deed of exchange shall be executed in duplicate, the original shall be retained
by the First Party and the duplicate, duly signed and stamped shall be retained
by the Second Party and shall for all purposes be treated as the original.
IN WITNESS WHEREOF, the parties
aforementioned have put their respective hands, the day and year first
hereinabove written
The
First Schedule above referred to
(Particulars
of land to be given by First Party)
The
Second Schedule above referred to
(Particulars
of land to be given by Second Party)
WITNESSES
1 Signed
and delivered by the within named First Owner
2.
Signed and delivered by the
within named mortgagee
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