SIMPLE MORTGAGE BY THE MANAGER OF THE JOINT FAMILY PROPERTY [CD1]
This Deed of Mortgage
made
on this ___________ day of ____________
Between
Mr………………………………… age…………………
resi ________________
Mr…………………………………
age________________ resi
________________
And
Mr…………………………………
.age __________________
Resi………………………………….
acting through Sh. _______________________,
Manager of Joint Hindu Family hereinafter called "the Mortgagor"
(which expression shall unless contrary to the context including their related
successors, executors, administrators and assigns) of the one part
And
Mr……………………………….. age………………………….
Resi………………………………
hereinafter
called "the Mortgagee" (which expression shall unless contrary to the
context including his related successors, executors, administrators and
assigns) of the other part.
Whereas
(1)
The Mortgagor and his two sons
namely, Sh. ________ and Sh.________ form a Joint Hindu family which is ruled
by the Mitakshara School of Hindu Law.
(2)
The plot of land bearing no.
_______________ located at __________ being joint ancestral property of the
said family (more specifically stated in the schedule I hereof, "the
property");
(3)
The Mortgagor has been doing
the business of __________ and wants borrow a sum of Rs._________ (Rupees
____________ ) from the Mortgagee for doing business with other family
requirements (type and nature of requirements) and the Mortgagee has consented
in lending said sum on interest @ ___ % annually per condition that repaying
the said sum with interest shall be secured by the mortgage of the
property.
Now This Deed Witnesseth
as Under:
1.
In consideration of the sum of Rs._________
as borrowed by Mortgagor from Mortgagee (which receipt the Mortgagor hereby
acknowledges) the Mortgagor hereby agrees with the Mortgagee that the Mortgagor
will be paying to Mortgagee the said sum of Rs. _________ in _____ half–
yearly/quarterly/monthly
installments, first installment falling due on ________ the day of ___________
with an interest @ __ % per annum from the date of this deed till time the said
sum is fully repaid (hereinafter called "the mortgage money").
2.
That as security for the above
loan, Mortgagor hereby transfer, per simple mortgage, to the Mortgagee All
property stated in the schedule annexed hereto (hereinafter called "the
mortgaged property") intended that if payment of the mortgage money is
defaulted hereunder, the Mortgagee shall bear a right in causing the mortgaged
property to be sold and its sale proceeds be applied in paying the mortgage
money.
3.
The Mortgagor also agrees with
the Mortgagee that the mortgaged property being joint ancestral property of the
family being free from all encumbrances /charge.
4.
The Mortgagor shall bear a
right, prior the sum becomes due under this deed, for paying to the Mortgagee
any sum of not less than Rs. _______, due to the sum secured under this deed.
all sum so paid shall be applied per order as below:
(i) in reduction
or paying the interest /costs then due per terms of this deed (ii) in reduction or paying the principal
money secured under this deed.
5. The Parties
as consent that cost of registration of this deed stamp duty with other misc.
expenses shall be borne by the Mortgagor.
In Witness Whereof, the
parties hereunto have hereunder signed this day _________ of __________.
(The schedule hereinabove referred to)
0 Comments
Thank you for your response. It will help us to improve in the future.