THIS DEED
OF TRANSFER OF MORTGAGE executed at _______ this _________ day of _________
200__ Between PQR of _______, Indian Inhabitant, having his address at
_________________________________ ______________, hereinafter referred to as “THE TRANSFEROR” (which expression
shall unless it be repugnant to the context or meaning thereof be deemed to
mean and include his heirs, executors and administrators) of the FIRST PART;
M/S. ABC LTD., a Company incorporated under the provisions of the Companies
Act,
1956 having its registered office
at
______________________________________________,
hereinafter referred to as “THE
MORTGAGOR” (which expression shall unless it be repugnant to the context or
meaning thereof mean and include its successors and assigns) of the SECOND PART; AND XYZ of
______________, Indian Inhabitant having his address at
___________________________________________
hereinafter referred to as “THE
TRANSFEREE” (which expression shall unless it be repugnant to the context
or meaning thereof be deemed to mean and include his heirs, executors
administrations and assigns) of the THIRD
PART;
WHEREAS:—
(a)
The Mortgagor is the Owner of
immoveable property more particularly described in the Schedule hereto below
(hereafter referred to as “the said
property”)
(b)
By a Registered Deed of
Mortgage dated _________ registered with the subRegistrar of Assurances on
______ day of ______ under No. ________ and executed by the Mortgagor in favour
of the Transferor (therein referred to as “the Mortgagee”), the Mortgagor has
created mortgage of the said property in favour of the Transferor with a view
to securing a sum of
Rs. 20,00,000/- (Rupees
twenty laks only) lent and advanced by the Transferor to the Mortgagor along
with accruing interest thereon and subject to the provision for redemption
thereof by the Mortgagor as more specifically provided in the said Deed of
Mortgage. The Mortgagor has continued to be in possession of the said property.
(c)
As on ______________________, a
sum of Rs. ____________/- (Rupees ________________ only) being the principal
sum and a sum of Rs. _________/- (Rupees __________________ only) towards arrears
of interest aggregating in all to Rs. _______/- (Rupees _______________ only)
are due and payable by the Mortgagor to the Transferor on the security of the
said property under the said Deed of Mortgage dated 1-5-2001.
(d)
At the request of the
Mortgagor, the Transferor has agreed to receive from the
Transferee, on behalf of
the Mortgagor the aforesaid sum of Rs. ________/- (Rupees __________________
only) in fulfillment of the Mortgagor’s obligation under the said Deed of
Mortgage dated __________ and to assign the Mortgage debt and transfer the
mortgaged property being the security comprised under the said Indenture of
Mortgage dated ____________ to the Transferee in the manner appearing
hereinafter.
NOW THIS INDENTURE WITNESSETH that in pursuance of the said request
of the Mortgagor and in consideration of the sum of Rupees ________ (Rupees
____________________
only) received by the Transferor from the Transferee on or before execution
hereof and paid at the request of the Mortgagor (the receipt whereof the
Transferor doth hereby admit and acknowledge and of and from the same doth
hereby release and discharge the Transferee), the Transferor Doth hereby assign
and the Mortgagor doth hereby confirm unto the Transferee all and singular the
said principal sum of Rupees ________ and Rupees _________ for arrears of
interest making in the aggregate Rs. _____________ being the mortgage debt
secured under the aforesaid Indenture of Mortgage dated _____________ together
with all interest henceforth to become due in respect of the same and the full
benefits of the covenants, rights, powers and provisions contained therein for
securing the payment of the said principal sum and interest upon the said
mortgaged property together with full power to demand, sue for and give
effectual receipts and discharges for the same in the name of the Transferor,
his heirs, executors and administrators AND ALL the right title interest
property claim and demand of him the Transferor against the Mortgagor in
respect of the said mortgage debt and the mortgaged property and security
therein TO HAVE RECEIVE and TAKE the said principal sum and interest and all
other the several premises hereby assigned or expressed so to be unto and to
the use of the Transferee absolutely AND THIS INDENTURE ALSO WITNESSETH that in
pursuance of the said agreement and for the consideration aforesaid He the
Transferor doth hereby grant and the Mortgagor doth hereby grant and confirm
unto the Transferee ALL AND SINGULAR the land here determents and premises
comprised in and assured by the said hereinabove recited Indenture of Mortgage
or expressed so to be and more particularly described in the Schedule hereunder
written AND ALL the estate right, title, interest, property claim and demand
whatsoever of him the Transferor against the Mortgagor in and to the said
premises and every part thereof TO HAVE and TO HOLD the said land here
determents and premises hereby assured or expressed so to be unto and to the
use of the Transferee subject to such right or equity of redemption as is now
subsisting in the Mortgagor under or by virtue of the said hereinabove recited
Indenture of Mortgage AND the Transferor doth hereby for himself, his heirs,
executors and administrators covenant with the Transferee that he Transferor
hath not at any time heretofore done, executed or knowingly suffered or been
party or privy to anything whereby the said principal sum and interest or the
land here determents and premises hereby assigned and granted or expressed so
to be or any part thereof are is can or may be released affected or encumbered
in anywise howsoever AND IT IS HEREBY AGREED between the Mortgagor and the
Transferee that the due date comprised in the said hereinabove recited
Indenture of Mortgage which has presently expired is hereby extended to the
_________ day of _______and that the Mortgagor will pay all interest and will
observe and perform all the covenants and conditions contained in the said
hereinabove recited Indenture of Mortgage AND the Mortgagor doth hereby further
covenant with the Transferee that He the Mortgagor now hath in himself good
right and lawful authority to grant and confirm the said lands, here determents
and premises unto and to the benefit of the Transferee in manner aforesaid AND
ALSO that if default shall be made in payment of the Mortgage debt or interest
or any part thereof respectively on the respective days on which the same shall
be payable as hereinbefore mentioned then and in such case it shall be lawful
for the Transferee to enter into and upon the said land, here determents and
premises and thenceforth to quietly possess and enjoy the same and receive the
rents and profits thereof without any interruption claim or demand from or by
the Mortgagor or from any person or persons claiming under them AND that freed
and discharged from or otherwise by the Mortgagor well and sufficiently saved,
harmless and indemnified of from and against all estates, encumbrance, claims and
demands whatsoever AND FURTHER that THEY the Mortgagor and all other persons
lawfully or equitably claiming any estate right or interest in or to the said
land here determents and premises or any part thereof shall and will from time
to time and at all times (until foreclosure or sale at the cost of the
Mortgagor and afterwards of the person/s requiring the same) execute and do
every such assurance and thing for the further or more perfectly granting and
confirming the said land here determents and premises unto and to the use of
the Transferee as by the Transferee shall be reasonably required.
THE SCHEDULE ABOVE
REFERRED TO:
(Description of the said property)
IN
WITNESS WHEREOF the parties hereto have executed these presents on the day and
year first hereinabove written.
SIGNED, SEALED AND DELIVERED by
) the within named PQR the
TRANSFEROR ) in the presence of:— )
THE COMMON SEAL OF
the within named )
ABC LTD., the
MORTGAGOR )
is hereunto affixed pursuant to the
) Resolution of its Board
of Directors ) passed in that behalf, on the ____________ )
day of ___________ 200__ in the presence of )
(1) _______________, Managing Director and
) (2) __________________, Director and in )
the presence of:— )
SIGNED AND DELIVERED by ) the within named XYZ, the
TRANSFEREE ) in the presence of:— )
RECEIPT
RECEIVED
the day and year first herein above written of and from the within named
Transferee the sum of Rs. ____________/- (Rupees _________________ only) by
cheque No.__________ dated __________ drawn on _______________________ being
the agreed amount to be paid by them to me as within mentioned.
Rs. ___________/-
1.
2.
I
SAY RECEIVED
(THE TRANSFEROR)
WITNESSES:
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