This deed of mortgage made
at………………this………………day of...........20…………… between A, son of………………resident
of………………hereinafter called the "mortgagor" of the ONE PART and B, son
of...................resident of………………hereinafter called the "mortgagee"
of the OTHER PART.
THIS DEED WITNESSETH AS
FOLLOWS:
(1)
In consideration of the sum
of Rs ………………lent and advanced by the mortgagee to the mortgagor (the receipt of
which the mortgagor hereby acknowledge), the mortgagor hereby doth grant and
transfer unto the mortgagee all that property bearing house No ……situated on
the
………………Road………………within the
Registration District of………………more particularly described in the Schedule
hereunder (hereinafter referred to as the said property) including the right to
enter into the possession of the said property on the execution of these
presents and to hold the same, until repayment of mortgage money as aforesaid
with interest at ………………per cent per annum.
(2)
The mortgagee shall collect
the rents and profits of the said property and after paying the government
revenue, municipal taxes and other assessments and taxes assessed, imposed or
payable on the said property, shall appropriate the same towards the interest
and principal due to him hereinunder. The mortgagee shall maintain accounts of
the income and expenses incurred along with the vouchers and the mortgagor
shall be entitled to inspect at all reasonable hours
and take copies from such
accounts
(3)
The mortgagor may redeem the
said property at any time after..................years from these presents on
repayment of balance payable by the mortgagor to the mortgagee on the said
mortgage.
(4)
The mortgagee shall be
authorised to grant lease of the said property or any part to any person or
persons as he may choose, but the said lessee or lessees shall not be entitled
to continue in possession of the said property on and from the date of the
mortgage money and interest has been repaid by the usufruct of the said property
or by the mortgagee in terms of clause 3 hereof.
(5)
All taxes, land revenue,
rates, assessments in respect of the said property will be borne by the
mortgagee. The mortgagee shall also be entitled to incur necessary expenses for
the repairs and white washing of the said property. All such payments made by
the mortgagee and the expenses incurred by the mortgagee shall be recovered
from the profits and income of the said property
(6)
On the repayment of the
mortgaged money and interest due thereon by the usufruct of the said property
or on earlier payment of the mortgage money and interest due thereon by the
mortgagor in terms of clause 3 thereon, the mortgagor shall be entitled to
redeem the mortgage and to reconveyance of the said property by actual restoration
of possession thereof with the title deeds and receipts of taxes, rates,
assessments and the books of accounts maintained by the mortgagee.
(7)
In the event of the value of
the said property failing short of the mortgage money hereby secured for any reason
whatsoever, the mortgagor shall furnish additional security for the deficit
amount and if he is not able to furnish additional security, the mortgagor will
be personally liable to pay the said sum within a period of one month from the
date of service of notice by the mortgagee.
IN WITNESS WHEREOF the
parties hereto have hereunto set their respective hands the day and year first
hereinabove written.
The Schedule above referred
to
WITNESSES
1 Signed and delivered by A, the withinnamed
mortgagor
2. Signed and delivered by B, the withinnamed
mortgagee
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