MORTGAGE DEED

 

USUFRUCTUARY MORTGAGE

 

THIS DEED OF MORTGAGE made on this ____________ day of _____________

BETWEEN

Sh. _______________s/o Sh._____________________ r/o _______________________ hereinafter called "the Mortgagor" (which expression shall unless repugnant to the context include his respective heirs, executors, administrators and assigns) of the one part

AND

Sh. _______________s/o Sh._____________________ r/o _______________________ hereinafter called "the Mortgagee" (which expression shall unless repugnant to the context include his respective heirs, executors, administrators and assigns) of the other part

WHEREAS

1. The Mortgagor is the Quarrying Rights Holder of and absolutely seized of a plot of land situated at _______________ (more particularly described in the schedule hereof).

2. The Mortgagor wishes to borrow a sum of Rs.___________(Rupees _________________) from the Mortgagee for his business purposes and the Mortgagee has agreed to grant him the loan of Rs.___________ at interest @ ___ % per annum and on mortgage of the said property as a security for the payment of the said loan.

NOW THIS DEED WITNESSETH AS FOLLOWS:

1. In consideration of the sum of Rs._______________ borrowed by the Mortgagor from the Mortgagee (the receipt of which the Mortgagor hereby acknowledges) the Mortgagor hereby transfers, by way of usufructuary mortgage, to the Mortgagee ALL that property described in the schedule annexed hereto (hereinafter called "the mortgaged property") including the right of possession of the property with the intent the Mortgagee shall have right to retain such possession until payment of mortgage money, and to carry on quarrying and reap the profits and to appropriate the same (after paying the Government revenue and other taxes, of whatsoever nature, assessed, imposed or charged on the said property) in lieu of interest, or in payment of the mortgage money, or partly in lieu of interest or partly in payment of the mortgage money.

2. The Mortgagor hereby covenants with the Mortgagee that the mortgaged property is free from all kinds of encumbrances or charge.

3. The Mortgagee hereby covenants with the Mortgagor that he may redeem the mortgage at any time after _________ years on repayment of the said loan of Rs.__________ alongwith interest. On such repayment, the Mortgagee will re-transfer the mortgaged property to the Mortgagor and will put him in actual possession of the property.

4. The Parties hereto agree that the cost of registration of this deed including stamp duty and other misc. expenses shall be borne by the Mortgagor

IN WITNESS WHEREOF, the parties hereunto have hereunder put their signatures this day _________ of __________.

(The schedule hereinabove referred to)

MORTGAGOR

 

MORTGAGEE

 

Witness:

1.

2.