Deed of Simple Mortgage Deed: Mr. - , Son of Mr. - , Aged About - Years

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DEED OF SIMPLE MORTGAGE DEED

THIS DEED OF SIMPLE MORTGAGE EXECUTED AT ___________


ON THIS ____ DAY OF________TWO THOUSAND SEVENTEEN, BY:
Mr. ___________, son of Mr. __________, aged about ____________ years
residing at .________________________, (ID NO: ) (Mobile no
)hereinafter called the ‘MORTGAGOR’.

TO AND IN FAVOUR OF

Mr. _______________, son of Mr. ____________, aged about ___________


years, residing at _____________________,(ID NO: ) (Mobile no)hereinafter
called the‘MORTGAGEE’

The terms MORTGAGOR and MORTGAGEE shall mean and include


wherever the context admits or requires their respective heirs, executors,
administrators, legal representatives, nominees and assigns:

WHEREAS the MORTGAGOR is the sole, legal, true, absolute and


exclusive OWNER of the property viz., ……………………………….

which is more fully and particularly described in the schedule


hereunder, which he has purchased from and out of his own funds and
savings, without any ancestral nucleus, from Mr. _____________ vide a
Deed of absolute sale dated _______________, duly Registered on the file
of the Sub Registrar, ___________, as Document No.____________ of
_____________, of Book I,

Ever since the MORTGAGOR has been in continuous, uninterrupted


peaceful possession and enjoyment of the said property, with full powers of
alienation, without any let or hindrances, paying all taxes and outgoing
payable to the Government and Local Authorities and has got valid and
marketable title to the said property.

-2-
WHEREAS the MORTGAGOR is in need of funds for his Business
Development / family expensesand has therefore approached the
mortgagee herein for a MORTGAGE / LOAN OF Rs.__________/-(Rupees
_____________ Only) and the MORTGAGEE has agreed to lend the same
on the security of the property referred to above and more particularly
described in the Schedule hereunder;

NOW THIS DEED OF SIMPLE MORTGAGE WITNESSETH as follows:

That in pursuance of the above agreement, a sum of Rs.__________/-


(Rupees _____________ Only)has been paid by way of ____________, and
the receipt of theabove amount is hereby accepted and acknowledged by the
Mortgagor.

That in consideration of the said sum of Rs.__________/-(Rupees


_____________ Only), the mortgagor doth hereby covenant to repay the
Mortgagee the said sum of Rs.__________/-(Rupees _____________ Only)
together with interest thereon at the rateof ____ % (________ PERCENT) per
ANNUM and as security for the due and prompt repayment of the principal
amount with interest due under this deed, the Mortgagor doth hereby
mortgage the property more particularly described in the Schedule hereunder
and it is hereby agreed as follows:

1) The Principal amount is Rs.__________/-(Rupees _____________


Only) and the Mortgagors shall pay interest on the said principal regularly
month after month.

2) The interest shall be paid on or before the _______ of each month


following the month for which the interest may have accrued due and payable;
The Principal amount of Rs.__________/-(Rupees _____________ Only)
shall be paid within the period of _____ years( _____ YEARS) or earlier.
3) The principal amount due under this mortgage shall be repayable on
demand by the Mortgagee or immediately after_____ years( ____ YEARS)
and_____ months notice shall be given for such demand and the mortgage
shall be discharged by the Mortgagee, on the repayment of the same;

4) In case the amount becomes due and payable for any reason either
by operation of above said clauses or by operation of law, it shall be open to
the Mortgagee to exercise all the powers contained in the Transfer of property
Act; 1882,this shall be without prejudice to his right to file suit against the
Mortgagor for the sale of the Property;

5) In case sale is held after due notice to the Mortgagor, by exercise of


the Powers of the Transfer of Property Act, the Mortgagor shall concur with
the Mortgagee in executing a conveyance to the Purchaser and in default of
his doing so, the mortgagee shall be entitled to execute a conveyance deed to
the purchaser, conveying both the rights of the Mortgagor and the Mortgagee,
no such sale shall be impeached by the Mortgagor.

6) In case a sale is held and the Sale proceeds are found insufficient for
the payment of the principal amount with interest, the balance amount shall be
made good by the Mortgagor, personally from his other properties,

7) In case a sale is held and there are surplus proceeds, after


appropriation towards cost, interest and principal, such surplus shall be paid to
the Mortgagor.

8) The Mortgagor doth hereby covenant that he has got a good and
valid title to the Mortgaged Property and that he has not done anything in
derogation of the same; and that he has not created any other mortgage,
charge or other encumbrancesto any other person, over the schedule
mentioned Property;

9) The possession of the Mortgaged Property remains with the


Mortgagor and he has neither given nor has agreed to give possession of the
same to the Mortgagee.

10) The Mortgagor doth hereby also assures that hewill not allow the
security to be impaired within the meaning of section 69, 69A of theTransfer
of Property Act, 1882.

11) The Mortgagor assures that hehas paid all the taxes and outgoings
in relation to the Property hereby mortgaged and further agrees that he will
properly and regularly pay all the taxes and other charges in respect of the
Schedule Property;

12)Any notice sent or left at the address of the Mortgagor given in this
deed of mortgage shall be deemed to be a good service of any notice;

The present Market Value of the Property is Rs. __________/-


SCHEDULE OF PROPERTY

All that piece and parcel of Land,

IN WITNESS WHEREOF THE MORTGAGOR HASSIGNED THIS DEED, ON THE


DAY, MONTH AND YEAR FIRST ABOVE WRITTEN, IN THE PRESENCE OF THE
FOLLOWING WITNESSES:

MORTGAGOR
Witnesses:

1.

2.

DRAFTED BY :-

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