Memorandum of Agreement of Equitable Mortgage
(To Be Registered)

MEMORANDUM OF EQUITABLE MORTGAGE is made at………..the……..day of………between Mr………..of……….hereinafter referred to as the Mortgagor of the One Part and Bank of……….... a Banking Corporation constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its Head Office at…………and Branch Office at……….hereinafter referred  to as the Mortgagee of the Other Part.
WHEREAS -
1. The Mortgagor is seized and possessed of the land and premises situate at…………….and more particularly described in the First Schedule The Mortgagor has applied to the Mortgagee for a term loan of Rs………….which the Mortgagee has sanctioned against the security of a mortgage by deposit of title deeds relating to the said property and on the following terms
2. The Mortgagor has this day deposited the title deeds relating to the said property and which are listed in the Second Schedule hereunder written with intent to create a security on the said property for repayment of the said loan with interest as hereinafter stated.
4. The Mortgagee has requested the Mortgagor to execute these presents with a view to record the said deposit and the terms and conditions in respect thereof which the Mortgagor has agreed to do.
NOW IT IS AGREED AND DECLARED BY THE MORTGAGOR AS FOLLOWS:
1. In consideration of the said sum of Rs………..lent and advanced by the Mortgagee to the Mortgagor on or before the execution of these presents (receipt whereof the Mortgagor doth hereby admit) he the Mortgagor doth covenant with the Mortgagee that he will repay the sum on or before the………….day of………(hereinafter referred as the due date).
2. The Mortgagor further covenants that in the meanwhile and until repayment of the said principal amount, he will pay interest thereon at the rate of Rs……….per cent per annum by quarterly instalments, the first of such instalments to be paid on or before……….day of………..19…and subsequent instalments shall be paid on the………day of each quarterly month thereafter until the said principal sum is repaid in full. 
3. The Mortgagor further covenants that in case of default of payment of any instalment of interest on the due date, he will be liable to pay and will pay interest on each such defaulted instalment of interest by way of compound interest at the rate aforestated with quarterly rests. This is, however, without prejudice to the right of the Mortgagee arising out of default in payment of interest as hereinafter provided. 
4. If the Mortgagor fails to pay any instalment of interest on the due date or commits breach of any other term of these presents or commits any act which in the absolute discretion of the Mortgagee will be prejudical to the interest of the Mortgagee, the Mortgagee will be entitled to call back the principal amount whether the due date has expired or not, and all interest and compound interest accrued thereon and to enforce the security hereby created.
5. The Mortgagor declares and confirms that the title deeds mentioned in the Second Schedule hereunder written relating to the land and premises described in the First Schedule hereunder written and deposited with the Mortgagee's Branch Office mentioned above have been deposited with intent to create security for repayment of the said Mortgage debt on the said land and premises described in the First Schedule hereunder written and shall remain deposited with the Mortgagee so long as the Mortgage debt and any other amount in respect thereof remains due and payable by the Mortgagor to the Mortgagee.
6. And the Mortgagor doth hereby lastly covenant with the Mortgagee that all costs, charges and expenses incurred by the Mortgagee for defending the title of the Mortgagor to the property if need arises and for enforcement of the security hereby created by sale of the said property shall be payable and paid by the Mortgagor and shall be deemed to form part of the Mortgage debt secured by the said deposit of title deeds.

IN WITNESS WHEREOF the Mortgagor: has put his hand the day and year first hereinabove written.
THE FIRST SCHEDULE ABOVE REFERRED TO (Description of the property)
THE SECOND SCHEDULE ABOVE REFERRED TO (List of title deeds)
Signed and delivered by the within-named
Mortgagor Mr……….in the presence of……..