Deed of Partition of Properties Subject to Mortgage and Lease

This deed of partition made at…………..this day of……..between Mr. A hereinafter referred to as the Party of the First Part and Mr. B hereinafter referred to as the Party of the Second Part.
WHEREAS
(1) The Parties hereto are entitled to two immovable properties described in the First and Second Schedules hereunder written as joint owners and as the heirs of their deceased father Mr. C.
(2) The property described in the First Schedule hereunder written was mortgaged by the said Mr. C to Mr. D by a deed of mortgage dated………..executed by Mr. C in favour of Mr. D and registered at the office of the Sub-Registrar at………under Serial No…of Book No. 1 to secure a loan of Rupees………….
(3) The said mortgage is still subsisting and a sum of Rupees………for principal and interest is now due and payable to the said Mr. D.
(4) The property described in the Second Schedule hereunder written is held on lease obtained by Mr. C from Mr. E by the deed of lease dated……….executed by Mr. E in favour of Mr. C for a period of 99 years at the yearly rent of Rupees……..
(5) The said lease is still subsisting and the said Parties are in possession of the said property as such lessees on succession from Mr. C.
(6) The parties hereto have agreed to divide the said two properties among themselves so that the property described in the First Schedule hereunder written will be taken over by the Party of the First Part in lieu of his share in the other property but subject to the said mortgage and the property described in the second schedule hereunder will be taken over by the Party of the Second Part (in lieu of his share) as lessee and subject to the provisions of the said Deed of Lease.
(7) For the purposes of stamp duty the, property (subject to mortgage) in the First Schedule is valued at Rupees……..and the lease hold property described in the Second Schedule is valued at Rupees………and the stamp duty is paid on Rupees…….being the higher value.
(8) Although the valuation is not equal, the Parties have agreed to accept the said division without payment of any owelty or other consideration by one to the other.
NOW THIS DEED W1TNESSETH that pursuant to the said agreement and in consideration of the Party of the First Part transferring all his share, right, title and interest in the lease hold property described in the Second Schedule hereunder written as hereinafter provided he the Party of the Second Part doth hereby grant and transfer all his undivided share, right, title and interest in the said property described in the First Schedule hereunder written together with the rights, liberties privileges and easements appurtenant thereto and all the right title and interest, property claim and demand whatsoever of the Party of the Second Part into or upon the property described in the First Schedule hereunder written. To have and To hold the same absolutely unto and to the use of the Party of the First Part but subject to the said mortgage hereinabove recited and all liabilities thereunder and also subject to the payment of all rates, taxes, assessments, dues and duties now and hereafter payable in respect of the said property to the Government or the Municipal Corporation (Or Council) or any other local authority.
And the Party of the First Part hereby covenants with the Party of the Second Part that he the Party of the First Part will pay the said mortgage debt and all other moneys payable under and by virtue of the said deed of mortgage and will indemnify and keep indemnified the Party of the Second Part against all such liability and all costs charges, expenses and losses that the Second Party may suffer or incur on account of the said mortgage security.
AND THIS DEED FURTHER WITNESSETH that pursuant to the said agreement and in consideration of the Party of the Second Part having granted all his share, right, title and interest in the property described in the First Schedule hereunder written to the Party of the First Part in manner aforesaid , he the Party of the First Part doth hereby grant and assign all his share, title and interest as lessee in the said property, described in the Second Schedule hereunder written together with all rights, liberties, privileges, easement and appurtenance whatsoever to the said property and any part thereof belonging or in any way appurtaining thereto, And all the estate right title and interest property claim and demand whatsoever of the Party of the First Part in the said property To hold the said property and other premises hereby assigned unto the Party of the Second Part for the remainder on the said term of 99 years but subject to the payment of rent reserved by and to the observance and performance of the covenants terms and conditions in the said Deed of Lease and on the Part of the Party of the Second Part to be observed and performed as Lessee.
And the Party of the Second Part hereby covenants with the Party of the First Part that he the Party of the Second Part will pay the rent reserved by and observe and perform the covenants terms and conditions on the part of the lessee to be observed and performed under the said Deed of Lease and will indemnify and keep indemnified the Party of the First Part against all liability, costs, charges and expenses incurred or suffered by the Party of the First Part on account of non payment of rent or non-observance or non performance of any covenant term and condition contained in the Deed of Lease and to be observed and performed by the Party of the Second Part as Lessee hereafter.
And each of the parties hereto covenant with the other that he the covenanting Party has not done any act deed or thing whereby or by means whereof he is prevented from granting or assigning the property to the other in the manner aforesaid.
And each Party hereto also covenants with the other that he will execute or get registered if necessary any further deed assurance or other document which may be required for better and more perfectly and effectively assuring the property allotted to the other but at the costs and expenses of the other.
And each Party hereto lastly covenants with the other that the latter will hereafter hold and stand possessed of the property allotted to him quietly and peacefully and enjoy the rents and profits thereof without any suit interruption claim or demand by the covenanting Party or his heirs executors, administrators or assigns or any person claiming under him or them.
This deed is executed in duplicate and one part fully stamped will remain with the Party of the First Part and other part being duplicate will remain with the Party of the Second Part.
IN WITNESS WHEREOF the Party has put their respective hands the day and year first hereinabove written.
THE. FIRST SCHEDULE ABOVE REFERRED TO
X X X X
THE SECOND SCHEDULE ABOVE REFERRED TO
XX	X	X
Signed by withinnamed Party
of the First Part Mr. A in the presence of
Signed by withinnamed Party
of the Second Part Mr. B in the presence of