Mortgage Of A Ship By A Body Corporate To Secure A Loan Legal Draft Template

(PARTICULARS OF THE SHIP)Official NoName

of ShipNo. Year and Port of registryWhether

a sailing, steam or motor shipHorse-power

of engines, if anyFeetTenthsLength from fore part for stamp to

the shaftSide of the head of the stern postMain Breadth to outside of platingDepth in hold from tonnage deck to

ceilingAmidships.Number

of TonsGross.Registerand

as described in more detail in the certificate of Surveyor and the register

book.WHEREAS:1. We AB & Co. Ltd.,

a company registered under the companies Act, 1956 and having its registered

office at ............ have entered into an agreement this ...... day of

........... with Bank of ........... a banking Corporation constituted under

the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and

having its Head Office at ........ where under we have borrowed and the Bank

has lent and advanced a sum of Rs. ....... repayable with interest at the rate

of Rs. ........... per cent per annum and on the terms and conditions in the

said agreement mentioned.2. By the said

agreement, we, AB & Co. Ltd., have agreed to mortgage the ship particulars

of which are mentioned above as a security for repayment of the said amount

with interest and other moneys as therein mentioned and to execute a deed of

mortgage in the manner following.Now,

we, AB & Co. in consideration of the premises, for ourselves and our successors

covenant with the Bank (Mortgagee) and its successors and assigns to repay the

said amount of Rs. ...... with interest as aforesaid and on the other terms and

conditions contained in the said agreement.And

for the purpose of better securing to the said bank the payment of such sums as

last aforesaid we AB & Co. Ltd., do hereby mortgage to the said Bank ......

shares, of which we are owners in the ship above particularly described, and in

her boats, guns, ammunition, small arms, and appurtenances.Lastly,

we for ourselves and our successors covenant with the said Bank and its assigns

that we have power to mortgage in manner aforesaid the above-mentioned shares

and that the same are free from encumbrances (or save as appears by the

registry of the said ship)IN

WITNESS WHEREOF we AB & Co. Ltd. have hereunto affixed our common seal this

........... day of ...........The

common Seal of M/s. AB & Co. Ltd., the within )named

Mortgagor Company is hereto affixed pursuant )to

the resolution of the Board of Directors dated ......... )in

the presence of Mr. .......... Managing Director )and

countersigned by Mr. ......... a Director/ Secretary )duly

authorized by the said resolution and who is )token

thereof have put their signatures opposite in the )presence

of ........... )1)2)