This Deed Of Mortgage
is made at ... this ... day of ... between Mr. A ... residing at ...
hereinafter referred to as 'the Mortgagor' of the One Part, and (1)... (2) ...
(3)... all of ... carrying on business In partnership An the name of M/s ... as
financiers and money lenders and having their office at ... hereinafter
referred to as the Mortgagees (which expression shall also include the partners
or partner for the time being of the said Firm, the survivors or survivor of
them and the heirs, executors, administrators of the last surviving partner.
their or his assigns ) of the Other Part:Whereas the Mortgagor
is seized and possessed of and otherwise well and sufficiently entitled to a
piece of land with a building thereon situate at ... and more particularly
described in the Schedule hereunder written.And Whereas the
Mortgagor being in need of money for the purpose of making certain family
expenses has requested the Mortgagees to advance to him a sum of Rs... on the
security of a First Legal English Mortgage of his said property, which the
Mortgagees have agreed to do on the Mortgagor executing these presents.Now This Deed
Witnesseth as follows: -1.
Covenant
to pay principal:-That in pursuance of the aforesaid
agreement and in consideration of the sum of Rs... (Rupees ... ) on or before
the execution of these presents advanced by the Mortgagees to the Mortgagor
(receipt whereof the Mortgagor doth hereby acknowledge) he the Mortgagor doth
hereby covenants with the Mortgagees that the Mortgagor will pay to the
Mortgagees in ........ the said sum of Rs... on the ... day of... (hereinafter
referred to as 'the due date' which expression shall also mean the date on
which the amount hereby secured becomes due and payable under and by virtue of
any of the terms of these Presents Irrespective of whether the said date has
expired or not)2.
Covenant
to pay Interest
:-The Mortgagor will In the meantime pay
to the Mortgagees interest on the said amount of Rs... at the rate of... per
cent per annum from the date hereof by monthly rests, the first of such payment
to be made on the ... day of ... next and the subsequent payments to be made
regularly at the expiration of each month and will also pay thereafter, in case
and so long as the said principal sum of Rs... or any part thereof shall remain
unpaid to the Mortgagees, interest on the same or for so much thereof as shall
for the time being remain unpaid at the rate of ... per cent per annum by
monthly rests on the ... day of each and every month in the manner aforesaid.3.
Covenant
to pay compound Interest :-And it is hereby
agreed and declared thati.
if
default shall be made In payment of any one Installment of Interest hereby reserved
or any part thereof at the respective times hereinbefore appointed In that
behalf then and In every such case the unpaid Installment of Interest or part
thereof shall be added to the mortgage debt for the time being then due as or
in the nature of a further advance and shall thereon carry further interest at
the like rate of ... per cent per annum which shall be deemed to accrue due and
become payable from time to time on the respective days hereinbefore appointed
for the payment of interest on the original principal sum so that by the
addition and capitalisation of interest as aforesaid the total principal moneys
hereby secured may be augmented upon the footing of an accumulation by way of
compound interest computed at ... percent per annum with rests taken and made
very month and that all such additions by way of capitalised interest (whether
on the original principal sum or any interest added thereto as aforesaid) shall
be chargeable upon the mortgaged premises and shall to all intents and purposes
be within the scope and operation of the present security including all
covenants, powers and provisions contained herein which are rendered applicable
by reference or otherwise to such additions.ii.
That
the aforesaid provisions shall not in any way be deemed to authorise the
Mortgagor to refuse to pay any interest or allow any interest to fall in
arrears unless permitted to do so by the Mortgagees nor shall anywise interfere
with or prejudice limit or affect the powers of sale under section 69 of the
Transfer of Property Act or under these Presents or of entry or any other
powers or remedies for securing and enforcing payment of the mortgage debt
hereinafter contained and that the Mortgagor shall. notwithstanding the
capitalisation thereof, upon demand pay the Mortgagees any interest which shall
be capitalised hereunder and any interest which shall accrue due thereon.4.
Grant
of the premises as security :-And This Deed Further Witnesseth that
in further pursuance of the said Agreement and for the consideration aforesaid
the Mortgagor doth hereby grant, and transfer unto the Mortgagees all the said
piece of land together with the building and structures now standing or to be
hereafter erected thereon or any part thereof and situated at ... and more
particularly-. described in the Schedule hereunder written, together with all
and singular the thing attached thereto or standing thereon and all the rights,
liberties, privileges, casements, advantages and appurtenance whatsoever to the
said land and premises or any part thereof belonging or in anywise appertaining
or usually held or enjoyed or occupied therewith or reputed to belong or be
appurtenant thereto and all the estate, right, title, interest, property claim
and demand whatsoever of the Mortgagor and every part thereof TO HOLD the said
lands and other the premises hereby granted or expressed so to be unto and to
the use of the Mortgagees absolutely but subject to the provision for
redemption hereinafter contained.5.
Covenant
for redemption :-Provided Always And It Is Hereby
Agreed, Declared that if the Mortgagor shall pursuant to the covenant in that
behalf hereinbefore contained pay to the Mortgagees In (city) the said sum of
Rs... with interest for the same at the rate and in the manner hereinbefore mentioned
and also all other the moneys, costs charges, and expenses by law or under
these presents payable by the Mortgagor to the Mortgagees (hereinafter referred
to as 'the Mortgage debt') then and In such case the Mortgagees shall upon the
request and at the costs, charges and expenses of the Mortgagor retransfer the
said land and premises described in the Schedule hereunder written and all
other the premises hereby granted or expressed so to be (hereinafter referred
to as 'the mortgaged premises') unto the Mortgagor or the person entitled to
such transfer or as he may direct or If the Mortgagees are not In possession of
the Mortgaged premises. the Mortgagees shall if so required by the Mortgagor or
any subsequent encumbrance and at the costs. charges, and expenses of the
mortgagor or such encumbrance, assign the Mortgage debt and transfer the
mortgaged premises to such third person as the Mortgagor or such encumbrance
may direct and shall also deliver to the Mortgagor or such third person as the
case may be. this Mortgage Deed and all documents relating to the mortgaged
premises which shall be in the possession or power of the Mortgagees.6.
Mortgagor
to remain in possession:-And it is hereby
further agreed by and between the parties hereto that,a. so long as the
aforesaid right of redemption subsists the Mortgagees shall allow the Mortgagor
at all reasonable times and at his request and at his own costs and on payment
of the costs and expenses of the Mortgagees in that behalf, to inspect and make
copies or abstracts of or extracts from the said documents of title relating to
the mortgaged premises which shall be In the custody or power of the
Mortgagees.b. THAT until default is
made by the Mortgagor in payment of the said principal sum or Interest or any part
thereof the Mortgagor shall remain in the possession of or in receipt of the
rents and profits of, the Mortgaged premises provided that the Mortgagor shall.
while in possession of the mortgaged premises as aforesaid, have no power to
make any leases thereof -save and except (i) with the previous consent In
writing of the Mortgagees and (ii) for such period and on such terms and
conditions as the Mortgagees shall in their absolute discretion think proper.7.
Covenant
of title and other covenants by Mortgagor.-And the mortgagor
doth hereby covenant with the mortgagees thata. Covenant of title:-The Mortgagor now has
good right and full power to grant and mortgage the said land and building and
other the premises hereby granted or transferred or expressed so to be and
every part thereof unto and to the use of the Mortgagees in manner aforesaid.a.a.b. Power to take
possession:-If default shall be
made in payment of the said sum of Rs... or interest thereon or any part
thereof respectively on the days hereinbefore appointed for payment of the same
respectively the Mortgagees may at any time thereafter enter into and upon the
said mortgaged premises or any of them or any part thereof in the name of the
whole and shall thenceforth quietly possess and enjoy the same and receive the
rents income and profits thereof without any lawful interruption or disturbance
whatsoever by the Mortgagor or any person or persons lawfully claiming under
him or any of them and shall. until the Mortgagor shall have tendered or deposited
under section 83 of the Transfer of Property Act, 1882. the amount for the time
being due under these presents, be at, liberty (but under no obligation) to pay
thereout the Government revenue and all other charges of a public nature and
all rent (if any) accruing due in respect of the mortgaged premises during such
possession and any arrears of rent in default of payment of which the land and
premises may be summarily sold and all expenses incurred for the management of
the mortgaged premises and the collection of rents, Income and profits. and all
other outgoing including costs of repairs (if any) of the mortgaged premises as
agent of the Mortgagor with Interest thereon at the rate provided under these
presents and shall appropriate the net rents, income and profits or the surplus
thereof over the outgoing (if any) in reduction of the amount from time to time
due to them on account of Interest accruing due to them under the covenant
hereinbefore contained in that behalf and if there be any surplus, shall
appropriate the same In reduction or discharge of the principal of the mortgage
debt.c. Power on possession:-It shall be lawful
for the Mortgagees at any time after taking possession of the mortgaged
premises, to make improvements thereon as they may in their discretion think
proper and the Mortgagor will on redemption pay the Mortgagees the costs
thereof in addition to the Mortgage debt with interest at the same rate as is
payable on the principal amount due under these presents and that until such repayment
the same shall he a charge upon the mortgaged premises and that the Mortgagees
shall not be accountable for or be liable to give credit for the profits (if
any) accruing by reason of the said Improvements.d. Mortgagor the
Licensee:-In case the Mortgagees
enter Into possession of the Mortgaged premises or any part thereof the
Mortgagor shall be deemed to be the licensee of the Mortgagees of the portion
of the mortgaged premises occupied by him and the Mortgagor shall pay to the
Mortgagees reasonable occupational compensation and It shall be lawful for the
Mortgagees to eject the Mortgagor on giving one month's notice to quit.e. Covenant against
encumbrances:-The said mortgaged
premises are free and clear and freely and clearly and absolutely forever
released and discharged or otherwise by the Mortgagor and well and sufficiently
saved, kept harmless and indemnified of and from and against all former and
other estate, titles. charges and encumbrances whatsoever had made executed,
occasioned or suffered by the Mortgagor or any other person or persons lawfully
claiming or to claim by, from. under or in trust for the Mortgagor.a.b.c.d.e.a.b.c.d.e.f. Covenant for further
assurances:-The Mortgagor and all
other persons having or lawfully claiming any estate or interest In the said
mortgaged premises or any of them or any part thereof shall and "I from
time to time and at all times hereafter upon the request of the Mortgagees and
at the costs during the continuance of this security of the Mortgagor and
afterwards of the person requiring the same do and execute or cause to be done
and executed all such acts, deeds and things whatsoever for further and more
perfectly assuring all or any of the said premises unto and to the use of the
Mortgagees in manner aforesaid as shall or may be reasonably required.g. Covenant to keep
property In repairs:-The Mortgagor shall
from time to time and at all times during the continuance of this security and
whether the Mortgagees shall have taken possession of the- mortgaged premises
under the power hereinbefore reserved to them or not, keep the mortgaged
premises hereby granted. or expressed so to be in a good and substantial state
of repairs and shall pay all the Government and Municipal revenue, ground
rents, rates. rents and taxes, assessments dues and duties and all charges of a
public nature including those (if any) in arrears payable in respect of the
mortgaged premises immediately they shall become due.h. Power to pay public
dues:-If default shall be
made in keeping the mortgaged premises in good and substantial repair or in
payment of such Government or Municipal revenue, ground rent, rates, rents,
taxes, assessments, dues and duties or any charge of a public nature as
aforesaid it shall be lawful for the Mortgagee (without being bound to do so)
to keep the mortgaged premises in such repairs and to pay such Government or
Municipal revenue, ground rents, rates, taxes, assessments, dues and duties and
all charges of a public nature as aforesaid AND the Mortgagor shall and will
from time to time on demand pay to the Mortgagees all sums of money so paid or
expended in or about the premises as aforesaid together with interest thereon
at the rate and with the rests as aforesaid from the time the same shall have
been so paid or expended and until so repaid the same shall be a charge upon
the Mortgaged premises hereby assured or expressed so to be in addition to the
principal sum and interest thereon.1.a.b.c.d.e.f.g.h.i. Covenant to Insure:-The Mortgagor will,
so long as any moneys shall remain due on the security of these presents, keep
all the buildings and other structures (exclusive of the plinth and foundation
thereon hereby granted or expressed so to be. insured In some well-known and
reasonable Fire Insurance Company to be selected or approved of by the
Mortgagees against loss or damage by fire and riot in the sum equal to the full
value of the Mortgage security but in the sum of Rs... at least for the sole
benefit of the Mortgagees and pay all the premium and sums of moneys necessary
for such purpose including the renewal of such policy at least eight days
before the day on which the same respectively ought to be paid and will on
demand deliver to the Mortgagees the policy or policies of such insurance and
the receipt for every such payment duly endorsed and assigned with the full
benefit thereof in favour of the mortgagees AND that the Mortgagor will not at
any time hereafter during the continuance of any such insurance as aforesaid do
any act or commit any default whereby the said Insurance may be rendered void
or voidable or an increased premium become payable therefor AND shall and will
in case at any time during the continuance of this security the said insurance
shall by any means become void or voidable forthwith at his own costs, effect
new insurance in lieu of such void or voidable insurance in the name of the
Mortgagees In some office to be approved of by the Mortgagees in the same sum
as aforesaid AND that if default shall be made In Insuring or keeping the said
premises insured as aforesaid then and so often as the same shall happen it
shall be lawful (but not obligatory) for the Mortgagees on giving 24 hours'
notice, to insure and keep insured the mortgaged premises in any sum not
exceeding the full value of the mortgage security AND that the. Mortgagor will
on demand repay to the Mortgagees every sum of money expended for that purpose
by them with interest thereon at the rate and with the rests as aforesaid from
the time of the same respectively having been so expended and that until such
repayment the same shall be a charge upon the mortgaged premises hereby
granted, or expressed so to be and that all sums of money received under or by
virtue of any such insurance as aforesaid shall be. at the option of the
Mortgagees, either forthwith applied in or towards substantially rebuilding
reinstating and repairing the said mortgaged premises or any part thereof or in
or towards the payment of the principal money and Interest for the time being
remaining due on the security of these presents. Provided however that, If the
Mortgagees shall at the time be In the possession of the mortgaged premises
they shall, in case of such loss or damage, apply any money which they may
actually receive under the policy. or so much thereof as may be necessary. if
reinstating the property, or If the Mortgagor shall so request, in reduction or
discharge of the mortgage debt.j. Power In case of
defaults by Mortgagor:-That in the event of
any damage happening to the mortgaged premises or any part thereof hereby
granted or expressed so to be by fire, tempest. earthquake, lightening, rain,
riot or otherwise howsoever at any time or times after the execution hereof or
if any event shall happen so as In the opinion of the Mortgagees to materially
impair the security hereby created or if the Mortgagor is adjudged insolvent or
if interest on the present security amounting at least to Rs. 500/- shall be in
arrears and remains unpaid for three months after becoming due or if any
default shall be committed by the Mortgagor in the performance of any of the
covenants herein contained and on the part of the Mortgagor to be observed and
performed and not remedied by the Mortgagor within a reasonable time from the
receipt of a written notice from the Mortgagees or if execution is levied upon
the said premises or any part thereof and not raised within twenty one days or
a Receiver be appointed thereof and is not discharged within twenty one days,
then and in any of the aforesaid cases. notwithstanding anything herein
contained to the contrary the whole of the Mortgage debt shall at the option of
the Mortgagees become immediately payable as if the due date had been elapsed
and the security hereby constituted shall at the option of the Mortgagees
become immediately enforceable AND in such case all such rights and remedies
shall be available to the Mortgagees as would be available to them under the
terms of these presents or by law upon default being made In payment of the
principal money and Interest hereby secured.1.2.3.4.5.6.7.8.
Power
to appoint Receiver:-And It Is Hereby Further Agreed And
Declared that in consideration of the premises it shall be lawful for the
Mortgagees (in addition to any other powers hereby conferred on the Mortgagees)
without any further consent or concurrence of the Mortgagor. to appoint by
writing signed by the Mortgagees or any of them or on their behalf, any person,
as the Mortgagees think fit, to be the Receiver from time to time in the name
of the Mortgagor or otherwise to receive the rent. Income and, profits of the
Mortgaged premises hereby granted, and every part thereof from the present and
future tenants and occupiers thereof and the persons liable to pay the same
respectively and in case of non-payment thereof to use an or any lawful
remedies for recovering and obtaining payment of the same and to do all things
necessary or proper for recovering and receiving the same as fully and
effectually as the Mortgagor could do AND the Mortgagor doth hereby directs,
the present and future tenants and occupiers of the said mortgaged premises If
any respectively and the persons liable to pay the same, to pay the rents and
profits of the said premises unto the said Receiver and to any future Receiver
to be appointed as hereinafter mentioned.9.
Powers
of the Receiver:-And it is hereby further
agreed and declared thata. the receipt of the
said Receiver for the time being shall be an effectual discharge to such
tenants occupants and persons for such rents and profits;b. the said Receiver
shall have power to make such allowances to and arrangements with such tenants,
occupiers and other persons as he shall think fit and to give notice to quit
and bring and take actions or proceedings for ejectment or recovery of
possession of any of the said premises on the expiration or determination or
forfeiture of any tenancy or otherwise and to relet the said premises or any
part thereof from time to time to such person or persons as he shall think fit
on yearly or monthly tenancies at the best rents which may be reasonably
obtainable.,c. that the said
Receiver shall by and out of all moneys received by him, In the first place,
pay all rents. taxes, and revenue. rates, assessments, and outgoing whatsoever
affecting the mortgaged premises and which shall not be otherwise paid and the
expenses of repairing or insuring against loss or damage by fire and riot any
building or other structure which he may think fit to repair or insure and In
the next place pay the expenses of collection and management and deduct and
retain for his own use so much not exceeding Rs. 5/- for every Rs. 100/-
received as in the opinion of the Mortgagees the said Receiver shall be
reasonably entitled to for his trouble and in the next place, pay to the
Mortgagees by equal payments the interest from time to time accruing due on the
security of these presents and shall allow the surplus if any of the said rents
and profits to accumulate and when it amounts to Rs... pay it to the Mortgagees
In reduction of the principal amount due to them AND shall pay the residue (if
any) of the money received by him to the person who. but for the possession of
the Receiver, would have been entitled to receive the Income of which he is
appointed Receiver or who is otherwise entitled to the mortgaged premises;d. that the said
Receiver may be removed and a new Receiver may be appointed from time to time
by writing signed by or on behalf of the Mortgagees and the Mortgagor.e. that the Receiver
shall be deemed to be in all respects the agent of the Mortgagor and that the
Mortgagor shall be solely responsible for the acts and/or defaults of the
Receiver and the Mortgagees shall not under any circumstances be answerable for
any loss or misapplication of the said rents and profits or any part thereof by
reason of any default neglect or breach of trust of or by the said Receiver for
the time being or for any other loss or damage occasioned by the acts or
defaults of the said Receiver but that such loss, misapplication and damage and
every Receiver's salary shall be wholly borne and paid by the Mortgagor:When Receiver can be
appointeda.b.c.d.e.f. that the aforesaid
power of appointing Receiver conferred on the Mortgagees shall not be exercised
by the Mortgagees unless and until notice in writing requiring payment of the
principal moneys has been served on the Mortgagor and default has been made in
payment of the principal money or any part thereof for three months after such
service, or some Interest amounting to Rs. 500/- owing on the security of these
presents shall be in arrears for three calendar months after becoming due,g. that no tenant or
other person paying money to or having any dealings with the said Receiver
shall be concerned to inquire whether any case has happened to authorise him to
act or otherwise as to the regularity of his appointment.10.
Power
to appoint receiver or to take possession optional:-And It Is Hereby Further Agreed that
it shall be lawful for the Mortgagees either to appoint a Receiver of the
mortgaged premises or to enter into possession thereof as they may think fit.11.
Power
to Bell:-And It Is Hereby Agreed And Declared
that without prejudice to all other rights of the Mortgagees, according to law
or under these presents, It shall be lawful for the Mortgagees or any of them
or any person acting on their behalf at any time or times hereafter as well
before as after due date without any further consent on the part of the
Mortgagor to sell or to concur In the sale of the mortgaged premises hereby
granted, or expressed so to be or any of them or any part or parts thereof
without the Intervention of the Court and either together or in parcels or lots
and either by public auction or private contract and either with or without any
special conditions or stipulations relative to title or evidence or
commencement of title or otherwise which may be deemed proper by the Mortgagees
with power to postpone such sale from time to time and to buy In the said
mortgaged premises or any part thereof at any sale by public auction or to
rescind or vary any contract for the sale thereof and to resell the same from
time to time without being answerable or responsible for any loss or diminution
occasioned thereby AND FOR the purposes aforesaid or any of them to make
agreement. execute assurances, give effectual receipts, or discharges for the
purchase money and do all other acts and things for completing the sale which
the person or persons exercising the power of sale shall think proper AND the
aforesaid power shall be deemed to be a power to sell or concur in selling
without the intervention of the Court Within the meaning of section 69 of the
Transfer of Property Act, 1882, and all the powers and provisions contained in
the said section will apply as if the provisions of that section are
incorporated in these presents.Provided Always And
It Is Hereby Further Agreed And Declared That the power of the sale hereinabove
contained shall not be exercised by the Mortgagees unless and until:A. Default shall have
been made by the Mortgagor In payment of the mortgaged debt or any part thereof
on the due date and for the space of three calendar months next after a notice
In writing required by section 69 Sub section (2) of the Transfer of Property
Act and requiring payment of the principal money or such parts thereof as may
for the time being he due shall have been served on the Mortgagor.B. Or unless and until
interest amounting atleast to five hundred Rupees shall be in arrears and
remain unpaid for three months after becoming due notwithstanding the provision
for capitalisation of Interest hereinbefore contained.12.
Service
of Notice:-And It Is Hereby Agreed And Declared
that any such notice as aforesaid shall be sufficient and valid although dated
and served on any day before the due date and that any such notice as aforesaid
as well as any other notice required to be served upon the Mortgagor under
these presents shall be deemed to have been duly served on the Mortgagor by
delivering a copy of such notice to the Mortgagor or sending the same through
Post addressed to his residential address above mentioned or where for the time
being he is reported to be residing or by leaving or affixing the same upon or
to some part of the mortgaged premises and such service shall be deemed to have
been made at the time the same was left on the mortgaged premises as aforesaid
or at the time at which the registered letter would in the ordinary course of
post be delivered and any such notice as aforesaid shall be sufficient and
valid although not addressed to any person or persons by name or description
and notwithstanding the person or any of the persons affected thereby may be
unborn unascertained or under disability.13.
Powers
on acquisition of property etc.:-And it is hereby
further agreed and declared as follows:a. that in the event of
the Mortgaged premises or any part thereof or any interest therein being sold
owing to failure to pay arrears of revenue or other charges of a public nature,
or rent due in respect of such premises and provided such failure shall not
have arisen from any default of the Mortgagees, then and in every such case,
the Mortgagees shall be entitled to claim payment of the Mortgage money, in
whole or In part out of any surplus of the sale proceeds remaining after
payment of such arrears and of all charges and deduction directed by law.b. that on the mortgaged
premises or any of them or any portion thereof or any Interest therein being at
any time acquired by the Government of India or of State of... or by any
Municipal Corporation or by any other public body for a public purpose the
Mortgagees shall. notwithstanding that the principal money of the mortgage
shall not have become due, be entitled to receive the compensation to which the
Mortgagor may be entitled or declared entitled and to apply the same or a
sufficient portion thereof towards repayment of the moneys for the time being
due under these presents including interest in lieu of notice and all
proceedings for ascertainment and apportionment of the compensation payable for
the said land and premises shall be conducted by the Mortgagor through the
Advocates and Engineers of the Mortgagees but if the Mortgagor does not do so
then the Mortgagees shall be entitled to engage another Advocate and Engineer
and the Mortgagor shall repay on demand to the Mortgagees all costs. charges
and expenses that may be incurred by the Mortgagees with interest thereon at
the rate aforesaid from the time of the same having been so incurred and that
until such repayment the same shall be a charge upon the mortgaged premises.,c. That in all
proceedings in courts of law or tribunals or before any public or authorised
officer wherein the Mortgagees shall be entitled or required to appear or take
part the Mortgagees shall be entitled to appear by Advocates and all costs
charges and expenses Incurred by the Mortgagees ,shall be repaid by the
Mortgagor with interest at the rate aforesaid and such moneys and interest
shall be a charge on the mortgaged premises as if the same has been originally
advanced under these presents;14.
Mortgagor's
liability for costs :-That the Mortgagor will pay all costs,
charges and expenses In anywise incurred or made by the Mortgagees of and
incidental to these presents or of and incidental to or In connection with the
security as well as for protection, security, assertion or defence of the rights
of the Mortgagees as for the protection, preservation and security of the
Mortgagees and for the demand realisation and recovery of the amount of the
principal and Interest secured by these presents or any part thereof or for the
exercise of any of the powers contained in these presents and the same shall be
paid on demand by the Mortgagor to the Mortgagees with Interest thereon at the
rate; aforesaid from the time of the same having been so incurred and that
until such repayment the same shall be a charge upon the mortgaged premises
provided that In the case of expenditure of money by the Mortgagees for the
preservation of the mortgaged premises from destruction. forfeiture or sale or
for supporting the title of the Mortgagor to the Mortgaged premises the
Mortgagees shall have first called upon the Mortgagor to take proper and timely
steps to preserve the mortgaged premises or to support the title and the
Mortgagor shall have failed to do so.15.
Joint
account clause:-And it is lastly agreed and declared
that the s aid sum of Rs... so advanced by the Mortgagees to the Mortgagor Is
moneys belonging to the Mortgagees upon a joint account In equity as well as at
law and accordingly the Mortgagees or the partners or partner for the time
being of the partnership firm of the Mortgagees or survivors of them or any one
of the Mortgagees shall remain entitled In equity as well as at law to the said
sum and interest and other moneys Intended to be hereby secured And that the
receipt of the Mortgagees or any one or more of them or survivors or survivor
of them as may be in (name of the city) or the heirs, executors or
administrators of the last survivor of them shall be effectual and complete
discharge for the same and every part thereof respectively; And that the
reconveyance or release on repayment of the Mortgage debt or the exercise of
the power of sale or any other power herein contained or transfer of mortgage
or any other assurance. document and writing required to be executed by the
Mortgagees shall, if executed by any one or more of them or survivors or
survivor of them who may be In the said city or by the heirs, executors or
administrators of the last survivor of them shall be deemed effectual and
complete as if the same has been executed by all the Mortgagees and as if all
the Mortgagees had authorised such person or persons to execute the same; And
each of the Mortgagees doth hereby appoint the other, Mortgagees or each of
them his attorney or agent to exercise all such powers and to do and execute
all such acts, deeds, documents and other assurances necessary or required for
all or any of the purpose aforesaid and cause such deeds. assurances, writings
and documents to be registered as the Mortgagees could do or execute or
exercise either alone or jointly with co-mortgagees under these presents.IN WITNESS WHEREOF
the said Mortgagor has hereunto set and subscribed his hand the day and year
first hereinabove written.THE SCHEDULE ABOVE
REFERRED TO(Description of the
Immovable property)Signed and delivered
by the withinnamed MortgagorMr... in the presence
of1.2.Received the day and
year first hereinabove written of and from the withinnamed Mortgagees a sum of
Rs ... as within mentioned.Witnesses: I say
received.1.2.
Mortgagor.