This Deed Of Simple
MORTGAGE is made at... this ... day of ... between 'A' of ..... hereinafter
referred to as 'the Mortgagor' of the One Part and 'B' of ..... hereinafter
referred to as 'the Mortgagee' of the Other Part;Whereas the Mortgagor
is absolutely seized and possessed of or otherwise well and sufficiently
entitled to the land and premises situate at ..... and more particularly
described in the Schedule hereunder written.And Whereas the
Mortgagor being in need of money to enable him to pay off certain existing
debts and liabilities requested the Mortgagee to lend him a sum of Rs ......
which the Mortgagee has agreed to do on the Mortgagor executing these presents
with a view to secure the repayment thereof with interest as hereinafter
provided.NOW THIS DEED
WITNESSETH that pursuant to the said agreement and in consideration of the sum
of Rs ..... lent and advanced by the Mortgagee to the Mortgagor on the
execution of these presents ( receipt whereof the Mortgagor doth hereby admit)
he, the Mortgagor, hereby covenants with the Mortgagee that he will pay to the
Mortgagee the said sum of Rs ... on the ..... day of ..... (hereinafter
referred to as the 'due date') with interest thereon in the meanwhile and until
repayment of the said sum in full, at the rate of ..... per cent. per annum,
every month, the first instalment of interest to be paid on the ..... day of
........ and each subsequent instalment on the ..... day of each succeeding
month until the said principal sum of Rs ...... is repaid in full, AND the
Mortgagor further covenants with the Mortgagee that In the event of the
Mortgagor failing to pay any monthly instalment of Interest, he will be liable
to pay Interest on the said instalment in default at the same rate as aforesaid
from the date of default until payment of such instalment as and by way of
compound Interest, without prejudice to the right of the Mortgagee to take any
action on default as hereinafter provided, AND It Is agreed and declared that
In the event of the Mortgagor committing default in payment of any two
Instalments of interest or in payment of the principal and interest on the due
date or committing breach of any other term of this Deed, the whole amount of
principal then due with interest thereon will at the option of the Mortgagee
become payable forthwith as if the said due date had expired.AND THIS DEED FURTHER
WITNESSETH that in consideration aforesaid, the Mortgagor doth hereby transfer
by way of mortgage his said land and premises situated at ...... and described
in the Schedule hereunder written as a security for repayment of the said sum
with Interest and all other moneys due and payable hereunder with a condition
that on the Mortgagor repaying the said principal sum of Rs ..... with all
interest and other moneys due to the Mortgagee ( hereinafter referred to as the
mortgage amount) the Mortgagee will redeem the said land and premises from the
mortgage security and shall if so required by the mortgagor execute a Deed of
Release but at the costs of the Mortgagor.And It Is Further
Agreed And Declared by the Mortgagor that In the event of the Mortgagor failing
to pay the said principal sum with all interest and other moneys when the same
shall become due and payable under these presents. the Mortgagee will become
entitled to have the said land and premises sold through any competent Court
and to realise and receive the said mortgage amount out of the net sale
proceeds of the said land and premises.And It Is Further
Agreed And Declared by the Mortgagor that he shall also be liable to pay and
shall pay all the costs, charges and expenses that the Mortgagee will Incur for
the protection of the mortgage security and or for the realisation of the
mortgage amount and the same shall be deemed to form part of the mortgage
amount and the security therefor as aforesaid.And It Is Further
Agreed that during the pendency of the security hereby created and until
repayment of the mortgage amount the Mortgagor will get insured and keep
insured the buildings and structures standing on the said land against loss and
damages due to fire or any other accident In the sum of at least Rs
............ with some Insurance Company of repute and pay all premium on the
insurance policy as and when it becomes due and payable In respect thereof to
such company and shall hand over the policy to the Mortgagee duly endorsed in
his name as assignee And In the event of the Mortgagor failing to do so or to
pay the premium, the Mortgagee will be entitled to Insure the said buildings
and structures and/or to pay the premium thereon and the amount paid by the
Mortgagee in respect thereof will be deemed to form part of the mortgage
amount.And It Is Further
Agreed that in the event of the said land and premises being destroyed or damaged
by fire or any accident as aforesaid, the Mortgagee will be entitled to receive
the insurance claim under such policy to the exclusion of the Mortgagor and to
appropriate the same first towards all arrears of interest and then the
principal amount or any part thereof as may be sufficient to pay the mortgage
amount due and if any surplus remains the same only will become payable to
Mortgagor.IN WITNESS WHEREOF
the Mortgagor has put his hand the day and year first hereunder written.THE SCHEDULE ABOVE
REFERRED TO:Signed and delivered
by theMortgagor Mr. A
............ in the presence of1.2.