Sale Of Equity Of Redemption Of Simple Mortgage Deeds Agreement For Sale 1507 - Legal Draft

...............aged ............. residing at ............hereinafter referred to as the vendor (which term shall unless excluded by or repugnant to the context, include his heirs, successors, legal representatives and assigns) of the one part and CD, son of ............. aged .............. residing at ........... hereinafter referred to as the purchaser (which term shall unless excluded by or repugnant to the context include his heirs, legal representatives and assigns) of the other part.
Whereas by a Deed of Mortgage dated the ................ day of ..........2005 made between the said AB described therein as mortgagor of the one part and XY son of ................. of ........... described therein as Mortgagee of the Other part and registered in Book I, Vol   pages ........... to ............being No .......... for ............in the office of ........... it was witnessed that the premises hereinafter described in the Schedule hereto was charged and assured unto and in favour of the said XV as and by way of simple mortgage for securing the principal sum of Rs .......... (in words Rupees) with interest thereon at ........... per cent per annum, subject to the proviso for redemption thereof on the .......... day of ............as thereunder provided and whereas there is now due and payable to the said XY the said sum of R s ............as principal and a further sum of Rs .........as interest thereon making thus a sum total of Rs ........... under and by virtue of the hereinbefore recited deed of mortgage and whereas the said AB has agreed to sell and the said CD has agreed to purchase the said property at and for the sum of Rs .............. free from all encumbrances except, however, the hereinbefore recited mortgage and subject to payment of all moneys due thereunder.
         NOW this indenture witnesses that i n pursuance of the said agreement and in consideration of the sum of Rs ............(in words Rupees) now paid by the said CD to the said AB (the receipt of which sum the said AB hereby acknowledges) the said AB doth hereby grant, convey, sell, transfer, assign and assure the said property and every part thereof (with the boundaries thereof more particularly described in the Schedule hereto): To have and to hold the same to the use of the said CD absolutely and forever, subject, nevertheless, to the payment of the debt secured by the said mortgage of the ...........d ay of ...........2005 and observance and performance of all the covenants and conditions thereunder provided.
And the said CD for himself, his heirs, executors and administrators hereby covenants with the said AB, his heirs, executors and administrators that he, the said CD, his heirs, executors, administrators, representatives or assigns shall pay or cause to be paid to the said XY, his heirs, executors, administrators or assigns the entire debt payable under the said mortgage of the ................ day of ..........2005 and observe and perform all the covenants and conditions thereunder contained on the part of the said AB and shall at all times indemnify and keep indemnified the said AB, his heirs, executors and administrators against all claims or demands, loss or damages, costs, charges and expenses, suits, proceedings, arising out of payment or nonpayment of the said mortgage debt or performance or non-performance of the covenants and conditions to be observed and performed on the part of the said AB under the said deed of mortgage.

.........being the full consideration payable by bank draft No. 10 dated .........issued by X Bank Ltd. payable in Mumbai .
Witness
Received

Signature of vendor