Agreement To Modify Deed Of Mortgage Deeds Mortgages And Pledges 1618 - Legal Draft

.........day of ........................between Mr. 'A' residing at .......... hereinafter referred to as 'the Mortgagor' of the One Part and M/s. A B & Co. a partnership Firm consisting of
( 1)
(2)
(3) as partners having their office at .............. hereinafter referred to as the 'the Mortgagees of the Other Part.
WHEREAS —
1. By a Deed of Mortgage dated ........... and made between the Mortgagor of the One Part and the Mortgagees of the Other Part and registered under S. No .........of Book No ........... at the Office of the Sub Registrar at .......... the Mortgagor has in consideration of the sum of Rs ...............lent and advanced by the Mortgagees to the Mortgagor, granted and conveyed the land & premises more particularly described in the Schedule thereunder written (being the same as described in the Schedule hereunder written) subject to the terms, powers & provisions therein mentioned including the convenant for redemption therein contained.

2. By the said Deed of Mortgage the Mortgagor covenanted to repay the mortgage amount on the .... day of ........ being the due date therein mentioned with interest thereon at the rate of Rs .............. per cent per annum.

3. The said due date has expired and the Mortgagor has requested the Mortgagees to extend the said period by two years more and to which the Mortgagees have agreed, provided the Mortgagor agrees to pay interest at a higher rate and which the Mortgagor has agreed to do.

NOW ITS IS AGREED & DECLARED BY & BETWEEN THE PARTIES HERETO AS FOLLOWS:
1. The Mortgagor covenants to repay the mortgage amount of Rs .......... on the day of ........... instead of on the ..................day of .....................and which latter date has already expired. The due date mentioned in the said Deed of Mortgage shall be the said ...............day of ..................and the said Deed shall be deemed to be amended to that extent.
2. The Mortgagor further agrees and covenants that he will pay to the Mortgagee interest on the said amount of Rs ................. at the rate of Rs .............. per cent per annum instead of at the rate of Rs ................ percent per annum mentioned in the said Deed from now by the same instalments and in the same manner as is provided in the said Deed of Mortgage and wherever the latter rate of interest is mentioned in the said Deed the same shall be deemed to be substituted by the new agreed rate of interest as aforesaid
3. All the other provisions, powers and terms and conditions including the provision for payment of compound interest will remain unaffected and binding on the Mortgagor.
4. The Mortgagees acknowledge that they have received interest on the said Mortgage amount upto the date of these presents.
IN WITNESS WHEREOF THE parties have put their respective hands the day & year first hereinabove written.