Deed Of Mortgage By Way Of Substituted Security Deeds Mortgages And Pledges 1635 - Legal Draft
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Deed of Mortgage by way of Substituted Security
This Deed of mortgage is made at...........this...........day of...........Between Mr....................hereinafter referred to as the Mortgagor..................of the One Part and M/s..................hereinafter referred to as Mortgagees of the other part,
WHEREAS
(1) By a Deed of Mortgage made on the..................day of........................between the Mortgagor and the Mortgagees and registered at the office of the Sub-Registrar at under Serial No..........of Book I on the........day of............the Mortgagor in consideration of the sum of Rs..........lent and advanced by the Mortgagees to the mortgagor, granted and transferred to the Mortgagees the land and premises situate at..........and more particularly described in the Schedule thereunder written (and which is also more particularly described in the First Schedule hereunder written) by way of security for the said loan and interest thereon and all other moneys to become due and payable thereunder together with the benefit of all the powers and provisions covenants terms and conditions therein contained but subject to the covenant for redemption on the part of the Mortgagee therein contained;
(2) The Mortgagees have therefore requested the Mortgagor to give another property as security in substitution of the land and premises described in the First Schedule hereunder written and comprised in the said Deed of Mortgage and which the Mortgagor has agreed to do;
(3) The Mortgagor is absolutely seized and possessed of or otherwise well and sufficiently entitled to the land with a multi storied building thereon situate at......and more particularly described in the Second Schedule hereunder written and has agreed to execute these presents to give effect to the request of the Mortgagee
NOW THIS DEED WITNESSETH that pursuant to the said agreement and in the premises and in consideration of the said amount of Rs...........lent and advanced by the mortgagees and payable by the Mortgagor together with interest thereon and all other moneys payable under and by virtue of the said Deed of Mortgage, the Mortgagor doth hereby grant and transfer unto the Mortgagees the said land with the building therein situate at..........and more particularly described in the Second Schedule hereunder written together with all and singular all the things attached thereto and standing thereon and all the rights, liberties, privileges, easements, advantages and appurtenances whatsoever to the said land and premises or any part thereof belonging or in any way appurtenant thereto or usually held or enjoyed or occupied therewith or reputed to belong or be appurtenant to thereto And all the estate, right to the property claim or demand whatsoever to the said land and premises or any part thereof belonging or in any wise appurtenant thereto and all the estate, right title and interest, property claim and demand whatsoever of the mortgagor thereto and every part thereof to hold the said land and all the other premises hereby granted and transferred in manner aforesaid unto and to the use of the Mortgagees absolutely (but subject to the covenant for redemption contained in the said Deed of mortgage as well as hereinafter appearing) in lieu of or in substitution of the security created in respect of the land and premises comprised in the said deed of Mortgage and described in the First Schedule hereunder written to the interest and purpose that the said land and premises comprised in the Deed of mortgage and described in the Schedule there under written being the same as described in the First Schedule hereunder written are hereby released and shall be deemed to be released from the said security created by the said Deed of Mortgage in consideration of the Mortgagor's substituting the same by the land and premises described in the Second Schedule hereunder written;
And it is hereby agreed and declared that if the Mortgagor pursuant to the covenant in that behalf contained in the said DEED of Mortgage pay to the Mortgagee, the said sum of Rs..............with interest for the same at the rate and in the manner mentioned in the said Deed of Mortgage and also all other moneys costs and expenses by law or under the said Deed Mortgage payable by the Mortgagor to the mortgagee, then and in such case the mortgagees shall upon the request and costs of the mortgagor retransfer the said land and premises described in the Second Schedule hereunder written and hereby granted and transferred or expressed so to be unto the mortgagor or the person entitled to such retransfer or as he may direct.
And it is hereby further agreed and declared that all the powers, provisions covenants, terms and conditions applicable to the land and premises comprised in the said Deed of Mortgage, as security and exercisable by the mortgagees under the said Deed of mortgage shall be applicable to and exercisable by the mortgagees in respect of the land and premises described in the Second Schedule hereunder written and hereby granted and transferred or expressed so to be and the other premises hereby granted were comprised is and included in the said Deed of mortgage hereinabove recited or as if all the powers and provisions covenants terms and conditions contained in the said Deed of Mortgage were incorporated in these presents in relation to the said land and other premises hereby granted to the mortgagees.
AND THE MORTGAGOR DOTH HEREBY COVENANTS THAT he is absolutely seized and possessed of the said land and premises described in the Second Schedule hereunder and he has a right to grant and transfer the same as aforesaid; that the said land and premises described in the Second Schedule hereunder are free and clear and freely, and clearly and absolutely forever released and discharged or otherwise by the Mortgagor and well and sufficiently saved defended, kept harmless and indemnified of and from and against all former and other estate title charges 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 mortgagees.
And 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 will from time to time and at all times hereafter upon the request of the Mortgagees and at the costs of the Mortgagor during the continuance of this security 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.
IN WITNESS WHEREOF THE MORTGAGOR HAS PUT HIS HAND THE DAY AND YEAR FIRST HEREINABOVE WRITTEN
The First Schedule above referred
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The Second Schedule above referred to
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Signed by the within named Mortgagor
Mr
............ in the presence of
.......
1.
2.