Deed Of Reconveyance By A Substituted Mortgagee Deeds Mortgages And Pledges 1636 - Legal Draft

.........made between the Mortgagor of the First Part, the Mortgagee of the Second, and M/s. A & B Corporation Ltd., a Banking Company registered under the Companies Act, 1956, and having its registered office at ............therein and hereinafter referred to as the 'Bank' of the Third Part and registered at the office of the Sub Registrar at ............. under S. No ........ of Book No. I on the............day of    the Mortgagor granted and conveyed to the Bank the land, premises situate at ................ and more particularly described in the Schedule hereunder subject to the covenant for redemption therein contained, as a security for the repayment of the loan of Rs ................ advanced by the Bank to the Mortgagor and on the terms, provisions and premises contained therein.
2. The Deed of Mortgage was also executed by the Mortgagee as a surety and by the said Deed the Mortgagee guaranteed repayment of the said loan with interest to the Bank in the event of the Mortgagor failing to repay the said amount on the due date.
3. The Mortgagor failed to pay the said amount due under the said Deed of Mortgage to the Bank after it became payable and the Bank called upon the Mortgagor as well as the Mortgagee as surety to pay the same failing which the Bank threatened to take legal action.
4. The Mortgagee with a view to avoid any litigation and also with a view to help the Mortgagor paid the amount of Rs ................. being the aggregate amount due and payable to the Bank under the said Deed of Mortgage, and obtained a receipt from the Bank, the original of which is hereto annexed and marked by letter 'A'.
5. Under the provisions of law contained in sections 91 and 92 of the Transfer of Property Act 1882, the Mortgagee got and shall be deemed to have got the same rights as the Bank as Mortgagee and has been subrogated to the rights of the Bank.
6. The Mortgagor has now repaid the said amount to the Mortgagee and has requested the Mortgagee to execute this Deed of Reconveyance and Release in favour of the Mortgagor and which the Mortgagee has agreed to do.
NOW THIS DEED WITNESSETH THAT pursuant to the said agreement and in consideration of the said sum of Rs .............. paid by the Mortgagor to the Mortgagee ( receipt whereof the Mortgagee doth hereby admit) He the Mortgagee substituted with the rights in the said Bank as the original Mortgagee doth hereby grant and reconvey forever unto the Mortgagor all the said land and other the premises in the said Deed of Mortgage comprised in the said Deed of Mortgage and described in the Schedule hereunder written with their rights, easements and appurtenances and all the estate, right, title and interest of the Mortgagee therein TO HAVE AND TO HOLD the said lands and all and singular other the premises hereby granted or otherwise assured or intended so to be with their rights, easements and appurtenances unto and to the use of the Mortgagor forever freed and absolutely discharged of and from all the principal money and other moneys and interest intended to be secured by the said Deed of Mortgage and of and from all actions, suits, accounts, reckonings, claims, and demands whatsoever for, upon, on account or in respect of the said Deed of Mortgage or of any act, deed, matter or thing in anywise relating to the premises AND the Mortgagee for himself doth hereby covenant, with the Mortgagor that he the Mortgagee has not at any time heretofore made, done or executed or knowingly or willingly permitted, suffered or been party or privy to any act, deed or thing whereby or by reason or means whereof the said land, and premises hereby granted and reconveyed or intended so to be or any of them or any part thereof are is can shall or may be impeached, affected or encumbered in title, estate or otherwise howsoever.
IN WITNESS WHEREOF the said Mortgagee has hereunto set his hand the day and year first hereinabove written.
THE SCHEDULE OF THE PROPERTY ABOVE REFERRED TO
Signed and delivered by
the within - named Mortgagee in
the presence of
Received the day and year above written of and from the within - named Mortgagor the sum of Rs .........being the full consideration money within expressed to be by him paid to me.
Witnesses I say Received.