Deed Of Sub Mortgage Deeds Mortgages And Pledges 1644 - Legal Draft

..................this day of .........between Mr. A ........... residing at ............hereinafter referred to as 'the Mortgagee1 of the One Part and Mr. B residing at hereinafter referred to as the 'Su b-Mortgagee' of the Other Part

WHEREAS
(1) By a Deed of Mortgage dated ................ and made between Mr. C residing at ........... therein and hereinafter referred to as the Mortgagor of the One Part and the Mortgagee of the Other Part and registered at the office of the Sub Registrar at ........... under S. No ................ of Book No.1 , the said Mortgagor in consideration of the sum of Rs ........... lent and advanced by the Mortgagee to the Mortgagor, did grant and transfer unto the Mortgagee the land and premises situate at ............and more particularly described in the Schedule thereunder written being the same as described in the Schedule hereunder written to have and to hold the same unto and to the use of the Mortgagee with all powers and provisions therein contained but subject to the covenant for redemption therein provided.
(2) There is now due and owing by the Mortgagor to the Mortgagee a sum of Rs .........for principal and a sum of Rs .......... for interest aggregating to Rs ..............
(3) The due date for repayment of the Mortgage debt under the said Deed of Mortgage has not yet expired .
(4) The Mortgagee is in need of money and has requested the Sub-Mortgagee to advance to him a sum of Rs ...............which the Sub-Mortgagee has agreed to do on the Mortgagee sub-mortgaging his right, title and interest under the said Deed of Mortgage to the Sub Mortgagee in the manner following.

NOW THIS DEED WITNESSES that in the premises and in consideration of the sum of Rs ............lent and advanced by the Sub-Mortgagee to the Mortgagee on the execution of these Presents (receipt whereof the Mortgagee doth hereby admit) He the Mortgagee doth hereby covenant with the Sub-Mortgagee that the Mortgagee will repay the said sum of Rs .......... with interest thereon as hereinafter p rovided on or before the day of...............but in any case on or before the due date provided in the said Deed of Mortgage for repayment of the Mortgage debt thereby secured, by the Mortgagor to the Mortgagee.
And the Mortgagee doth hereby further covenant with the Sub-Mortgagee that until repayment of the said sum hereby advanced, the Mortgagee will pay interest thereon at the rate of Rs. . . . per cent per annum, commencing from the date hereof, with monthly rest, the first of ........ to the Sub-Mortgagee unto the Mortgagee according to his rights and interest therein or as he may direct and if so required by the Mortgagee or any encumbrancer and at the costs, charges and expenses of the Mortgagee or such encumbrancer, reassign the said Mortgage debt due by the Mortgagee to the Sub Mortgagee and transfer the said Mortgaged premises and his right, title and interest therein as the Mortgagee or to such third person as the Mortgagee or such encumbrancer may direct and shall deliver to the Mortgagee or such third person as the case may be this Mortgage-Deed and all documents relating to the said Mortgaged premises which shall be in the possession or power of the Sub-Mortgagee.
AND IT IS FURTHER AGREED AND DECLARED THAT in the event of this Sub Mortgage becoming enforceable and so also the said Mortgage in favour of the Mortgagee under and by virtue of the provisions of this Deed and the said Deed of Mortgage, the Sub-Mortgagee will be entitled to exercise all the powers contained in the said Deed of Mortgage as if the said Deed of Mortgage was executed by the Mortgagor in favour of the Sub-Mortgagee in place and stead of the Mortgagee.
AND IT IS FURTHER AGREED AND DECLARED THAT if the Mortgagee exercises any power contained in the said Deed of Mortgage, he will be doing so as the agent of the Sub-Mortgagee and for and on behalf of the Sub-Mortgagee also, whether the Mortgage debt due by him under these presents has become payable to the Sub-Mortgagee or not.
AND IT IS FURTHER AGREED AND DECLARED THAT if the Mortgagor exercises his right of redemption the Mortgagee will not redeem the said Mortgage and execute the required deed of reconveyance or release unless the Mortgagee simultaneously redeems this Sub-Mortgage whether the Mortgage debt due by the Mortgagee to the Sub-mortgagee has become due and payable or not.
AND IT IS FURTHER AGREED THAT the Mortgagee shall give written intimation of this Deed of Sub-Mortgage to the Mortgagor immediately after the execution hereof failing which the Sub-Mortgagee will be entitled to do so.
And the Mortgagee hereby covenants with the Sub-Mortgagee that he has full right to sub-mortgage all his rights, title and interest in the said land and premises under the said Deed of Mortgage to the Sub-Mortgagee and that the said Deed of Mortgage is valid and subsisting and that the Mortgagee has not created any other encumbrance or charge thereon And the Mortgagee further covenants that the Mortgagee and all persons claiming under him, shall and will from time to time and at all times during the subsistence of this Deed, upon the request of the Sub-Mortgagee and at the costs of the Mortgagee do and execute or cause to be done or 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 Sub Mortgagee in such manner as shall or may be reasonably required by the Sub-Mortgagee.

IN WITNESS WHEREOF THE MORTGAGEE HAS PUT HIS HAND THE DAY AND YEAR FIRST HEREINABOVE WRITTEN .