Deed Of Transfer Of Mortgage And Further Charge Deeds Mortgages And Pledges 1647 - Legal Draft

..................day of ................ between (1). . . . Mr. A ..............o f ........... Mr. B of .............. hereinafter referred to as "the Transferors" of the First Part .............. .Mr. C ...............of ...............hereinafter referred to as "the Mortg agor" of the Second Part, and ( 1) Mr. X ........ (2) Mr. Y of ............hereinafter referred to as "the Transferees" of the Third Part;
WHEREAS -
1. The Mortgagor is absolutely seized and possessed of or otherwise well and sufficiently entitled to the land and premises at ............and more particularly described in the Schedule hereunder written.
2. By a Deed of Mortgage dated the .............. day of ............. and made between the Mortgagor of the First Part and the Transferors therein referred to as "the Mortgagees" of the Other Part, the Mortgagor, in consideration of the sum of Rs ............lent and advanced by the Transferors to the Mortgagor did grant and convey and assure unto the Transferors all the said piece of land together with building and structures standing thereon situate at ...............and more particularly described in the Schedule to the said Deed of Mortgage subject to the covenant for redemption therein contained.
3. There is still due and owing by the Mortgagor to the Transferors the said principal sum of Rs....... all interest thereon having been paid upto date.
4. The Mortgagor has requested the Transferees to lend and advance to him a sum of Rs ............. with a view to pay off the said mortgage debt due to the Transferors and also a further sum of Rs ................ to meet certain liabilities of the Mortgagor, the tot al advance aggregating to Rs..............................
5. The Transferees have agreed to lend and advance the said two sums upon the Transferors and the Mortgagor executing these presents.
6. At the request of the Mortgagor the Transferors have also agreed to execute these presents with a view to transfer the said Mortgage debt and the security therefor to the Transferees upon payment of the said sum of Rs ............. to the Transferors.
NOW THIS DEED WITNESSETH: that in pursuance of the said agreement and in consideration of the sum of Rs .............. to the Transferors paid by the Transferees on behalf of and at the request of the Mortgagor on or before the execution of these presents (t he receipt whereof the Transfer ors hereby admit and acknowledge) They the Transferors do and each of them doth hereby assign and the Mortgagor doth hereby confirm into the Transferees and their heirs, executors, administrators, all that the said sum of Rs .............. secured by the hereinbefore recited Deed of Mortgage dated the ...............as aforesaid and all interest and costs henceforth to become due in respect of the same and the full benefit of the covenants, power of sale, and other powers and provisions contained in the said Deed of Mortgage for securing the payment of the said sum and interest together with the full power to demand, sue for, recover and give effectual receipts and discharge for the same respectively and all the right, title, interest, property claim and demand of the Transferors in the said moneys and premises TO HAVE RECEIVE AND TAKE the said sum of Rs .............. and interest and costs and all other the premises hereby assigned or expressed so to be, unto the Transferees absolutely,
AND THIS DEED ALSO WITNESSETH that in pursuance of the said agreement and for the consideration of the said sum of Rs ............. the Transferors do and each of them doth hereby grant and transfer unto the Transferees and the Mortgagor doth hereby grant and confirm unto the Transferees all and singular the land and premises more particularly described in the Schedule to the said Deed (being the same as described in the Schedule hereunder written ) and all other the premises comprised in and granted or otherwise assured by the hereinbefore recited Deed of Mortgage and all their right, title, interest or claim therein to have and to hold the land and premises hereby granted or expressed so to be unto and to the use of the Transferees subject to such right or equity of redemption as is now subsisting in the said Mortgagor under or by virtue of the hereinbefore recited Deed of Mortgage AND the Transferors hereby covenants with the Transferees that they the Transferors have not at any time done or knowingly suffered or been party or privy to any act, deed, matter or things whereby they are prevented from transferring and granting the said mortgage debt and the interest thereon and the securities for the same in the manner hereinbefore mentioned.
And this deed also witnesseth that in pursuance of the said agreement in this behalf and in consideration of the said sum of Rs. . . . . . . paid by the Transferees to the Transferors at the request and by the directions of the Mortgagor as aforesaid and in further consideration of the sum of Rs ............. lent and advanced by the Transferees to the Mortgagor on the execution of these presents (receipt whereof the Mortgagor doth hereby admit) making together the sum of Rs ...............(Rupees} the Mortgagor doth hereby covenant with the Transferees that the Mortga gor will pay to the Transferees in ( the place ) the said sum of Rs ............. as aforesaid owing upon the security of the hereinbefore recited Deed of Mortgage as also the said further sum of Rs ............. making together the sum of Rs ............with interest for the same at the rate of Rs ............per cent per annum according to English Calendar payable every month from the date of these presents the first of such payments to be paid on the      day of ............and the next and subsequent payments to be made on the ............day of each and every succeeding month thereafter so long as the said sum of Rs ............or any part thereof shall remain unpaid to the Transferees with compound interest with monthly rests Provided Further that, all and singular the land and premises hereby granted or conveyed or expressed so to be shall stand charged with and remain security for the payment to the Transferees not only of the said sum of Rs ............. secured by the said Deed of Mortgage and interest thereon and other moneys due and payable thereunder but also for the said further sum of Rs .............. and interest thereon pursuant to the covenant in that behalf hereinbefore contained and shall not be redeemed or redeemable until the said agg regate sum of Rs........... (Rupees. . . . . . . ) and interest thereon shall be fully paid and satisfied AND IT IS HEREBY AGREED between the Mortgagor and the Transferees that the power of sale and all provisions ancillary thereto and other powers and provisions and the Mortgagor's covenants available to the Transferors for securing the payment of the principal and interest and all other moneys payable by the Mortgagor and contained in the said Deed of Mortgage shall be available to the Transferees and shall extend and be applicable so as to be a security for the repayment of the said aggregate sum of Rs ........... and interest for the same at the rate aforesaid and all costs incurred in relation to the above security for realisation of all moneys due by the Mortgagor under the said Deed of Mortgage and under these presents in like manner as if all such powers, provisions and covenants were herein repeated or incorporated with such alterations as are herein expressly made or with such alterations only as might be necessary in consequence of the transfer of the Mortgage Debt of Rs ............and interest and the securities for the same to the Transferees and of the consequent substitution of the Transferees for the Transferors and in consequence of the Further Charge on the said property for repayment of Rs .........(Rupees       ) and interest thereon and mentioned herein and of interest payable thereon.
AND IT IS HEREBY AGREED BETWEEN THE MORTGAGOR AND THE TRANSFEREES that the covenants and provisions in reference to the insurance of the mortgaged premises against fire in the said hereinbefore recited Deed of Mortgage contained shall extend and be applicable to the security hereby created in the substitution of the sum of Rs ...............in lieu of the amount for which the said land and premises were to be insured under the said Deed of Mortgage hereinbefore recited and that in the event of the Transferees becoming entitled to appoint a Receiver of the income of the said land and premises under the Transfer of Property Act, 1882 the Transferees shall be entitled to appoint as such Receiver instead of the persons named in the said Deed of Mortgage and the due date referred in the said deed of mortgage will be deemed to be extended to the day of ....... 19 .........and that if the Mortgagor fails to pay the mortgage amount on the due date or to pay any instalment of interest as herein provided on the date fixed for the payment thereof or commits breach of any other term of these present and of the said Deed of Mortgage the Transferees shall, notwithstanding that the due date has not expired, have the option to claim the whole amount then due to them under these presents and to enforce their rights under these presents and the said Deed of Mortgage AND the Mortgagor doth hereby covenant with the Transferees that the Mortgagor has good right and full authority to confirm and transfer the said land and premises hereby transferred or expressed so to be unto the Transferees in the manner herein mentioned.
AND IT IS HEREBY AGREED AND DECLARED between the parties hereto that nothing in these presents contained shall be deemed to impose or continue any liability on the Transferors or any of them for title or render the Transferors or any of them liable for or in respect of the Mortgage Debt hereby assigned or any part thereof or for the sufficiency of the security arising in any manner whatsoever or otherwise howsoever.
1N WITNESS WHEREOF the said Transferors and the Mortgagor have hereunto subscribed their respective hands the day and year first hereinabove written.
THE SCHEDULE ABOVE REFERRED TO
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Signed and delivered by the within - named Transferors
1.
2.
In the presence of

Signed and delivered by the within - named
Mortgagor In the presence of