Deed Of Transfer Of Mortgage By Mortgagee Deeds Mortgages And Pledges 1648 - Legal Draft

...............between in the name of M/s .............. at ........... hereinafter referred to as 'the Mortgagees' of the One Part and (1)
(2)
(3) and
(4) all......carrying on business in partnership in the name of ..... at ....... hereinafter referred to as the Transferees' of the Other Part;
WHEREAS .........residing at ............therein and hereinafter referred to as the Mortgagor of the One Part and the Mortgagees of the Other Part and registered at the office of the Sub Registrar at ......under Sr. No ......of Book No. I ........ the Mortgagor in consideration of the sum of Rs .......... lent and advanced by the Mortgagees to him granted and transferred to the Mortgagees his land and building situate at ...and more particularly described in the Schedule thereunder written being the same as described in the Schedule hereunder written and all other the premises appurtenant thereto TO HAVE AND TO HOLD the same unto and to the use of the Mortgagees subject to the covenant for redemption therein contained and with and subject to the powers and provisions therein provided amount with interest thereon at the rate of ....... per ........ cent per annum with monthly rests and interest on interest in arrears by way of compound interest, on or before the ......day of .... ... There is now due and owing by the Mortgagor to the Mortgagees a sum of Rs .........for principal and interest accrued thereon. The Mortgagees have now agreed to transfer the said Mortgage debt and the security therefor to the Transferees. NOW THIS DEED WITNESSETH that pursuant to the said agreement and in consideration of the Transferees having paid to the Mortgagees the said sum of Rs ............on execution of this Deed ( receipt whereof the Mortgagees do and each of them doth hereby admit) they the Mortgagees do and each of them doth hereby assign unto the Transferees all that the said sum of Rs .........now due and owing by the Mortgagor to the Mortgagees under the said Deed of Mortgage and secured by the said Deed and all interest, and all other money 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 payment of the said amount and interest together with 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 Mortgagees in the said moneys and premises To Have Receive and take the said sum of .......... Rs .........and interest, costs and all other powers 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 ........... paid by the Transferees to the Mortgagees the Mortgagees do and each of them doth hereby grant and transfer unto the Transferees, the survivors or survivor of them and the heirs, executors, administrators of the last survivor of them, their or his assigns, all and singular the said land and premises more particularly described in the Schedule to the said Deed of mortgage being the same as described in the Schedule hereunder written, comprised in and granted or otherwise assured by the said Deed of Mortgage and all their right, title and interest or claim therein and the benefit of all the powers given to the Mortgagees thereby To Have and To Hold the same and all other premises thereby granted unto and to the use of the Transferees subject to such right of redemption of the Mortgagor as is now subsisting in the said land and the premises under or by virtue of the said Deed of Mortgage. And the Mortgagees hereby covenants, with the Transferees that the Mortgagees have not at any time done or knowingly suffered or been party or privy to any act, deed, matter or thing whereby they are prevented from transferring and granting the said mortgage debt and interest thereon and the securities for the same in manner hereinbefore mentioned.
And it is hereby agreed and declared to between the parties hereto that nothing in these presents contained shall be deemed to impose any liability on the Mortgagees or any of them for title to the said property or render the Mortgagees 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.
IN WITNESS WHEREOF the Mortgagees have put their hands the day and year first hereinabove written.
THE SCHEDULE ABOVE REFERRED TO
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Signed and delivered by the      )
withinnamed Mortgagees (1) .... )
partners of M/s. )
in the presence of ... )