Motgage Deed Deeds Mortgages And Pledges 1655 - Legal Draft
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MORTGAGE
DEED
THIS DEED OF MORTGAGE made at Pune this......day of......200......
BETWEEN
Shri A B C age 40 years, occupation business, resident of 250 Shivajinagar, Pune 411005, hereinafter called the MORTGAGOR, (which express shall, unless repugnant to the context, mean and include his heirs, executors, administrators and assigns) of the One Part
AND
M/s Janata Sahakari Bank Limited, a bank incorporated under the Indian Companies Act 1956, having its registered office at 755 Budhwar Peth, Bajirao Road, Pune 411002, and branch office at Shivajinagar, Pune, acting through its Branch Manager, Shri XYZ, , age 45 years, occupation , service, resident of 950 Deccan Gymkhana, , Pune 411004, hereinafter called the MORTGAGEES, (which express shall, unless repugnant to the context, mean and include the said Bank, its officials, employees, servants, executors, administrators and assigns) of the Other Part.WHEREAS the mortgagor has been running his business in general stores and stationery at the Junglee Maharaj Road;
AND WHEREAS the mortgagor proposed to expand the said business;
AND WHEREAS for the purpose of the expansion of the said business, the mortgagor is in need of finance;
AND WHEREAS with a view to securing finance, the mortgagor approached the mortgagee bank for the grant of a loan of Rs. 5,00,000;
AND WHEREAS the mortgagees are ready and willing to advance such a loan unto the mortgagee provided the mortgagor furnishes a suitable security for the same;
AND WHEREAS the mortgagees have approved towards a security the mortgage of the house property situate at CTS No. 250 Shivajinagar, Pune City, described in further details in the schedule hereunder;
NOW, THIS DEED WITNESSES as follows:
1. That the mortgagees have today paid and advanced unto the mortgagor a sum of Rs. 5,00,000/- (Rupees Five Lac Only) the receipt whereof the mortgagor dies hereby acknowledge unto the mortgagees.
2. That the said amount of loan shall carry interest @ 15% per annum payable by the mortgagor unto the mortgagee bank on the expiry of each year, and the principal amount shall be refunded in instalments by the mortgagor unto the mortgagees within a period of five years from the date of the execution of these presents.
3. That the mortgagor does hereby transfer and convey his property bearing House No. 250, of Shivajinagar, Pune City, described in further details in the schedule hereunder, unto the mortgagee bank TO HAVE AND TO HOLD the same as a simple mortgage and by way of security for the refund and repayment of the said amount of loan and interest due thereon.
4. That the rights and duties of the parties hereto shall be that of a simple mortgage within the meaning, provision and interpretation of the Transfer of Property Act.
THE SCHEDULE OF THE PROPERTY ABOVE REFERRED TO:
All that piece and parcel of land situate within the Registration Division & District Pune, Sub-Division & Taluka Haveli, within the local limits of the Pune Municipal Corporation, bearing House No. 250, of Shivajinagar, Pune City, admeasuring 2,500 sqft or thereabouts, and bounded by as follows :
On or towards the East ..........House No. 251, On or towards the South...........House No. 255, On or towards the West..........Municipal School, and On or towards the North Public Road, together with a two-storied building standing thereon.
IN WITNESS WHEREOF the parties hereto have signed hereunder at Pune the date first abovementioned.
Sd/- ABC MORTGAGOR
Sd/- XYZ MORTGAGEES Witnesses:
Sd/-xXx
Sd/-xXx