Transfer Of Mortgage And Creation Of Further Charge For Further Loan Deeds Mortgages And Pledges 1663 - Legal Draft

...............and Mr. Y of ............. hereinafter referred to as the transferors of the first part and Mr. PL of ............. hereinafter referred to as the mortgagor of the second part and Mr. T. of ........... and Mr. U of ........... hereinafter referred to as the transferees of the third part.
Whereas 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.
And whereas by a Deed of Mortgage dated 1st March 1998 and made between the mortgagor and the transferors (therein referred to as the mortgagees) the mortgagor in consideration of sum of Rs. 4 lakhs lent and advanced by transferors to the mortgagor and agreed to grant and convey and assure unto the transferors all the said piece and parcel of land together with buildings and structures standing thereon being Premises No ..................a nd more particularly described in the Schedule to the said Deed of Mortgage subject to covenant for redemption therein contained.
And whereas there is still owing by mortgagor to the said transferors the said principal sum of Rs. 4 lakhs, all interest on the principal having been paid uptodate.
And whereas the mortgagor has requested the transferees to lend and advance to him a sum of Rs. 4 lakhs with a view to pay off the said mortgage debt to the transferors and also a further sum or Rs. 1 lakh to meet certain liabilities of the Mortgagor thus aggregating to Rs. 5 lakhs.
And whereas the transferees have agreed to lend and advance the said sum of Rs. 4 lakhs and Rs. 1 lakh upon the transferors and the mortgagor executing these presents.
And whereas 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. 4 lakhs to the transferors.
Now this deed WIT NESSETH and the parties hereby agree as follows:
1. In consideration of the sum of Rs. 4 lakhs paid by the transferees to the transferors on behalf of and at the request of the mortgagor on or before the execution of these presents (the receipt whereof the transferors hereby admit and acknowledge) the transferors do and each of them doth hereby assign and the mortgagor hereby confirms unto the transferees all that the said sum of Rs. 4 lakhs secured by the said Deed of Mortgage dated 1st March 1998 and all interest and costs henceforth to become due in respect thereof 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. 4 lakhs and interest and costs and the premises hereby assign or expressed so to be unto the transferees absolutely.
2. Transferors do and each of them doth hereby grant and transfer unto the transferees and the mortgagor doth hereby grant and confirm unto the transfrees all and singular the land and the premises more particularly described in the Schedule in the said Deed 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 rights title interest and claims therein to have and to hold the land and the premises hereby granted unto and to the use of the transferees subject to such right or equity of redemption as is now subsisting in the said premises under or by virtue of the said Deed of Mortgage.
3. In pursuance of the said Agreement and in consideration of the said sum of Rs. 4 lakhs paid by the transfrees to the transferors at the request and by the direction of the mortgagor, as aforesaid, and in further consideration of the sum of Rs. 1 lakh lent and advanced by the transferees to the mortgagor on the execution of these presents (receipt whereof the mortgagor doth hereby admit) making a total of Rs. 5 lakhs the mortgagor doth hereby covenant with the transferees that the mortgagor will pay to the transferees in 5 instalments of Rs. 1 lakh each year on 5th day of December the said sum of Rs. 5 lakhs with interest at the rate of twelve per cent per annum payable every month from the date of these presents and the first of such payment to be made on or before 1st March 2000 and the next and subsequent payments to be made on the 1st day of each and every succeeding month so long as the said sum of Rs. 5 lakhs or any part thereof shall remain unpaid to the transferees with compound interest with monthly rests.
4. That all and singular the land and the premises hereby granted or conveyed shall stand charged with and remain security for the payment to the transferees the said sum of Rs. 4 lakhs secured by the said Deed of Mortgage and interest thereon and other moneys due and payable thereunder but also of the said further sum of Rs. 1 lakh and interest thereon pursuant to the covenant in that behalf hereinbefore contained and shall not be redeemed or redeemable until the said aggregate sum of Rs. 5 lakhs and interest thereon shall be fully paid and satisfied.
5. The mortgagor agrees and covenants that the power of sale and all provisions ancillary thereto 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 Deed of Mortgage shall be available to the transferees and shall extend and be applicable so as to be security for repayment of the said sum of Rs. 5 lakhs and interest at 12% per annum and all costs incurred in relation to the above security realisation of all moneys due by the mortgagor under the said Mortgage.
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 Deed of Mortgage shall extend to and be applicable to the security hereby created by substitution of Rs. 12 lakhs in lieu of Rs. 10 lakhs under the said Deed of Mortgage and that in the event 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 Mr. R as such Receiver instead of the person 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 date of 20th day of January 2008 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 presents and/or the Deed of Mortgage the transferees shall have the option to claim the whole amount even though the due date has not expired.
And it is hereby agreed and declared among 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 the title to the property or render the transferors or any of them liable for or in respect of the mortgaged debt hereby assigned or any part thereof or for the sufficiency of the security in any manner whatsoever and howsoever.
In witness whereof the parties herein have executed these presents on the day, month and year first above-written.