Simple Mortgage Of An Ownership Flat Deeds Property 1929 - Legal Draft

.........this .........day of ........ between Mr. A residing at ............hereinafter referred to as 'the Mortgagor of the One
Part and the Bank of     a Corporate body having its office at ........ hereinafter referred to as 'the Mortgagee' of the Other Part:

WHEREAS -
1. The Mortgagor is the Owner of a Flat bearing No... on the floor of the building known as and belonging to the ... Cooperative Housing Society Ltd., and situated at ... and which building with the land appurtenant thereto is more particularly described in the Schedule hereunder written.
2. For the purchase of the said flat and which was under construction the Mortgagor has borrowed a sum of Rs... from the Mortgagee on condition that on the Mortgagor occupying the said flat on its completion and on the said property described in the Schedule hereunder written being conveyed to the Co-operative Housing Society to be formed by the flat purchasers in the said Building including the Mortgagor, the Mortgagor will mortgage all his right title and interest in or to the said flat to the Mortgagee as a security for repayment of the said loan with interest.
3. The said building has been fully completed, and Completion Certificate is issued by the Municipal Corporation and the Mortgagor has occupied the said flat.
4. The co-operative Housing Society has been formed and registered and the said property has been conveyed to the said Society by a Deed of Conveyance dated ............. executed by the Owner of the said property in favour of the said Society.
5. The Mortgagor is a member of the Society and holds five shares in the capital of the Company.
6. The said Society has given its consent to the Mortgagor mortgaging his right to the said Flat to the Mortgagee.
7. The Mortgagee has called upon the Mortgagor to execute these presents.
NOW THIS DEED WITNESSETH that pursuant to the said agreement and in consideration of the said sum of Rs... lent and advanced by the Mortgagee to the Mortgagor before the execution of these presents, the Mortgagor doth hereby covenant with-the Mortgagee that he will pay to the Mortgagee the sum of Rs... on the ... day of ... (hereinafter called the due date) with interest thereon in the meanwhile and until repayment of the said sum in full, at the rate of Rs... percent per annum, every three months with quarterly rests, the first of such instalments of interest to be paid on the ... day of... and each subsequent instalment on the ... day of each quarter
that is three months thereafter And that in the event of the Mortgagor failing to pay any quarterly instalment of interest, he will be liable to pay interest on every instalment in default at the same rate as aforesaid from the date of default until payment of such instalment as and by way of compound interest, without prejudice to the right of the Mortgagee to take any action on default as hereinafter provided.
And it is agreed and declared that in the event of the Mortgagor committing default in payment of any two instalments of interest or committing breach of any other term of this Deed, the whole amount of principal then due and with interest accrued thereon will at the option of the mortgagee become payable forthwith as if the said due date had expired.
AND THIS DEED FURTHER WITNESSETH that in consideration aforesaid the mortgagor doth hereby mortgage all the right, title and interest of the Mortgagor in or to the said Flat including the right to occupy the same (hereinafter referred to as the Mortgaged property] as a security for repayment of the said principal sum with interest and all other moneys due and payable hereunder provided that on the Mortgagor repaying the said principal sum with all interest and other moneys due to the Mortgagee (hereinafter referred to as the Mortgagee amount) the Mortgagee will redeem the said mortgage property from the mortgage security and if so required by the Mortgagor execute a Deed of Release but at the costs of the Mortgagor.
And it is further agreed and declared that in the event of the Mortgagor failing to pay the said mortgage amount when it becomes due and payable as aforesaid the Mortgagee will be entitled to have the said mortgaged property sold through any competent Court and to realise and receive the said mortgage amount out of the net sale proceeds of the said mortgaged property.
And it is further agreed and declared by the Mortgagor that he shall also be liable to pay and shall pay all the costs, charges and expenses that the mortgagee will incur for the protection of the mortgage security as well as for the realisation of the said mortgage amount and the same shall be deemed to form part of the Mortgage amount and the security therefor.
And it is further agreed and declared by the Mortgagor that in the event of the said mortgaged property being sold as aforesaid the Mortgagor will hand over vacant possession of the said flat to the Purchaser thereof and transfer the shares of the said Society held by him to such purchaser and this deed shall be deemed to be an agreement by the mortgagor to transfer the said shares in the said society without the mortgagor being required to sign any other form for transfer of the shares.
And the Mortgagor covenants with the Mortgagee that —
1. He has full right to mortgage the said property to the Mortgagee as aforesaid.
2. He has not created any encumbrance on the said mortgaged property of whatsoever nature.
3. He will execute such further assurance as may be required by the mortgagee to further secure the said mortgage amount on the mortgaged property.
4. He is in sole occupation of the said flat as a member of the Society, he has paid the full price thereof and that he will not let out or otherwise part with possession of the said flat during the subsistance of this security.
IN WITNESS WHEREOF the Mortgagor has put his hand the day and year first hereinabove written.
THE SCHEDULE ABOVE REFERRED TO
X x xx
Signed and delivered by the )
withinnamed Mortgagor ... )
in the presence of )
1.
2.