MORTGAGE DEED
This Deed of Mortgage made on this ……………. day of ……………… 200
Between
XYZ (hereinafter called the mortgagor) of the one part.
AND
CDF (hereinafter called the mortgagee) of the other part.
WHEREAS thei mortgagor………………….is in need of money for meeting
the expenses of marriage of his daughter and has approached the said ………………………………… mortgagee to advance Rs. …………………. on the security of the property fully described in the schedule annexed hereto.
NOW THIS DEED WITNNSSES as under :-
That is consideration of the sum of Rs. …………………. paid to the mortgagor by the mortgagee the mortgagor doeth hereby convenant and bind as under :-
1. That the mortgagor shall pay interest at the rate of …………………. on the sum advanced to him and for the payment of interest the possession of the property fully described in the schedule annexed hereto is given to the mortgage who will appropriage the usufruct and income in lieu of interest.
2. That the mortgagee shall remain in possession of the property till payment of the entire mortgage dues.
3. That the mortgagor shall not hereafter encumber, charge or do or cause to be done anything to the property mortgaged whereby the security is impaired.
4. That on failure of the mortgagor to fulfil any of the terms hereinbefore mentioned, the mortgagee shall have option to recover the full amount due together with all costs from the property mortgaged or from the person of the mortgage.
5. That the said agreement shall bind the heirs, executors, administrators or assignee of the mortgagor.
IN WITNESS whereof the parties have executed these presents on the day, month and year first above written
…………………..
Signature
Place :
Date :
Witness
1.
2.
Schedule of the Property