DEED OF USUFRUCTUARY MORTGAGE

 DEED OF USUFRUCTUARY MORTGAGE

This Deed of Mortgage made on this ____________ day of _____________

Between

Mr. _________s/o Mr.___________ r/o ____________ hereinafter designated "the Mortgagor" (which expression shall unless contrary to the context including his related successors, executors, administrators and assigns) of the one part

And

Mr. _________s/o Mr.___________ r/o _____________ hereinafter designated "the Mortgagee" (which expression shall unless contrary to the context including his related successors, executors, administrators and assigns) of the other part

Whereas

1. The Mortgagor being owner of and completely seized of a plot of land located at _________ (more specifically stated in the schedule hereof).

2. The Mortgagor wants to borrow a sum of Rs.__________(Rupees ___________) from the Mortgagee for doing his business and the Mortgagee has consented to grant him the loan of Rs.___________ at interest @ ___ % annually and on mortgage of the said property as a security for the payment of the said loan.

Now This Deed Witnesseth as Follows:

1. In consideration of the sum of Rs.__________ borrowed by the Mortgagor from the Mortgagee (which receipt is acknowledged by Mortgagor ) the Mortgagor hereby transfers, by way of usufructuary mortgage, to the Mortgagee whole property stated in the schedule annexed hereto (hereinafter called "the mortgaged property") inclusive right of possession of property with intention that Mortgagee right to reserve such possession until payment of mortgage money, and to receive the rents and profits and to appropriate the same (after paying the Government revenue and other taxes, of whatever nature, assessed, imposed or charged on said property) in place of interest, or in paying the mortgage money, or portion thereto in place of interest or partly in paying the mortgage money.

2. The Mortgagor also agrees with the Mortgagee that the mortgaged property is free from all encumbrances or charge.

3. The Mortgagee also agrees with the Mortgagor that he may redeem the mortgage at any time after _________ years on repaying the said loan of Rs.__________ with interest. On such repaying, the Mortgagee will re-transfer the mortgaged property to the Mortgagor and will put him in actual possession of the property.

4. The Parties also consent that the cost of registration of this deed with stamp duty and other misc. expenses shall be borne by the Mortgagor

In Witness Whereof, the parties hereunto have signed below this day _________ of __________.

(The schedule hereinabove referred to)

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4. SUB-MORTGAGE

This Deed of Mortgage Made Between

Mr. _________s/o Mr.____________ r/o ______________ hereinafter called "the Mortgagor" (which expression shall unless contrary to the context including his related successors, executors, administrators and assigns) of the one part

And

Mr. _________s/o Mr.___________ r/o ______________ hereinafter called "the Mortgagee" (which expression shall unless contrary to the context including his related successors executors, administrators and assigns) of the other part

Whereas

1. The owner of the plot of land located at ______________ (more specifically stated in the schedule hereof) had Mortgaged the said property to the Mortgagor for Rs. ____________ vide an Usufructuary Mortgaged deed dated ___________ registered with the office of sub-registrar at ______________ on __________.

2. As per the terms of said Usufructuary Mortgaged deed, the mortgage was to be redeemed at any time after __________ years from the date of the Usufructuary Mortgaged deed on paying the sum of Rs.____________

3. The Mortgagor has since possessed the said property and the said sum of Rs. __________ is still due to him on the said mortgage

4. Now the Mortgagor is in need of money and hence wants to borrow a sum of Rs.__________(Rupees ____________) from the Mortgagee and the Mortgagee has consented to grant him the loan of Rs.__________ at interest @ ___ % annually and on mortgage of the said property as a security for the payment of the said loan.

Now This Deed Witnesseth as Follows:

1. In consideration of the sum of Rs.___________ borrowed by the Mortgagor from the Mortgagee (which receipt is acknowledged by Mortgagor) the Mortgagor hereby agrees with the Mortgagee that the Mortgagor will pay to the Mortgagee the said sum of Rs. _________ on ________ the day of __________ with an interest @ __ % from the date of this deed till the time the said sum is fully repaid (hereinafter called "the mortgage money").

2. That as a security for the above stated loan, the Mortgagor hereby assigns to the Mortgagee All that debt secured by the aforesaid usufructuary mortgage deed and all the rights/remedies and securities in writing or impliedly contained in or bestowed upon the Mortgagor by the aforesaid usufructuary mortgage deed, To Hold the same to the Mortgagee subject to the right of redemption hereinafter laid and transfers to the Mortgagee All that property contained in the above stated usufructuary mortgage deed, To Hold the same to the Mortgagee as usufructuary Mortgagee on the terms /conditions hereinafter stated and subject to such right of redemption as exists due to the aforesaid usufructuary mortgage deed and per right of redemption by the Mortgagor after it laid.

3. The Mortgagor hereby agrees to the Mortgagee that the mortgaged property is free from all encumbrances or charge excepting first mortgage hereinbefore stated.

4. The Mortgagee hereby agrees with the Mortgagor that he may redeem the mortgage at any time after _________ years on repaying the said loan of Rs._________ with interest. On such repaying, the Mortgagee will re-transfer the mortgaged property to the Mortgagor and will put him in actual possession of the property.

5. The Parties hereto consent that cost of registration of this deed with stamp duty and other misc. expenses shall be borne by the Mortgagor.

In Witness Whereof, the parties hereunto have signed below this day ________ of _________.

Mortgagor

Mortgagee

Witness:

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