DEED OF SECOND MORTGAGE
I am ……………………………………………….,,
aged about _________ years,
Son of Sri ______________________,
Resident of ______________________
WHEREAS I am absolute owner in possession of the ……………………………………………. built house, situate in _________ and numbered _________ on the _________ Road, city _________, more specifically described and detailed in the First Schedule hereto, the same having been purchased by me from my own monies from Sri ___________________ under a duly executed deed, dated _________and registered on __________________________ at the Sub-Registry Office of _____________________;
AND WHEREAS I have already borrowed on the security of the said dwelling house a sum of Rs _________ and executed a simple mortgage deed, dated _________, in favour of Sri _________, resident of __________________________, registered as document No___________ . in Book _________, Volume _________, on pages _________, with the Sub-Registrar of _________on _________; AND WHEREAS I am in need of further money and Sri ______________, aged about _________years, son of Sri _________________________, Resident of __________________________, is on my request willing to advance to me a sum of Rupees _________(Rs _________) only on the security of the said house.
NOW THEREFORE THIS DEED OF SECOND MORTGAGE WITNESSES as under:
1. That in consideration of the sum of Rupees _________ (Rs _______________________________) only received by me in the manner detailed in the Second Schedule hereto, which said sum of Rupees _________ (Rs _______________________________________________) only I hereby acknowledge having received in full, I hereby promise and agree to repay with interest at the rate of _________ per cent per annum with six monthly rests within a period of _________ years from the execution of this deed. 2. That by way of security for the due performance of the above covenant to repay I hereby transfer by way of second simple mortgage my said ………………………… built dwelling house situate in _________ and numbered _________ on the _________ Road in the city of _________, more specifically described and detailed in the First Schedule hereto.
3. That all interest will be cleared every six months and all payments made by me will be first credited towards interest due and thereafter applied towards satisfaction of the principal. 4. That on failure by me or my heirs, successors or assigns to fulfil any one or more of the terms herein stipulated the said Sri ___________________________, his heir ____________________, successors and assigns shall have the option at his or their discretions, (failure to exercise such option being expressly understood not to mean any waiver whatsoever) to claim the full amount, capital and all interest then due and to recover the same, together with all costs from the property or the person of me, my heirs, successors and assigns.
5. That I, on behalf of myself, my heirs, successors and assigns further promise and agree to keep the said dwelling house, hereby transferred free from all further encumbrances, charges and liens, to pay all taxes, to make and conduct all repairs and to generally keep the same in good and tenantable condition. IN WITNESS whereof I, the said ………………….., have hereunto at ________ before the witnesses present signed and executed this deed on this the _________day of _________in the year _________ Witnesses: Sd. ………………………….
Mortgagor. FIRST SCHEDULE (Detailed Description of Property)
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