SIMPLE MORTGAGE BY THE MANAGER OF THE JOINT FAMILY PROPERTY
This Deed of Mortgage made
on this ___________ day of ____________
Between
Mr…………………………………
age…………………
resi ________________
Mr…………………………………
age________________
resi ________________
And
Mr…………………………………
.age __________________
Resi………………………………….
acting through Sh. _______________________, Manager of Joint Hindu Family hereinafter called "the Mortgagor" (which expression shall unless contrary to the context including their related successors, executors, administrators and assigns) of the one part
And Mr………………………………..
age………………………….
Resi………………………………
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 Mortgagor and his two sons namely, Sh. ________ and Sh.________ form a Joint Hindu family which is ruled by the Mitakshara School of Hindu Law.
(2) The plot of land bearing no. _______________ located at __________ being joint ancestral property of the said family (more specifically stated in the schedule I hereof, "the property"); (3) The Mortgagor has been doing the business of __________ and wants borrow a sum of Rs._________ (Rupees ____________ ) from the Mortgagee for doing business with other family requirements (type and nature of requirements) and the Mortgagee has consented in lending said sum on interest @ ___ % annually per condition that repaying the said sum with interest shall be secured by the mortgage of the property.
Now This Deed Witnesseth as Under:
1. In consideration of the sum of Rs._________ as borrowed by Mortgagor from Mortgagee (which receipt the Mortgagor hereby acknowledges) the Mortgagor hereby agrees with the Mortgagee that the Mortgagor will be paying to Mortgagee the said sum of Rs. _________ in _____ half–yearly/quarterly/monthly installments, first installment falling due on ________ the day of ___________ with an interest @ __ % per annum from the date of this deed till time the said sum is fully repaid (hereinafter called "the mortgage money").
2. That as security for the above loan, Mortgagor hereby transfer, per simple mortgage, to the Mortgagee All property stated in the schedule annexed hereto (hereinafter called "the mortgaged property") intended that if payment of the mortgage money is defaulted hereunder, the Mortgagee shall bear a right in causing the mortgaged property to be sold and its sale proceeds be applied in paying the mortgage money.
3. The Mortgagor also agrees with the Mortgagee that the mortgaged property being joint ancestral property of the family being free from all encumbrances /charge. 4. The Mortgagor shall bear a right, prior the sum becomes due under this deed, for paying to the Mortgagee any sum of not less than Rs. _______, due to the sum secured under this deed. all sum so paid shall be applied per order as below:
(i) in reduction or paying the interest /costs then due per terms of this deed (ii) in reduction or paying the principal money secured under this deed. 5. The Parties as consent that cost of registration of this deed stamp duty with other misc. expenses shall be borne by the Mortgagor.
In Witness Whereof, the parties hereunto have hereunder signed this day _________ of __________.
(The schedule hereinabove referred to)
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