Fillable Printable Simple Mortgage Deed

Simple Mortgage Deed

SIMPLE MORTGAGE DEED

This deed of SIMPLE MORTGAGE executed at

on this the day of 2004 by

Son of Hindu , aged about years and residing at

herein after called the MORTGAGOR

To and In favour of

Thiru. Son of hindu aged about years and residing at

No.

herein referred to as the MORTGAGEE.

Whereas, the term Mortgagor and Mortgagee, unless repugnant to the context shall mean

and include their representatives heirs, successors, executors, administrators, trustees,

legal representatives and assigns.

Whereas, the Mortgagor herein, is the sole and absolute owner of immovable property

morefully described in the schedule hereunder written and herein after called the

scheduled property.

Whereas, the Mortgagor is the absolute owner, having acquired the property, by

and since then Mortgagor has been in possession and enjoyment of the schedule property

and paying taxes and levies thereon, as sole and absolute owner thereof.

Whereas Mortgagor being in need of money for the purpose of his family expenses and

the . Mortgagor requested the Mortgagee to lend him a sum of Rs. (Rupees. only)

which the Mortgagee has agreed to lend to the Mortgagor executing these presents with a

view to secure the repayment thereof with interest as herein after provided.

NOW THIS DEED WITNESSETH that pursuant to the said agreement and in

consideration of the sum of Rs. (Rupees. only) lent and

advanced by the Mortgagee to the

Mortgagor on the execution of these presents (receipt whereof the Mortgagor hereby

admit). He, the Mortgagor hereby covenants with the Mortgagee that he the Mortgagor

will pay to the Mortgagee the sum of Rs. (Rupees. only) on the day of

(herein after referred to as the 'due date') with interest thereon in the meanwhile and until

repayment of the said sum in full, at the rate of on the day of and each subsequent

installment on the day of each succeeding month until the said principle sum of Rs.

(Rupees only) repaid in full, and the Mortgagor further

covenants with the Mortgagee that in the event of the Mortgagor failing to pay any

installment of interest, he will be liable to interest on the said installment in default at the

same rate as aforesaid from the date of default until payment such installment as and by

way of compound interest. Without prejudice to the right of the Mortgagee to take any

action on default as herein under provided, and it is agreed and declared that in the event

of Mortgagor committing default in payment of any installment of interest or committing

breach of any other term of this deed, the whole amount of principal then due with

interest thereon will at the option of the Mortgagee become payable forthwith as if the

said date had expired.

And this deed further witnesseth that in consideration aforesaid, the Mortgagor hereby

mortgage his said scheduled property hereunder written as a security for repayment of the

said sum with interest and all other moneys due and payable hereunder with a condition

that on the Mortgagor repaying the said principal sum of Rs.

with all interest and other moneys due to the Mortgagee (hereinafter referred to as the

Mortgage amount) the Mortgagor will redeem the said scheduled property from the

mortgage security and shall 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 by the Mortgagor that in the event of the Mortgagor

failing to pay the said principal sum with all interest and other moneys when the same

shall become due and payable under these presents, the Mortgagee will become entitled

to have the said scheduled property sold through any competent court and to realise and

receive the said mortgage amount out of the net sale proceeds of the said scheduled

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 and or for the realisation of the mortgage amount and

the same shall be deemed to form part of the mortgage amount and the security there for

as aforesaid.

And it is further agreed that during the pendency of the security hereby created and until

repayment of the mortgage amount, the Mortgagor will get insured and keep insured the

buildings and structures standing on the said land against loss and damages due to fire or

any other accident in the sum of at least Rs. With some Insurance Company of

repute and pay all premium n the insurance policy as and when it becomes due and

payable in respect thereof to such company and shall hand over the policy to the

Mortgagee duly endorsed in his name as assignee and in the event of the Mortgagor

failing to do so or to pay the premium, the Mortgagee will be entitled to insure the said

buildings and structures and/or to pay the premium thereon and the amount paid by the

Mortgagee in respect thereof will be deemed to form part of the mortgage amount.

And it is further agreed that in the event of the said scheduled property being destroyed or

damaged by fire or any accident as aforesaid. The Mortgagee will be entitled to receive

the insurance claim under such policy to the exclusion of the Mortgagor and to

appropriate the same first towards all arrears of interest and then the principal amount or

as any part thereof as may be sufficient to pay the mortgage amount due and if any

surplus remains the same only will become payable to Mortgagor.

SCHEDULE

(Mortgaged under this deed)

IN WITNESS WHEREOF the Mortgagor has put his hand and signature on the day,

month and year first hereunder written in the presence of witnessess:

WITNESSES:

MORTGAGOR