Fillable Printable Simple Mortgage Deed Example

Simple Mortgage Deed Example

SIMPLE MORTGAGE-DEED

This deed of Simple Mortgage is executed on ________ day of ______________

month of _____________ year by Sri./Smt.__________________________,

S/o./ W/o.____________________________, occupation____________________,

and aged __________ years, residing

at_________________________________________________________________

_________________________________________________________________.

herein after called the MORTGAGOR.

In favour of

Sri./Smt.__________________________S/o./W/o._________________________,

occupation____________________, aged __________ years, residing

at_________________________________________________________________

_________________________________________________________________.

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

bearing No.___________ known as _____________________ situated

at 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 Mortgagorbeing in need of money for the purpose of

__________________. Mortgagor requested the Mortgagee to lend him a sum of

Rs.___________ (Rs.________________________only) which the Mortgagee has

agreed to do on 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 situated at ___________ and

described in the schedule 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 Mortgagee 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 therefor 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)

All the piece and parcel of immovable property

bearing No.____________

Measuring _______________

Bounded by:-

On the East:

On the West:

On the South:

On the North:

Market value of the property mortgaged under this deed is Rs._____________

(Rupees____________________________________only).

The Stamp duty is paid as per Article 34(b) of the Schedule to the Karnataka

Stamp Act, 1957.

IN WITNESS WHEREOF the Mortgagor has put his hand the day and year first

hereunder written.

WITNESSES:

1.MORTGAGOR

2.MORTGAGEE

[

if the Mortgagor is represented by his agent such as guardian or general power of attorney

holder or special power of attorney holder, then his full name, occupation, age, address and

capacity under which he represents the Mortgagor shall be entered]

[

if the Mortgagee is represented by his agent such as guardian or general power of attorney

holder or special power of attorney holder, then his full name, occupation, age, address and

capacity under which he represents the Mortgagee shall be entered]

[

Full details of the property number such as Khata number, street/road with reference to the

local authority records and boundaries shall be furnished.. If the property Mortgaged is a Flat /

Apartment details of the property on which the Flat / Apartment is constructed, flat number, floor

number, name of the apartment etc., full details of the property so as to identify shall be

furnished.]

[

Described whether the ownership is acquired by inheritance or by partition of joint family

property or by release or by gift or by settlement or by will (bequeath) or by sale deed executed

by _______________ registered as document No._____________ of Book No._____, Volume

No._____, Page No.______ in the office of the Registrar or Sub-Registrar]

[

Full details of the property number such as Khata number, street/road with reference to the

local authority records and boundaries shall be furnished.. If the property Mortgaged is a Flat /

Apartment details of the property on which the Flat / Apartment is constructed, flat number, floor

number, name of the apartment etc., full details of the property so as to identify shall be

furnished.]