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DEED FOR MORTGAGE FOR IMMOVABLE PROPERTY
THIS DEED OF MORTGAGE IS EXECUTED ON
________DAY __________ BY Shri.___________,
Age:-45, years, member of ____________________,
residing at _____________ for himself, his heirs, executors, administrators
hereinafter referred to as “MORTGAGER”
IN FAVOUR OF ____________________________ and its successors representatives
hereinafter referred to as “BANK”.
WHEREAS, at the request of mortgager
the Bank has agreed to make advances to him as per the bye-laws agreeing upon
having the repayment there of with interest thereon at the rate hereinafter
mentioned, secured in the manner here in after appearing.
NOW THIS DEED WITNESSES as follows:-
In consideration of the Bank making
or continuing to make advances for the purpose of Development of land upto a
limit of Rs.__________ (Rupees forty
Thousand only) as long as the Bank office of branch exclusive of
interest, bank charges, legal charges, etc., the mortgager hereby covenants
with the Bank as follows:-
1.
That mortgagor shall pay the principal and the interest
at the rate of 15% per annum or at such
rate as may be fixed by the Bank from time to time, on a much of principal due
in the manner of mutually agreed to between the mortgagor and the Bank from
time to time on his behalf.
2.
That if any interest or an item of the principal is not
paid on the due date the outstanding balance of loan shall bear overdue
interest at 2% P.A. over and above the usual rate until the interest of the
principal in arrears ads the case may be is paid.
3.
The mortgagor further covenants with the Bank that if
at any time during which these presents are in force the bank finds that any
representation made by the mortgagor for obtaining the loan was false the whole
of the debts due and outstanding shall become payable within one week after
notice to the mortgager to that effect and he shall always be bound by
Bye-laws, rules and other decisions of the Bank in force from time to time.
4.
The mortgagor further covenants with the Bank that in
case of default on the part of the mortgagor from payment of the same as above
mentioned the Bank is hereby authorised through the mortgager’s drawing officer
in accordance with section 34 of Karnataka Co-op societies Act of 1959 to have
the installments as and when due deducted from salary of or any other payable
to the mortgager and paid to the Bank. The mortgager execute a separate
agreement to the effect if desired by the Bank.
5.
The mortgager further covenants with the Bank that the
amount borrowed under this indenture shall be wholly utilised for the purpose
for which it is expressly borrowed and that he/shall not deviate from the
licenced plan during construction without the previous written approval of the
Bank and if the Bank is satisfied that the loan is misapplied, the whole loan due and outstanding, shall become
payable without reference to the period of
repayment, within one week after to the effect.
6.
It is hereby agreed and declared that in case any of
the installments of principal or interest payable under these presents be not
satisfied on the due dates appointed for the payments of such installments of
principal or interest, then whole amount of principal remaining unpaid together
with interest due shall at once become payable to the Bank and the Bank may
forthwith enforce any of the remedies to which a holder of mortgage is entitled
under the Transfer of property Act.
7.
For the consideration aforesaid and in further
pursuance of the said agreement, the mortgager hereby grants and transfers by
way of simple mortgage in to the Bank, all the property described in the
schedule here to together with all rights, easements there to and all rights,
title and interest in and to the said premises to the extent that all the said
premises hereby mortgaged shall remain and be charged by way of simple mortgage
and free from all encumbrance as security for the payment to the Bank of the
said principal money, interest and cost in accordance with the convenants
herein contained.
8.
That the mortgagor shall allow the Bank, its servants,
agents and surveyors at all reasonable times to enter the said premises and
view and examine the estate and condition thereof.
9.
The mortgager hereby convenatns that this property
under mortgage shall be a continuing security not only in respect of this debit but also in
respect of any other loan overdue, cash credit that may be outstanding or may
become outstanding in respect of present or further advances, in my name either
as borrower or as surety/co-obligant upto not exceeding the limit prescribed
herein during the subsistence of this mortgage it is further covenanted that
until all my indebtedness in any loan, overdraft, cash credit, accounts to the
Bank has been discharges in full, this mortgage will be kept in force and it
shall continue to be a security as aforesaid to those liabilities.
10. The
mortgager further covenants that during continuance of security, he shall
preserve the property here under mentioned good condition and repairs, and
shall not remove any fixtures or after the property so as to decrease the value
or utility there of without written permission of the bank and shall pay from
time to time regularly all the taxes and cesses levied thereon and produce the
receipt there of the Bank. The mortgager
to insure the property by a policy of comprehensive insurance during the
term of loan and shall pay premium regularly.
11. That
the mortgager agrees that some of money awarded as compensation for and
compulsory acquisition of any portion of the mortgaged property by any
government, Municipal or Railway or District Board authority shall be
receivable by the Bank direct on behalf the mortgager and that such money as
well as money received under and by virtue of any such insurance as aforesaid
shall at the option of the Bank either beforth with applied in or towards
substantially rebuilding, reinstanding or remaining in the said premises or
towards the payments of the principal money, interest and costs for the time
being remaining due the security of these presents.
12. The
mortgager further covenants that in case he fails to pay the taxes or ceases
and insurance premium in the time as aforesaid, the Bank may pay the same and
the taxes and cesses and insurance premium service, inspection, valuation and
other charges paid shall be treated as a charges against the property and be
debited to his loan account.
13. And
for the better securing of the
mortgager’s obligations under these presents be hereby covenants and mortgagers
without possession to the Bank his self acquired or ancestral property more
fully described in the schedule given here under.
14. The
mortgager further covenants with the Bank that during the time the loan mentioned above in force he will not
otherwise alienate or create any other charge on the property without the
permission of the Bank and that the he will personally also liable for the full
debt discharge of the loans hereby secured. He further affirms the Bank that
the property is not encumbered.
15. Schedule
of property above referred to :
All that piece and parcel of property with the dwelling house, wells,
drains and thereon, built and planted and situated and floors/our house
hereinafter to be built planted together with all rights and easements
pertaining it or to and hereafter and enjoyed and acquired bearing the No.
etc., as detailed below:-
Situated at ______________________________
and bounded by the following boundaries.
Description R.S. No. Area
Assessment
As-Gs Rs.Ps.
Agri. Land
All the above R.S. numbers are situated in one place so
only one boundary is shown.
Boundaries:-
To the East :-Land of
To the west :-Land of
To the south :-Land of
To the North :-Land of
16. In
the witness thereof the mortgager has signed this deed on the day and the ears
first above written.
Mortgager,
In the Presence of :-
1. Signed before me.
2. Branch Manager,
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