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 Mortgagor being 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
