DEED OF COVENANT TO ACCOMPANY STATUTORY MORTGAGE OF SHIP

Deed of Covenant to Accompany Statutory Mortgage of Ship

Deed of Covenant to Accompany Statutory Mortgage of Ship

THIS DEED OF COVENANT is made the ....... day of ......... between M/s. AB & Co. Ltd., a company registered under the companies Act, 1956, having its registered office at ................. (hereinafter called the "Mortgagor") of the one part and Bank of ........... a banking corporation constituted under the Banking Companies (Acquisition and Transfer of Undertaking) Act 1970 and having its Head Office at ......... (here in after called the ''Mortgagee'') of the other part.

WHEREAS:

1. The mortgagor is the absolute and unencumbered owner of all the shares of and in the ship by name ....... and which is more particularly described in the schedule hereunder written and is hereinafter referred to as ''the said ship''.

2. The mortgagees have lent to the mortgagor the sum of Rs. ........ upon having the same secured by a statutory mortgage of the said ship and upon the terms hereinafter set out and the mortgagor has executed a statutory mortgage of the said ship bearing even date with this deed and intended to be forthwith registered for securing the said sum of Rs. .... with interest and any other sums which may be owing in accordance with the terms of this deed.

3. This deed is supplemental to the said mortgage and to the security thereby created.

NOW THIS DEED WITNESSETH AS FOLLOWS:

1. The mortgagor doth hereby acknowledge that the mortgagor owes to the mortgagees the principal sum of Rs. ...... (hereinafter called the principal sum) and hereby covenants with the Mortgagees as follows:

a. To pay interest at the rate of ..... per cent per annum on the principal sum or other the sum for the time being owing on the security of the said recited mortgage (hereinafter called the statutory mortgage) in half-yearly payments on the day ...... and on the ....... day of in every year and such interest to be paid on those dated respectively;

b. To repay the said principal amount by four installments that is to say, to pay a sum of Rs. ........ at the end of the first year from the date hereof, an equal sum of Rs. ...... at the expiration of three years from the date hereof, another sum of Rs...... at the expiration of three years from the date hereof and the balance of the principal sum on the expiration of four years from the date hereof, each time to be deemed of the essence of the contract.

c. In the event of default in payment of any installment of interest or the due date thereof as hereinabove provided the Mortgagor will be liable to pay and shall pay interest on such defaulted installment of interest at the rate as aforesaid from the date of default until payment as and way of compound interest.

2. The statutory mortgage and the policies of insurance herein mentioned shall be held by the Mortgages as security for the payment of all monies for principal, interest or otherwise however (hereinafter referred to as ''the mortgagee debt'') which may become due and payable under or in respect of any of the provisions hereof.

3. The mortgagor further covenants with the mortgagees that through out the currency of this security and until all monies secured hereby and by the statutory mortgage have been paid, the mortgage shall-

a. Insure and keep the said ship at all times insured to the extent of her full market value (in the joint names of the mortgagor and the mortgagees) by policies to be approved by the mortgagees against all such risks as are from time to time required by the mortgagees to be covered by insurance with such insurance companies underwriters war risks or other mutual insurance associations and through such brokers in India as the mortgagees shall from time to time approve in writing.

b. Enter and keep the said ship at all times entered in respect of her full value and tonnage in such protection and Indemnity association in India as the mortgagees shall approve for all risks and liabilities for the time being usually covered therein and to arrange for guarantees (if

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Deed of Covenant to Accompany Statutory Mortgage of Ship Format

Need a reliable Deed of Covenant to Accompany Statutory Mortgage of Ship for Indian use? Download this customisable legal template on Contract Easily in PDF or Word, fill in parties, dates and particulars, and execute with the attestation or stamp formalities that apply in your State.

What is a Deed of Covenant to Accompany Statutory Mortgage of Ship?

A Deed of Covenant to Accompany Statutory Mortgage of Ship is a ready-to-use deed / property instrument under the Deeds collection. It sets out the roles of the parties, the subject matter, and the operative terms you must complete before signing. In India such drafts are generally read with the Indian Contract Act, 1872 and any subject-specific statute that fits the document (for example CPC/BNSS for pleadings, Transfer of Property / Registration practice for deeds, or stamp/notary rules for affidavits)—customise only what truly applies to your facts.

From the operative draft, this template typically covers points such as: “(hereinafter called the "Mortgagor") of the one part and Bank of ...........” “and which is more particularly described in the schedule hereunder written and is hereinafter referred to as ''the said ship''.”

Why is a Deed of Covenant to Accompany Statutory Mortgage of Ship Important?

Clarity of parties and purpose: Reduces disputes over who is bound and what was agreed.
Structured blanks: Forces completion of names, dates, amounts, schedules and annexures.
Risk allocation: Keeps operative clauses (consideration, duties, default, termination) visible before signing.
Evidence value: A filled, signed template is far stronger than informal chats or unsigned drafts.
Process readiness: Helps you prepare for notary, registration, filing or commercial execution as applicable.
Faster turnaround: Starts from a tested skeleton instead of a blank page.

Key Elements of the Deed of Covenant to Accompany Statutory Mortgage of Ship Format

Title and parties: Full legal names and addresses of every side.
Recitals / background: Short context of why the document is being made.
Operative clauses: The binding promises, rights and duties.
Consideration / fees / amounts: Money, services or other exchange, if any.
Schedules and annexures: Property, equipment, claims or particulars lists.
Duration, renewal and termination: How long it runs and how it ends.
Default and remedies: What happens on breach.
Governing law / dispute route: Indian law and forum/arbitration as drafted.
Execution block: Signatures, witnesses, date and place.
Stamp / attestation notes: Complete as required in your State.

Who Should Use This Deed of Covenant to Accompany Statutory Mortgage of Ship Format?

Individuals, firms and companies that need a practical Indian deed / property instrument.
Advocates and clerks who want a clean starting draft to customise.
Businesses standardising vendor, HR, property or litigation paperwork.

Download Your Ready-to-Use Deed of Covenant to Accompany Statutory Mortgage of Ship Now

Get instant access to this Deed of Covenant to Accompany Statutory Mortgage of Ship on Contract Easily. Customise the blanks, review with counsel where stakes are high, and download for execution.

Final Note

This template is a general format for convenience. It is not a substitute for advice from a qualified Indian advocate. Stamp duty, registration, court fees and attestation rules vary by State and document type—confirm local requirements before signing or filing.

Important Guidelines

Customise this Deed of Covenant to Accompany Statutory Mortgage of Ship to your facts: enter party names and addresses exactly as on ID or incorporation records, fill all blanks (dates, amounts, schedules), and keep operative clauses intact unless counsel advises otherwise. Confirm State stamp, notary, registration or filing rules before signing, and keep copies of the executed set. This is a general Indian deed / property instrument template—not a substitute for advice from a qualified advocate.

Supporting Documents

Documents commonly required when preparing and executing a Deed of Covenant to Accompany Statutory Mortgage of Ship. Exact lists vary by State and receiving authority.

Photo identity proof of parties / deponent
Aadhaar, PAN, passport, voter ID, or driving licence.
When: Always, for identification and KYC.
Address proof
Aadhaar, utility bill, or other accepted address proof.
When: Usually required for notarization / filing.
Supporting title or factual documents
Prior deeds, agreements, notices, court papers, or records relevant to this template.
When: When the document relies on earlier transactions or proceedings.
Passport-size photographs
As required by the notary or filing office.
When: Often for affidavits and certain applications.
Stamp paper (if applicable)
Non-judicial stamp paper of the local required denomination.
When: Where State law requires the instrument on stamp paper.

Frequently asked questions

What is a Deed of Covenant to Accompany Statutory Mortgage of Ship?→

It is a standard Indian legal deed / property instrument template you can customise with parties, dates and particulars, then execute or file as your facts and local practice require.

Is this template valid across India?→

The structure is drafted for Indian legal practice, but stamp duty, registration, court fee and attestation rules are State-specific. Confirm requirements where you will execute or file.

Do I need a lawyer to use this template?→

It is a strong starting point. For disputed, high-value or complex matters, have a qualified Indian advocate review the completed draft before signing.

Can I edit the wording?→

Yes—adapt particulars to your facts. Do not delete operative legal clauses without advice, as that can weaken enforceability.

What stamp paper value should I use?→

Stamp duty depends on the document type and your State. Check the local stamp schedule or ask a stamp vendor / advocate before printing.

Deed of Covenant to Accompany Statutory Mortgage of Ship

Deed of Covenant to Accompany Statutory Mortgage of Ship

WHEREAS:

3. This deed is supplemental to the said mortgage and to the security thereby created.

NOW THIS DEED WITNESSETH AS FOLLOWS:

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Deed of Covenant to Accompany Statutory Mortgage of Ship

About this agreement

Supporting Documents

Frequently asked questions

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