Deed of English Mortgage Between an Individual and a Firm of Money Lenders in Marathi

NOTICE TO PAY MORTGAGE MONEY

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Advocate 

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Date    ......................... 

Deed of English Mortgage

THIS INDENTURE OF MORTGAGE executed at _______ this ______ day of _______ 200___ between M/S. ABC LTD., a Company incorporated under the provisions of the Companies Act, 1956 having its registered office at _____________________________________________, hereinafter referred to as ?THE MORTGAGOR? (which expression shall unless it be repugnant to the context or meaning thereof be deemed to mean and include its successors and assigns) of the ONE PART; AND X Y Z of __________, Indian Inhabitant having his address at _________________________________________________________________ (which expression shall unless it be repugnant to the context or meaning thereof be deemed to mean and include his heirs, legal executors and administrators) hereinafter referred to as ?THE MORTGAGEE? of the OTHER PART;

WHEREAS:

(a) The Mortgagor is the Owner of and well and sufficiently seized and possessed of the property more particularly described in the Schedule hereunder written (hereinafter referred to as ?the said property?).

(b) The Mortgagor being in need of finance for its business purposes, requested the Mortgagee to provide the said finance.

(c) Pursuant to the said request of the Mortgagor, the Mortgagee had agreed to lend and advance and have advanced to the Mortgagor a sum of Rs. 20,00,000/- (Rupees twenty lacs only) against the security of the said property by way of Mortgage for securing repayment of the principal and interest thereof in the manner hereinafter appearing.

NOW THIS INDENTURE WITNESSETH that in pursuance of the said agreement and in consideration of the sum of Rs. 20,00,000/- (Rupees twenty lacs only) paid to the Mortgagor by the Mortgagee on or before execution hereof (the receipt whereof the Mortgagor doth hereby acknowledge and of and from the same doth hereby release and discharge the Mortgagee) THEY the Mortgagor doth hereby covenant with the Mortgagee that they shall on the ____________ day of ____________ (hereinafter called ?the due date?) pay to the Mortgagee the said sum of Rs. 20,00,000/- (Rupees twenty lacs only) together with interest thereof at the rate of 1.25 percent per month with monthly rest (payable monthly along with the installment of the principal amount) from the date hereof by equal twenty monthly installments, the first of such payments shall be made on the _____________ day of ________ and the subsequent payments shall be made on or before 10^th day of each and every following month and will also pay after the due date so long as the said sum of Rs. 20,00,000/- (Rupees twenty lacs only) or any part thereof or interest thereof shall remain unpaid to the Mortgagee in the manner aforesaid AND IT IS HEREBY AGREED AND DECLARED that if any payment of interest is not made on the due date (whether or not demanded) it shall be added to the principal sum and compounded accordingly and shall be chargeable upon the mortgaged property for all intents and purposes recorded herein, however, this provision shall not in any way permit the Mortgagor to allow any interest to fall in arrears nor shall it in anywise interfere with, prejudice, limit or affect the powers of sale or of entry or any other powers or remedies for securing and enforcing payment of the Mortgage debt hereinafter contained.

AND THIS INDENTURE ALSO WITNESSETH that the Mortgagor doth hereby grant release convey and assure unto the Mortgagee all and singular the said property more particularly described in the schedule hereunder written with all and singular the buildings, courts, compounds, yards, areas, ways, paths, passages, commons, gullies, sewers, drains, trees, plants, shrubs, wells, waters, water-courses, lights, liberties, privileges, easement, advantages and appurtenances, whatsoever to the said property or any part thereof belonging or in anywise appertaining or usually held or enjoyed or occupied therewith or reputed to belong or be appurtenant thereto AND ALL the estate, right, title, interest, claim and demand whatsoever of the Mortgagor into and upon the said property and every part thereof (hereinafter referred as ?the said premises?) TO HAVE AND TO HOLD the said premises hereby granted unto and to the use of the Mortgagee subject to the proviso for redemption next hereinafter contained.

PROVIDED always that if the Mortgagor shall pay to the Mortgagee the said sum of Rs. 20,00,000/- (Rupees Twenty lacs only) on the ____________ day of ___________ 2003 together with the agreed rate of interest and in the aforestated manner and also all other moneys by law or under these presents payable by the Mortgagor to the Mortgagee (hereinafter collectively referred to as ?the Mortgage debt?) then and in such case the Mortgagee shall at the requests, costs, charges and expenses of the Mortgagor recovery the said property unto and to the use of the Mortgagor and in the meantime and until any default is made by the Mortgagor, the Mortgagor shall remain in the possession or receipt of the rents and profits of the said property and if the Mortgagor shall fail to pay to the Mortgagee on the due date the Mortgage debt then the said property hereby granted shall not be redeemable by the Mortgagor or any other person or persons interested in the equity of redemption thereof at any time thereafter and the Mortgagee shall be entitled to refuse to accept payment of the Mortgage debt unless the Mortgagor or such person or persons shall have given to the Mortgagee three months previous notice in writing making an appointment to pay off the Mortgage debt on any working day during banking hours and shall pay the same accordingly and in conformity with such notice on such appointed day or unless and in the alternative and in default or in lieu of such notice the Mortgagor or such person or persons shall pay to the Mortgagee in addition to the Mortgage debt and at the same time a further sum equivalent to three months? interest on the Mortgage debt at the rate of 1.25 percent per month with monthly rest and every failure on the part of the Mortgagor or such person or persons to pay off the Mortgage debt strictly in accordance with such notice as aforesaid and on the day thereby appointed shall entitle the Mortgagee to a fresh notice of the same sort or in default thereof to three month?s further interest at the rate aforesaid.

PROVIDED ALWAYS AND IT IS HEREBY AGREED that nothing hereinbefore contained shall affect the right of the Mortgagee to call for payment at any time after the due date of the money for the time being due and owing to him on the security of these presents.

AND the Mortgagor doth hereby covenant with the Mortgagee that the Mortgagor now has good right and full power to grant the said property hereby granted or expressed so to be and every part thereof unto and to the use of the Mortgagee in manner aforesaid and that if default shall be made in payment of the principal or interest thereof in the manner provided above, the Mortgagee may at any time thereafter enter into and upon the said property or any part thereof in the name of the whole and shall thenceforth quietly possess and enjoy the same and receive the rents and profits thereof without any lawful interruption or disturbance whatsoever by the Mortgagor or any other person or persons lawfully claiming under them, free from all encumbrances whatsoever and further that they the Mortgagor and all other persons having or lawfully or equitably claiming any estate or interest in the said property or any part thereof shall and will from time to time and at all times hereafter upon the request of the Mortgagee and at the cost of the Mortgagor during the continuance of this security and afterwards of the persons requiring the same to do and execute or cause to be done and executed all such acts, deeds and things, whatsoever for further and more perfectly assuring the said property unto and to the use of the Mortgagee in manner aforesaid as shall or may be reasonably required by the Mortgagee and also that the Mortgagor shall from time to time and at all times during the continuance of this security keep the said property hereby granted or expressed so to be in a good and substantial state of repairs and shall pay all the rates and taxes, assessment dues and duties payable in respect of the same and in the event of default it shall be lawful for the Mortgagee [without being bound to do so] to keep the said property in such repairs and to pay such rates, taxes, assessments, dues and duties as aforesaid and the Mortgagor shall and will from time to time on demand pay to the Mortgagee all sums of money so paid or expended together with interest thereon at the rate of 1.25 percent per month (to be compounded monthly) from the time the same shall have been so paid or expended and until so repaid the same shall be a charge upon the said property in addition to the principal sum and interest thereof and also that the Mortgagor will so long as any moneys shall remain due on the security of these presents keep all the messuages and buildings hereby granted or expressed so to be, insured with some reputed Fire Insurance Company in Mumbai against loss or damage by fire in the sum of Rs. 30,00,000/- (Rupees Thirty lacs) at the least and pay all premiums and sums of money necessary for such purpose at least within thirty days from the date hereof and will on demand deliver to the Mortgagee such insurance policy and the receipt for every such payment duly endorsed and assigned in favour of the Mortgagee and that the Mortgagor will not at any time hereafter during the continuance of any such insurance as aforesaid do any act or commit any default whereby the said insurance may be rendered void or voidable or an increased premium become payable therefore and shall and will in case at any time during the continuance of this security the said insurance shall by any means become void or voidable forthwith at his own costs effect a new insurance in lieu of such void or voidable insurance in the name of the Mortgagee and that if default shall be made in insuring or keeping the said premises insured as aforesaid it shall be lawful for the Mortgagee on giving 24 hours notice to insure and keep insured the said property and that the Mortgagor will on demand repay to the Mortgagee every sum of money expended for that purpose by him with interest thereon at the rate aforesaid from the time of the same respectively having been so expended and that until such repayment the same shall be a charge upon the said property and it is hereby agreed and declared that all sums of moneys received under or by virtue of any such insurance as aforesaid shall at the option of the Mortgagee either be forthwith applied in or towards substantially rebuilding, reinstating and repairing the said property or in or towards the payment of the principal money and interest for the time being remaining due on the security of these presents provided always and it is hereby agreed and declared that in the event of any damage happening to the said property hereby granted by fire, tempest, earthquake, lightning, rain or otherwise howsoever or if the Mortgagor is wound up and/or ordered to be wound up or commits any act of bankruptcy or becomes incapable of managing it?s affairs at any time or times after the execution hereof so as to materially impair the security hereby created then and in such case notwithstanding anything herein contained to the contrary the whole of the Mortgage debt shall at once at the option of the Mortgagee become immediately payable as if the due date had then elapsed and in such case all such rights and remedies shall be available to the Mortgagee as would be available to him under the terms of these presents or by law upon default being made in payment of the principal money and interest hereby secured.