Deed of Usufructuary Mortgage
THIS DEED OF USUFRUCTUARY MORTGAGE executed at __________ this ______ day of _______ 201__ 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) 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, executors, administrators and assigns) 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 agreed to lend and advance and have advanced to the Mortgagor a sum of Rs. 50,00,000/- (Rupees Fifty lakhs only) against the security of the said property by way of usufructary 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. 50,00,000/- (Rupees fifty lakhs 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 pay to the Mortgagee the said sum of Rs. 50,00,000/- (Rupees fifty lacs only) together with interest thereof from the date hereof at the agreed rate of one (1) percent per month with monthly rest on or before ___________ (hereinafter called ?the due date?) and will also pay, after the due date, the said interest at the said agreed rate so long as the said sum of Rs. 50,00,000/- (Rupees fifty lakhs 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 (whether formally demanded or not) it shall be added to the principal sum and compounded every month accordingly and shall be chargeable upon the mortgaged property herein for all intents and purposes, 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 rights and remedies of the Mortgagee 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 of and in or to the said property or any part thereof belonging or in anywise appertaing 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 AND FURTHER RECORD THAT the
