Mortgage by
Conditional Sale
This Deed of Sale is
made at .................. this ............... day of ..............., 2000,
between A, son of .................. resident of
............................... hereinafter called the "Vendor' of the ONE
PART and B, son of .................. resident of ..................
hereinafter called the "Purchaser" of the OTHER PART.
Whereas the Vendor is
absolutely seized and possessed of or otherwise well and sufficiently entitled
to the land and premises bearing Plot No. ........... situated at,
........................................ within the Registration District of
.................. and more particularly described in the Schedule hereunder
written.
And Whereas the
Vendor is in need of Rs. .................. for his business purposes and
requested the purchaser to lend him the said sum, which the purchaser has
agreed to do on the Vendor executing these presents.
1.
NOW
THIS DEED WITNESSETH THAT in pursuance of the agreement and in consideration of
the sum of Rs. .................. paid by the purchaser to the Vendor (the
receipt of which the Vendor hereby acknowledges) the Vendor hereby transfers
and delivers vacant possession of all that the land and premises more
particularly described in the Schedule hereunder written, together with all the
rights and privileges appurtenant thereto unto the said Purchaser to hold the
same for ever subject to the condition that if and when the Vendor repays the
said sum of Rs. .................. with interest thereon at the rate of
................ % per annum compoundable annually, to the Purchaser on the
.................. day of .................. 19 ...... hereinafter referred to
as the due date, the grant and transfer of the said property as hereinbefore
provided shall become void and in that event the purchaser shall reconvey the
said house and premises free from all encumbrances and redeliver vacant
possession to the vendor together with the documents of title relating to the
said house and premises and this deed and in case of default in payment of the
said amount with interest aforesaid on the said date, the transfer hereby made
shall become an absolute sale in favour of the Purchaser.
2.
The vendor hereby covenants with the Purchaser that he is the absolute owner of
the said house and premises and that the same is free from any encumbrance,
charge or lien whatsoever.
3.
The purchaser shall keep the said house in tenantable condition and he shall
bear the expenses for repairs and maintenance of the said house. The mortgagor
shall also defray all taxes, assessments, land revenue and other charges
payable in respect of the said house and premises to the State of
................... Municipal corporation of .................., or any other
public or local authority. All the expenses incurred and payments made by the
purchaser will be added to the said money and shall be recoverable with
interest by the purchaser from the vendor.
4.
The Purchaser covenants with the vendor that he shall not let out the said
house to any person or persons and he shall keep the said house in his own
possession.
5.
If the vendor makes default in paying the said money with interest on the due
date as aforesaid, the purchaser shall have the right to foreclose the vendor's
equity of redemption.
IN WITNESS WHEREOF
the parties hereto have hereunto set their hands the day and year first
hereinabove written.
The Schedule above
referred to
Signed and delivered
by the withinnamed A
Signed and delivered
by the withinnamed B
WITNESSES;
1 .
2 .
