Simple Mortgage by
Manager of Joint Hindu Family for Legal Necessity
This Mortgage is made
at .................. on the ....................... day of ..................
19 ...... between X etc., Y etc., Z etc. and A etc. acting through X, the
manager of joint Hindu family, hereinafter called the mortgagors, of the ONE
PART and B, son of ................... resident of ...................... hereinafter
called the mortgagee of the other part.
Whereas the said X,
Y, Z and A form a joint Hindu family governed by the Mitakshara school of Hindu
law and A is the manager or karta of the said joint Hindu family.
And Whereas X, Y and
Z are the major sons of A;
And Whereas the
property bearing No. .......... situated at,
................................................. within the Registration
District and Sub Registrar of .................. hereinafter called the said
property, is owned by the said joint Hindu family;
And Whereas the joint
Hindu family carries on the business of .................................... at
.................. under the name and style of M/s.
.....................................
And Whereas the
mortgagors are in need of Rs. .................. for purposes of their
business, marriage of daughter of Shri X, and repairing of the joint Hindu
family properties, which they are not able to arrange and therefore the
mortgagors requested the mortgagee to lend Rs. .................. for the
aforesaid purposes;
And Whereas the
mortgagee after satisfying about the title of the said property and bona fide
requirement of the loan amount for a legal necessity, has agreed to lend the
said sum at the interest of ............... per cent per annum on the
mortgagors securing the repayment of the same by mortgage of the said property.
NOW THIS DEED
WITNESSETH that in pursuance of the said agreement and in consideration of the
sum of Rs. .................. at or before the execution of these presents paid
to the mortgagors by the mortgagee (the receipt whereof the mortgagors do
hereby admit and acknowledge), hereinafter called the mortgage amount, the
mortgagors covenant with the mortgagee that they will pay to the mortgagee on
the .................. day of .................. (hereinafter called the due
date) the said sum of Rs. .................. with interest for the same in the
meantime at the rate of .................. % per annum from the date of these
presents by quarterly payments, first of such payments shall be made on the
.................. day .................. now and the subsequent payment shall
be made at the expiration of three months thereafter, so long as the said sum
of Rs. .................. or any part thereof shall remain unpaid to the
mortgagee, interest for the same at the rate mentioned above.
And the mortgagors
further covenant with the mortgagee that if any installment of interest is not
paid on the due date, the mortgagors will be liable to pay interest on the said
installment in default at the same rate as aforesaid from the date of default
until payment of such installment as and by way of compound interest provided
that the payment of compound interest will not prejudice or affect the
mortgagee's rights or remedies vested in him by law or by this deed. And it is
also agreed that in the event of the mortgagors committing default in payment
of any four installments of interest or in payment of the principal and
interest on the due date or committing breach of any other term of these
presents, the whole amount of principal then due with interest thereon, will at
the option of the mortgagee become payable forthwith as if the said due date
has expired.
AND THIS DEED FURTHER
WITNESSETH that in consideration aforesaid, the mortgagors hereby transfer by
way of simple mortgage to the mortgagee the said property described in the
Schedule hereunder written belonging to the mortgagors with the intent that the
said property shall remain and to be charged as security for the payment to the
mortgagee of the said mortgage money, interest and costs payable under these
presents.
1.
2.
The
mortgagors hereby covenant with the mortgagee as follows:
a. That the mortgagors
are absolutely seized and possessed of or otherwise well and sufficiently
entitled to the said property and the said property is free from encumbrances.
b. That during the
pendency hereby created and until repayment of mortgage amount, the mortgagors
will get insured and keep insured the said properly against loss and damages
due to fire and other accident for a sum of Rs. .................. with
.................. Insurance Co. Ltd., .................. Bombay in the joint
names of mortgagors and mortgagee and shall hand over the insurance policy to
the mortgagee.
c. That in the event of
the mortgagors failing to pay the said mortgage amount, interest and cost when
the same shall become due and payable under these presents, the mortgagee will
be entitled to have the said property sold through the court having
jurisdiction and to realise and receive the said mortgage amount, interest and
cost out of the net sale proceeds of the said property.
1.
2.
3.
Provided
always that it is hereby agreed between the parties that if the mortgagors pay
to the mortgagee the sum of Rs. .................. with interest on the due
date, then the mortgagee shall upon the request and at the costs, expenses and
charges of the mortgagors, reconvey the said property hereby granted or
expressed so to be unto and to the use of the mortgagors or as they direct.
4.
It
is hereby declared that for the purposes of these presents, the expressions
"mortgagors" and "mortgagee" shall include their or his
legal heirs, administrators, executors or assigns.
IN WITNESS WHEREOF
the parties hereto have hereunto put their signatures, the day and year first above
written.
The Schedule above
referred to
Signed and delivered
by X, Y, Z and
A, the within named
mortgagors
Signed and delivered
by B,
the within named
mortgagee
WITNESSES
1 .
2 .
