Mortgage of a Ship by a Body Corporate to Secure a Loan
(PARTICULARS OF THE SHIP)
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Official No
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Name
of Ship
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No. Year and Port of registry
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Whether
a sailing, steam or motor ship
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Horse-power
of engines, if any
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Feet
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Tenths
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Length from fore part for stamp to
the shaft
Side of the head of the stern post
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Main Breadth to outside of plating
Depth in hold from tonnage deck to
ceiling
Amidships.
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Number
of Tons
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Gross.
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Register
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and
as described in more detail in the certificate of Surveyor and the register
book.
WHEREAS:
1. We AB & Co. Ltd.,
a company registered under the companies Act, 1956 and having its registered
office at ............ have entered into an agreement this ...... day of
........... with Bank of ........... a banking Corporation constituted under
the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and
having its Head Office at ........ where under we have borrowed and the Bank
has lent and advanced a sum of Rs. ....... repayable with interest at the rate
of Rs. ........... per cent per annum and on the terms and conditions in the
said agreement mentioned.
2. By the said
agreement, we, AB & Co. Ltd., have agreed to mortgage the ship particulars
of which are mentioned above as a security for repayment of the said amount
with interest and other moneys as therein mentioned and to execute a deed of
mortgage in the manner following.
Now,
we, AB & Co. in consideration of the premises, for ourselves and our successors
covenant with the Bank (Mortgagee) and its successors and assigns to repay the
said amount of Rs. ...... with interest as aforesaid and on the other terms and
conditions contained in the said agreement.
And
for the purpose of better securing to the said bank the payment of such sums as
last aforesaid we AB & Co. Ltd., do hereby mortgage to the said Bank ......
shares, of which we are owners in the ship above particularly described, and in
her boats, guns, ammunition, small arms, and appurtenances.
Lastly,
we for ourselves and our successors covenant with the said Bank and its assigns
that we have power to mortgage in manner aforesaid the above-mentioned shares
and that the same are free from encumbrances (or save as appears by the
registry of the said ship)
IN
WITNESS WHEREOF we AB & Co. Ltd. have hereunto affixed our common seal this
........... day of ...........
The
common Seal of M/s. AB & Co. Ltd., the within )
named
Mortgagor Company is hereto affixed pursuant )
to
the resolution of the Board of Directors dated ......... )
in
the presence of Mr. .......... Managing Director )
and
countersigned by Mr. ......... a Director/ Secretary )
duly
authorized by the said resolution and who is )
token
thereof have put their signatures opposite in the )
presence
of ........... )
1)
2)
