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| WHEREAS
AND THIS DEED FURTHER WITNESSETH that in consideration aforesaid, the Mortgagor both hereby transfer by way of mortgage his/her said land and premises situated at .. and described in the Schedule hereunder written as a security for repayment of the said sum with interest and all other money due and payable hereunder with a condition that on the Mortgagor repaying the said principal sum of Rs with all interest and other money due to the Mortgagee (hereinafter referred to as the Mortgage amount) the Mortgagee will redeem the said land and premises from the Mortgage security and shall if so required by the Mortgagor execute a deed of release but at the costs of the Mortgagor. And its is further agreed and declared by the Mortgagor then in the event of the Mortgagor failing to pay the said principal sum with all interest and other moneys when the same shall become due and payable under these present, the Mortgagee will become entitled to have the said and premises sold through any competent Court and to realize and received the said Mortgage amount out of the net sale proceeds of the said land and premises. And it is further Agreed and declared by the Mortgagor that he/she shall also be liable to pay and shall pay all the costs, charges and expenses that the Mortgagee will incur for the protection of the mortgage security and or for the realization of the mortgage amount and the same shall be deemed to for part of the mortgage amount and the security therefore as aforesaid. And it is further agreed that during the pendency of the security hereby created and until repayment of the mortgage amount the Mortgagor will get insured and keep insured the buildings and structures standing on the said land against loss and damages due to fire or any other accident in the sum of at least Rs with some Insurance Company of repute and pay all premium on the insurance policy as and when it becomes due and payable in respect thereof to such company and shall hand over the policy to the Mortgagee duly endorsed in his same as assignee and in the event of the Mortgagor failing to do so or to pay the premium, the Mortgagee will be entitled to insure the said buildings and structures and/or to pay the premium thereon and the amount paid by the Mortgagee in respect thereof will be deemed to form part of the mortgage amount. And it is further agreed that in the event of the said land and premises being destroyed or damaged by fire or any accident as aforesaid, the Mortgagee will be entitled to receive the insurance claim under such policy to the exclusion of the Mortgagor and to appropriate the same first towards all arrears of interest and then the principal amount or any part thereof as may be sufficient to pay the mortgage amount due and if any surplus remains the same only will become payable to Mortgagor. IN WITNESS WHEREOF the Mortgagor has put his hand the day and year first hereunder written. THE SCHEDULE ABOVE REFERRED TO: Shined and delivered by the Mortgagor Mr. .in the presence of 1.. 2 ... |
Awaz
India Media |
