STAMP PAPER AS PER GOVERNMENT INSTRUCTIONS
MORTGAGE DEED
This deed
of Mortgage is made at ( Name Of The
City), on this 01st Day of February, 0000 (year) between M/S __________________,
a partnership concern of (NAMES OF
PARTNERS AND ADDRESSES) (Hereinafter referred to as Mortgagor/(s) of the One
Part.
AND
(NAME OF THE BANK/FINANCIAL
INSTITUTION AND ITS BRANCH OFFICE) ( here-in-after called the BANK/FINANCIAL
INSTITUTION) of the Other Part.
Whereas the
Mortgagor(s) is/are seized and possessed of, or otherwise lawfully entitled
in their names to all those pieces and
parcels of land of property more
particularly described in the schedule hereto (hereinafter called the said
property) having acquired through Sale
Deed Nos.0000, dated 00.00.0000 and 00000 Dated 00.00.0000, and 0000 Dated 00.00.0000,
and 0000 Dated 00.00.0000, and 0000 Dated 00.00.0000 registered with Sub
Registrar (AUTHORIZED OFFICER UNDER
REGISTRATION OF ACT) (NAME OF THE CITY), and whereas at the
request of the Mortgagor(s) the Bank has agreed to provide facility
to me/ us/ M/S________________ _______________(hereinafter called the
Customer) in terms of Agreement of finance and on the basis of amongst
other securities against mortgage of the said property.
And whereas
the Mortgagor(s)/ Customer by way of primary security have already executed a
duly stamped promissory note for the liability in favour of the Bank.
And whereas
the facility is non-interest based and accordingly stamp duty is chargeable on
this deed under Notifications issued by
the Government of the Punjab (PROVINCE) Revenue Department.
NOW THIS DEED OF MORTGAGE WITNESSETH
1.
In
consideration aforesaid the Mortgagor(s) doth hereby mortgage the said property
by way of collateral security unto the Bank to hold the same until the payment/
repayment of all moneys due under the same agreement or any renewals or
replacement thereof or otherwise up to a maximum of Rs.000,000/- ( IN WORDS ONLY)
besides the amount of equitable mortgage,
plus all service charges or any other costs, charges, expenses and
liquidated damages if any payable to or incurred by the Bank.
2.
That the Mortgagor(s) shall pay/ ensure repayment
of all sums due and payable to the Bank in accordance with the agreed terms and
conditions of repayment as aforesaid.
3.
In the event of default in the payment of any due
amount of principal for 90-days and or non payment of mark up for two
consecutive quarters, the bank shall reserve the right to sale out the property
/properties mortgaged with it/or get these properties transferred in its own
name/ or in the name of any person without referring the matter to any court of
law.
4.
That the said property is free from all claims,
liens, encumbrances and charges of whatsoever nature and the mortgagor(s) shall
not in any way allow or permit anything to be done in respect of the said
property so as to make his rights therein liable to be extinguished or in any
way impaired and shall keep the said property free from all charges and
encumbrances of whatsoever nature.
5.
That
the Mortgagor(s) during the continuance of the mortgage shall keep the said
property adequately insured with insurance company approved by the Bank against
damage by fire and such other risks as the Bank may require from time to time
incorporating the usual Bank Mortgage clause and the Mortgagor(s) shall pay
premia as and when due to and shall pass on all receipts therefore to the Bank.
In case the mortgagor fails or omits to pay any such premia the bank may pay
the same on behalf of the mortgagor(s) and the Bank shall be entitled to
recover from the mortgagor(s)/customer the amount so spent plus an addition of
20% thereof as liquidated damages all of which shall stand secured hereunder.
6.
That in default of payment of any installments by
the Mortgagor (s) /Customer the Bank not withstanding anything contained herein
shall be entitled to serve 30 days notice upon the Mortgagor(s) calling upon
him to pay the entire amount then due.
7.
That the Bank after giving notice in writing to the
Mortgagor(s) shall have the right to sell the said property or any part thereof
either by public auction or by private treaty without the intervention of court
including the right to purchase the said property or any part thereof for
itself at such sale on the happening of any of the following events:-
i) If the amount due is not paid/ repaid in
terms of the said
agreement.
ii)
If the said property is damaged or diminishes in
value so as to impair the security.
8.
That in the event of default the bank may at its
discretion appoint any person as it may
deem fit, as receiver of the said property or any part thereof with power to realize
its income and to discharge therefrom all rents, taxes, insurance premia and
other dues whatsoever payable in respect of the said property or any part thereof to pay his own commission
and costs of necessary repairs thereto
and to spend the balance towards payment of the dues of the Bank. The surplus
if any shall be paid to the Mortgagor(s).
9.
That the Mortgagor(s) shall allow the bank or it s authorized
agents at all reasonable times to enter
upon the said property or any part thereof and to view and examine the
condition thereof.
10.
This mortgage shall be a continuing security and
shall not be considered as either wholly or partially satisfied or redeemed by
any payment made by the Mortgagor(s) or the customer and shall be security for
any amount ultimately due to the Bank from the mortgagor(s) or the customer on
any account whatsoever.
11.
The
bank may as it may deem fit without any reference or notice to the mortgagor(s)
and without obtaining his consent at all times without prejudice to this mortgage and without
discharging or in any way affecting the mortgagor(s) liability hereunder grant
time or other indulgence to or accept or make any composition or arrangement
with the customer and also vary/ renew/extend the said agreement from time to
time.
12.
Any notice to the mortgagor on the address given to
the Bank or as in the title of these presents shall be deemed to be sufficient
and valid for all purposes and shall be deemed to have been served if sent by post or left at the address given.
13.
On payment of all dues to the Bank, the bank shall
at the cost of the mortgagor(s) redeem the said property free from all
obligations arising under this deed.
14.
The terms, mortgagor(s), customer and the bank
wherever the context so permits shall always mean and includes their respective
successors-in-interest and assigns.
S C H E D U L E
All those pieces and parcels of land with present
and future constructions, fixtures, fittings, installations, installed or to be
installed thereon bearing properties detailed below:-
(FULL DESCRIPTION OF PROPERTIES)
owned by of _________________________
(NAME OF THE OWNERS) Situated in ____________________________ as per
Jamabandi ( TITLE DOCUMENTS) 0000-00000.
IN
WITNESS WHEREOF the above named Mortgagor(s) has/have signed this
deed on the day, month and year first above written.
Mortgagor
(s)
(Name and parentage with signatures)
Witnesses:
1.2.
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