Deed Of Usufructuary Mortgage Deed Format

Deed Of Usufructuary Mortgage

Deed Of Usufructuary Mortgage Deed Format

This deed of mortgage made this …………..  day of ………….. 2000 between AB son of ……………… residing at ………………….. hereinafter called the MORTGAGOR (which term shall include his heirs, successors, executors, administrators and assigns) of the one part and CD son of ……………… residing at ……………  hereinafter called the MORTGAGEE (which term shall include his heirs, successors, executors, administrators and assigns) of the other part, WITNESSES that in consideration of the sum of Rs. ……………  paid by the MORTGAGEE to the MORTGAGOR at the time of the execution of this deed (the receipt of which sum the MORTGAGOR hereby acknowledges), the MORTGAGOR does hereby convey as and by way of usufructuary mortgage to the MORTGAGEE ALL THAT etc. To Have and To Hold the same and posses as security until the repayment of the said sum with interest thereon at the rate of Rs. ………….  per cent per annum.

And this indenture further witnesseth and it is agreed and declared that the MORTGAGOR hereby delivers possession of the said property to the MORTGAGEE who shall retain such possession until payment of the said sum with interest as aforesaid and shall receive the rent, issues and profits accruing from the said property and pay all rents, cesses, taxes and other impositions and appropriate the balance firstly, in payment of the interest due and then in reduction or payment of the principal sum advanced and that on such payment and satisfaction of the whole of the principal sum and interest thereon the MORTGAGOR shall be entitled to get back possession of the said property.

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And it is further agreed and declared that the MORTGAGEE shall at all times hereafter until satisfaction of the mortgage debt take care of, manage and preserve the said property as a person of ordinary prudence would manage it if it were his own and use his best endeavours to collect the rents and profits thereof and make necessary arrangements for maintenance, preservation and repair of the said property and keep clear, full and accurate accounts of all sums received and spent by him as MORTGAGEE and furnish the MORTGAGOR at his cost true copies of such accounts and of the receipts and vouchers by which they are supported.

And it is furthermore agreed that in any event after expiry of……………… years the mortgage debt shall be deemed as satisfied and extinguished out of the usufruct of the property and the MORTGAGEE shall unconditionally reconvey the property to the MORTGAGOR at his costs and expenses.

The Schedule above referred to

In witness whereof the parties hereto have executed these presents on the day, month and year first above-written.

Signed, sealed and delivered by

 AB the MORTGAGOR in the presence of:

Signed, sealed and delivered by

 CD the MORTGAGEE in the presence of:

MEMO OF CONSIDERATION

Received of and from the withinmentioned MORTGAGEE the sum of Rs…………  being the consideration withinmentioned by Bank Draft No………. dated ………………. for Rs. …………. issued by X Bank Ltd. payable in Calcutta.

WITNESSES:                                                                                           Received

                                                                                                Signature of the MORTGAGOR

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