AGREEMENT OF MORTGAGE WITHOUT POSSESSION

AGREEMENT OF MORTGAGE
WITHOUT POSSESSION FOR A PERIOD OF _________

          This Mortgage of Agreement is made & executed on this the _____ day of  ________  at   _______________  by and between:-

          ­­­­­­­­­­­__________________ S/o D/o W/o ________________

          Aged      Occupation:  

Resident of  House No.

  

( Hereinafter called the which term shall mean and include his/ her heirs, legal representatives, successors, executors, and assignees, etc., of the  MORTGAGOR  of the ONE PART )       

                                                               IN FAVOUR OF  

           __________________ S/o D/o W/o ________________

          Aged      Occupation:  

Resident of  House No. 

( Hereinafter called the MORTGAGEE which term shall mean and include his/her heirs, legal representatives, successors, executors, and assignees, etc., of the of the OTHER PART)                                                              

         

WHEREAS the Mortgagor is the absolute owner and peaceful  possessor of the _____________________________________________________  Hereinafter called the Mortgaged Schedule Property.  

AND WHEREAS the Mortgagor herein offered to mortgage the said Schedule property WITHOUT POSSESSION for a sum of Rs. __________/- (Rupees _______only)  For a period of ______________ and the said Mortgagee herein agreed to pay the said same amount to the Mortgagor on the collateral surety and security of the said Mortgage Schedule Property.

IN  PURSUANCE of  the  said  agreement Rs. __________/- (Rupees _______only) and the Mortgagee has paid the said amount to the Mortgagor and thus having received the said mortgaged amount, the Mortgagor herein executed this Mortgage Agreement Without Possession in favour of the Mortgagee.

NOW THIS MORTGAGE DOCUMENT WITNESSETH AS UNDER

1.       The Mortgagor herein have received a sum of Rs. __________/- (Rupees _______only) from the Mortgagee today.

                            

2.       The said property hereby mortgaged today is free from all encumbrances, sales, gift, will, sureties, court attachments, family disputes, Govt. or Public litigations, etc.

                                                                                     

3.       The Mortgagor shall pay a sum of Rs. __________/- (Rupees _______only) to the Mortgagee on a Monthly Basis during the period of this Mortgage Agreement which is considered as assumed rent on the said received amount.

4.       The Mortgagor herein declare that this mortgage agreement is for ___________. 

5.    That the Mortgagor herein executed this Mortgage Agreement as a token of assurance for the Mortgagee at the time of necessity.

6.       That the Mortgagor herein have deposited the Original Link Document of the said Mortgage Schedule Property with the Mortgagee.

7.       That the Mortgagee shall release the said Original Link Document only after receiving the said mortgage amount i.e. at the expiry of this Mortgage Period or at the time of the payment of the said mortgage amount.

8.       That the Mortgagor herein assures and covenants that if  Mortgagee needs the said mortgage amount before the stipulated period then in such event the Mortgagee shall inform the Mortgagor before (03) months time.  

SCHEDULED OF THE PROPERTY HEREBY MORTGAGED

All That The __________________________________________________________

__________________________________________________________ bounded by:- 

NORTH       :

SOUTH       :

EAST          :

WEST         :

          In Witness Whereof  the Mortgagor and the Mortgagee herein put their hands and signatures on this Mortgage Document in the presence of the following witnesses, on the day, month and year first above mentioned at ____________.

WITNESSES:                                          

1.

MORTGAGOR

2.                                                        

           MORTGAGEE                            

RECEIPT

I,         __________________ S/o D/o W/o ________________

          Aged      Occupation:  

Resident of  House No. 

Do hereby received a sum of Rs. __________/- (Rupees _______only) and in cash from Mortgagee.

           __________________ S/o D/o W/o ________________

          Aged      Occupation:  

Resident of  House No.  

Towards the  mortgage of my owned and possessed property i.e. _____________

_______________________________________________________________

Hence this receipt for a total Rs. __________/- (Rupees _______only) and is passed by me on this the ____ day of  __________ at _________________.            

WITNESSES:               

                                       

1.                                            

2.                                                                                 EXECUTANT / MORTGAGOR