Mortgage Agreement With Possession

MORTGAGE AGREEMENT

(WITH possession FOR A PERIOD OF __________)

This Mortgage Agreement is made and executed on this the ____ day of ___________ at _____________ by and between:-

                            

_______________ S/o W/o D/o ________________ aged about ____ years, Occupation _________ R/o H.No. __________________________

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

IN FAVOUR OF

_______________ S/o W/o D/o ________________ Aged about ____ years, Occupation _________ R/o H.No. __________________________

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

WHEREAS the Mortgagor is the absolute owner and possessor of the Property______________________________________________________________________________________________________________  

WHEREAS the Mortgagor is in need of the Financial assistance, as such requested the mortgagee to give a sum of Rs. ________/- (Rupees____________________ only) on the collateral security (by way of delivery of possession of the Property __________________________

________________________________________ and the Mortgagee herein agreed to the same on the following term and condition:-

        The Mortgagor herein executes this Agreement of Mortgage with Possession in favor of the Mortgagee and acknowledges its receipts. The mortgagee will pay monthly Rent Rs. _______/- (Rupees ____________ 

_________ Only) to mortgagor.

NOW THE MORTGAGOR COVENANT WITH THE MORTGAGEE AS UNDER

1   1.   In pursuance of the above offer and acceptance the Mortgagee has paid a sum Rs._________/- (Rupees______________________only) to the Mortgagor towards Mortgage amount in respect of the above mentioned property and the Mortgagor hereby admit and acknowledge the receipt of the same.

 2.  That the Mortgagor has delivered the possession of said Mortgage property to the Mortgagee to use the same by the Mortgagee for his/her personal use till the mortgagor repay the said mortgage amount.

3.     That the period of Mortgagee shall be period of ___________ from the date of this document.

4.     That the Mortgagee after the receipt of said mortgage amount from the Mortgagor shall redeliver the possession of the Mortgage property to the Mortgagor.

5.     That the Mortgagor herein assure and indemnify the Mortgagee from any loss, dispute, claim, demand of any nature arising in future on his/her part in respect of the schedule property or the transaction hereto agreed in this agreement.

6.     That the Mortgagor hereby assure the Mortgagee that during the period of mortgage he/she shall not sell, transfer, convey alienate the mortgage property to anybody without prior written consent of the Mortgagee.

7.     That during the Mortgage period the Mortgagee shall keep the premises in need and clean conditions and the Mortgagor shall have a right inspection the same.

8.     That it is agreed by the parties that there is rent for the said premises and no interest for the said amount.

9.     That the Mortgagee shall not use the Electricity in illegal manner and shall not temper the seal of meter otherwise the Mortgagee shall be responsible for all costs and consequences.

         

10.   That the Tenant Mortgagee at the time of re-delivery of the possession of the premises shall redeliver the possession of the said Mortgage property in neat and clean conditions as he/she obtained. 

11.   That mortgagee shall pay Water and electricity charges to the concerned department.

12.   That the Mortgagor shall give (3) months prior notice to the Mortgagee to vacate the said premises and the Mortgagee should also give (3) months prior notice to the Mortgagor before vacating the said House/flat.

         In Witness Whereof, the Mortgagor and Mortgagee have signed on this Mortgage Agreement on this the day, month and year herein above mentioned in the presence of the following witnesses.

WITNESSES:

1.                                           SIGN. OF MORTGAGOR

2.

                                              SIGN. OF MORTGAGEE

RECEIPT

I,   _______________ S/o W/o D/o ________________ Aged about ____ years, Occupation _________ R/o H.No. __________________________

Received an amount of Rs. _________/- (Rupees __________________ only) form the Mortgagee ______________ S/o W/o D/o _________ Aged about ____ years, Occupation _________ R/o H.No. __________________________. towards mortgage amount by way of delivery of possession of the Property ____________________________

__________________________________________________________.

in pursuance of the a Mortgage agreement with possession on dated ____ day of ___________ at _____________.

        Hence this receipt is made and executed on this the ____ day of _________ at _____________ in presence of the following witnesses:-

WITNESSES:

1.

 EXECUTANT

2.