DEED OF SIMPLE MORTGAGE

THIS DEED OF SIMPLE MORTGAGE executed at ______ on this the ___ day of _______ ______BETWEEN:

Mr._______________, son of Mr.________ Indian, Hindu, aged about _____ years, residing at No._________, ________, ____________

HEREINAFTER referred to as the MORTGAGOR which expression shall, unless it is repugnant to the context mean and include his legal representatives, administrators, executors and assigns.

AND

Mr._______________, son of Mr.__________ Indian, Hindu, aged about _____ years, residing at No._________, ________, ____________ _________,
HEREINAFTER referred to as the MORTGAGEE which expression shall unless it is repugnant to the context, mean and include his legal representatives, administrators, executors and assigns.

WHEREAS

The MORTGAGOR is the absolute owner of all that piece and parcel of land and building measuring to an extent of about _____ square feet of built up area in land admeasuring _____ square feet situated in Town Survey No: _____ bearing door number: _________ more fully described in SCHEDULE 'A' to this Deed.

The MORTGAGOR has approached the MORTGAGEE for a loan of Rs._________ (Rupees ___________ Only) to ____________situated at _____________________

And

The MORTGAGOR has agreed to offer the property morefully described in Schedule 'A' as security for the due repayment of the loan, and the MORTGAGEE has agreed to sanction the loan to the MORTGAGOR on the following terms and conditions:

NOW THIS DEED WITNESSTH AS FOLLOWS:

LOAN DISBURSEMENT
That in pursuance of the above mentioned agreement, the MORTGAGOR has received a sum of Rs. __________(Rupees ____________ Only) (hereinafter referred to as the mortgage money) as loan from the MORTGAGEE, vide two Cheques bearing nos. _______, _________each for a sum of Rs.____________ (Rupees _________ Only) dated _______ and _________ drawn on ____________, _______ Branch, ___________ payable at ____________

OBLIGATIONS OF THE MORTGAGOR
REPAYMENT

The MORTGAGOR hereby covenants and agrees to pay the MORTGAGEE the said sum of Rs. __________ (Rupees __________ Only) in _____ equated monthly installments i.e. at Rs.______(Rupees _______ only) commencing from the date of final disbursement of the loan amount.

The interest at _____ per annum calculated on the reduced balance of the principal amount shall be paid every month along with the installment amount

REDEMPTION
On repayment of entire mortgage-money of Rs. ________(Rupees __________ Only) together with interest, the MORTGAGEE will discharge and release the schedule mentioned property from the mortgage security and shall, if called upon by the MORTGAGOR, execute a deed of release in respect of the schedule mentioned property at the cost of the MORTGAGOR.

DISPUTE
Any dispute arising under this deed or any matter incidental thereto shall be submitted to Arbitration, as per the provisions of the Arbitration & Conciliation Act 1996. The MORTGAGEE shall appoint the arbitrator and the award by the arbitrator shall be binding on the parties.

The venue of the arbitration shall be at _______.
SCHEDULE-A
(Fill in the schedule)
IN WITNESS WHEREOF the MORTGAGOR hereto have affixed their signatures on the day, month and year first herein above written
WITNESSES:
(1) MORTGAGOR
2) MORTGAGEE