Forms

		MORTGAGE BOND Sri …………………………………….. S/O…………………………………… Aged………………………….years by profession…………………………….. Village…………………………………P.O……………………………………. P.S…………………………………..Tahasil…………………………………… District……………………………Member No………………………………… 2. Sri …………………………………….. S/O./W/O…………………………….. Aged………………………….years by profession…………………………….. Village…………………………………P.O……………………………………. P.S…………………………………..Tahasil…………………………………… District……………………………Member No………………………………… Sri …………………………………….. S/O…………………………………… Aged………………………….years by profession…………………………….. Village…………………………………P.O……………………………………. P.S…………………………………..Tahasil…………………………………… District……………………………Member No………………………………… (Here in after called the "MORTGAGERS" which expression where the context to admits shall include its successor assignee) of…………..Subdivisional/Town/Urban House Building Co-operative Society Ltd. MORTGAGERS The Secretary ……………………Subdivisional/Town/Urban House Building Co-operative Society Ltd. At………………..P.O………………P.S………………… District…………..Registration No……………….dated……………………………….. (hereinafter called "THE MORTGAGEE" which expression where the context so admits shall include its successors and assignees). MORTGAGEE NAME OF THE DEED MORTGAGE BOND LOAN AMOUNT Rs………….Rupees…………………………….. …………………………………………………… Extent of Land under mortgage District………………………………………… … Sub-Registrar…………………………………….. Municipality N.A.C……………………………… Mouza……………………………………………. Khata No…………………………………………. Plot No…………………………………………… Area………………………………………………. AND WHEREAS by indenture of Mortgage and hereto in consideration of the sum of Rs……………..(Rupees…………………………..) lent to Mortgagee by the Mortgagee the price or parcel or land the Premises comprised herein which are described in the schedule, conveyed to the Mortgagee by way of mortgage for Securing the repayment of the said sum of Rs……………………… NOW THIS DEED WITNESSETH AS FOLLOWS 1. The Mortgager hereby declares that he/she is recorded title holder owner and possessor of the properties mentioned in the schedule and the said properties are free from encumbrances till to the date of this mortgage. This mortgager has mortgaged all its rights titles, ownerships to the mortgagee till the date of realization of all dues including principal, interest and all other expenditures to be incurred for such realization of the loan amount for Rs……….(Rupees……………………..). The Mortgager hereby agrees that in case he/she fails to pay the loan amount with interest and other charges etc. as per the conditions of this mortgage deed, bye-laws of the mortgagee society, rules of finance and instructions of the Orissa Co-operative Housing Corporation Ltd. It is open to the Mortgagee to put the Mortgager hereby agrees that he/she is also personally liable for payment of above loan amount so availed. In case it is proved that the loan amount has not been properly utilized, the Mortgagee Society will not beheld responsible for such non-utilisation and the Mortgagee has every right to realize the entire loan amount with interest at the rate of…………….% per annum from the date of finance with other charge etc., from the Mortgager. The Mortgager has no right to lodge complaint on the decision of the Mortgagee Society regarding non-utilisation of loans and the Mortgager is bound by such decision of the Mortgagee. 2. The Mortgager hereby agree to accept the rate of interest fixed/ to be fixed on the loan amount as per rules, instructions of the Government of Orissa, Life Insurance Corporation of India/Orissa Co-operative Housing Corporation and the decision of the Managing Committee and General Body Mortgagee of the Society from time to time. The Mortgager further agrees to pay Group Insurance Premium at the rate of .6% on the outstanding amount per annum or such rate to be fixed by the L.I.C. from time to time over and above the rate of interest on loans. The above loan dues alongwith interest will be realized to two half-yearly instalments falling due on 1^st July and 1^st January of every year and the Mortgagee promises to pay the instalment dues on or before the above due dates. That in case this mortgager fails to pay the dues the amount of interest so due will be added to the principal outstanding as per terms conditions of finance and on this compounded loan amount, interest and insurance premium will be realized on the prescribed rate of interest. The Mortgager further agrees to pay insurance Premium at the rate of 6% of the realeased amount at the time of availing loans from the Mortgagee Society in different instalments. 3. The Mortgager hereby agrees to repay the loan amount of Rs……… (Rupees……………..) in………….years at the rate of Rs……(Rupees………………) in ……….number of half-yearly instalments with interest at the rate of Rs………..% per annum (…………….) and will pay the said total amount at the office of the Mortgagee Society situated at…………….. This half yearly instalments will be paid by the Mortgager on 1^st July and 1^st January of each calender year on or before these due dates alongwith Insurance Premium of 6% of the outstanding loans. That in case the Mortgager defaults any of the above instalments including interest and other charges, it is open to the Mortgagee Society to realize the entire outstanding loans with interest in one instalments without allowing the Mortgager for the full terms of repayment and Mortgager hereby agrees to clear up the dues without any objections or obstructions in respect of such realization. 4. The Mortgager hereby declares that the mortgaged Properties are free from encumbrances and in case any dispute arises on the mortgaged properties and the Mortgagee Society sustains any loss on that account, the Mortgager is liable to compensate the losses and will render all such assistance to keep the mortgage Property absolute and free from litigations. 5. The Mortgager agrees that in case the mortgaged property is sold or remortgaged or given on will or transferred by nay other means, the Mortgage Society without following the terms of repayments, shall recall the entire outstanding amount with interest at the rate of Rs………….% per annum alongwith other expenses etc. till to the date of full realization. 6. The Mortgager hereby agrees to pay all rents and taxes of the mortgaged property the proper Authorities punctually every years and produce those receipts to the Mortgagee if he/she fails to pay all such rent, taxes, it is open to the Mortgagee Society to pay such rents and taxes and realize the same with other incidental expenses alongwith loan instalments. 7. The Mortgager further promises and agrees to abide by the existing provisions of the Bye-laws and Rules of finance and the Bye-laws on rules of finance to be amended subsequently. Further the Mortgager agrees to pay necessary guarantee fees payable to the Government as per directions given by the Mortgagee Society. 8. That in case the value of mortgaged property decreases or the Mortgagee Society makes a claim or demand on the Mortgager for other reasons, the Mortgager is bound to offer additional securities for the purpose. 9. On demand made by the Mortgagee Society due to decrease of value of land or for any other reasons, the Mortgager will be bound of offer additional securities in place of Mortgaged property. 10. The Mortgager hereby agrees that he shall not Mortgagee, encumber or transfer the property mentioned in the schedule and shall not indulge or allow others to indulge in any action which will cause reduction of value or the property of destructions of the properties mortgaged till this bond remaining in force. 11. In case the value of the mortgaged property is not sufficient to realize the outstanding dues with other charges or in case the Mortgagee Society losses its rights partly or fully on the mortgaged property due to illegal act or latches committed by the Mortgager or incase the Mortgaged property partly or fully in destroyed due to any reason, other than the fault or action committed by Mortgager or in case the Mortgager fails to offer suitable surety within the specified period or additional security as per condition No.6 aforesaid or any defect is noticed on the ownership titles and rights of the mortgager, the Mortgagee Society has right to collect the entire dues filling disputes on the movable and immovable properties of this Mortgager.12. The Mortgagers wears by an oath that he has availed the loan only for construction of houses and this mortgage bond will remain in force on this successors, legal heirs assignees and they shall also be bound by the provisions of this bond and shall also be held liable and responsible for the full repayment of this loan with interest and other dues. 13. This mortgage deed is hypothecated to the mortgagee Society for realization of any dues of the said Mortgagee Society and it will remain force even no amount is due on the Mortgager unless it is realized by the Mortgagee Society. 14. This mortgage bond will in no way be affected in the event of amalgamation of Mortgagee Society with any other Society or Bank. 15. The Mortgager hereby agrees that in case of the default of any instalment by the Mortgager, the Mortgager besides availing all legal recourses has right to put the mortgaged property under auction and sale even without filling dispute. 16. This mortgage bond will remain in force not only for realization of this a loan amount but for realization of all amounts the Mortgages Society will preferred in future. 17. The aforesaid loan amount of Rs………….(Rupees………………) will be released in……………..half yearly instalment with interest and other charges and dues. 18. The Mortgager hereby mortgaged the piece or parcel of lands situated in …………………..in the district of ……………..described in detail in the schedule with the building and erections thereon now existing or which may hereafter be constructed or erected thereon. TRANSFER AND REDUMPTION : In consideration of Rs…………… the Mortgager both hereby grant transfer, convey, assign, and assure unto the Mortgagee all that piece or parcel of land hereditaments and premises with the building constructions now standing thereon or which may hereinafter be erected thereon any part thereof situated at …………………………bearing No……. ……………..in the registration Sub-district ………………….in the district of………… in the State of ……………… together with all and singular the house, out house, well, motor, sewers, ways. Paths, passage lights, liberties, easement to the said premises and all the deeds and other evidence of title relating to the said premises TO HAVE AND TO HOLD the said premises and all other premises and herein before expressed to be conveyed granted assured and assigned with all and every of their appurtenances unto and to the Mortgagee absolutely but subject to the provision for Redemption hereinafter contained PROVIDED that if the Mortgager shall duly pay to the Mortgagee the said principal amount and interest hereby secured in the manner hereunder provided and all other monies if any by these presents or by law payable by the Mortgage to the Mortgagee then in such event Mortgagee shall at any time thereafter upon the request and at the casts of the Mortgager shall reconvey and reassign the said premises unto the Mortgager as he shall direct. *~~~~**