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Sunday, May 19, 2013

How to Write A Mortgage Deed-2

How to Write A Mortgage Deed-2


THIS DEED OF MORTGAGE made on the day of February, 2013.

MD. KAMAL UDDIN, S/O-Late Serajal Hoque Village-Gobonia, P.O. Mirsari, P.S. Mirsari, District- Chittagong, Proprietor of M/S Kamal Shoe Store, D.T. Road Mirsari, Chittagong (hereinafter referred to as "The Mortgagor" (which expression shall include his Administrator, Executor and Legal representative and heirs, successors-in-include his interest and assigns)                                                                                                           --------------One Part.


Sonali Bank Ltd., having its Head office at Motijheel Commercial Area, Dhaka and Branch office at Mirsari Branch, Mirsari, P.S. Mirsari, Chittagong besides other places  (hereinafter referred to as 'The Mortgagee Bank' which expression shall includes its Administrators, Executors, legal representatives, successors-in-interest and assigns)                                                           ----------- OTHER PART.

WHEREAS, on the application of MD. KAMAL UDDIN, S/O-Late Serajal Hoque Village-Gobonia, P.O. Mirsari, P.S. Mirsari, District- Chittagong,Proprietor of M/S Kamal Shoe Store, D.T. Road Mirsari, Chittagong of which is the mortgagor (hereinafter called "the borrower") and at the request of the mortgagor, the mortgagee-Bank sanctioned a loan by way of cash  credit Limit scheme A/C. of Tk. 5,00,000/- (Five lac)  only (hereinafter called the said the account) with interest at the rate of 14% per annum minimum with quarterly rest or at such other rate at the bank may in its discretion revise time to time and other charges as per the terms and conditions of the sanction advice cash credit sanctioned vide sanction letter of Sonali Bank  Ltd. Principal Office Agrabad Chittagong No. PO/Ctg. South/Agra/GAD/CC/Small Loan/ 1992 dated 19/03/2009 and Branch Sanction Letter No. Vide SBL/MIR/CC-3/164 Date 25/03/2009 of the mortgagee bank.
Where the said loan by way of  cash credit limit scheme A/C. of Tk.5,00,000/- (Five lac) only is sanctioned to the borrower on the conditions, amongst others, that the mortgagor who is the  guarantor for the loan in the said account of the borrower shall mortgage his property in the schedule hereto for securing the said loan and all liabilities in the account of the borrower with interest and other charges as aforesaid.


WHEREAS, the Mortgagor being the sole owner and Proprietor inclusive possession of the land Described fully in the Schedule below, has agreed to mortgage the said land to the Mortgagee as security for repayment of the said loan together with interest as agreed upon and sanction to the Mortgagor.
NOW THIS DEED WITNESS THAT THE Mortgagor is the absolute and inclusive owner of the land described fully in the schedule below! and the mortgagor hereby great, assign, secure, convey and transfer unto the Mortgagee the piece and parcel of land together with all rights, liberties attached to the said land which at any time during the continuance of this security shall being to the Mortgagee to Hold the said piece and parcel of land hereby assigned and transferred unto and to the use of the Mortgage absolutely and free from all encumbrances.

 the Mortgagor do hereby covenant with the mortgage as follows :-
  1. The Mortgagor shall pay to the Mortgage the loan amount together with interest at 9%  above Bank Rate minimum 14% per annum with quarterly rest within the period of repayment up to one year from the date of availing Subject however to the condition that if the account is not conducted satisfactorily penal interest will be charge 01% in the first month and thereafter it will be increased by 01% in each following month to maximum of 14% of total interest including penal interest.
  2. The mortgagor shall pay all rents, taxes and duties and assessment, dues owing & payable in respect of the said land for the security hereby  created  and  during  the  continuance of these present and in case the mortgagor fails or neglects to pay the rent, taxes, dues then and any or such cases it shall be lawful for but not obligatory on the mortgagee to pay such  rents, taxes  and assessments and payment so made by the mortgagee shall be charges upon the land hereby mortgaged with the said principal sum and interest hereby secured as if they have formed part thereof.
  3. The Mortgagor shall no allow a Receiver to be appointed except at the instances of the mortgagee who shall always at its discretion be able to do so on the said piece and parcel of land (Described in the schedule below) or any part thereof or any distress or execution to be levied or enforce upon against the said piece and parcel of the immovable property or create or support or attempt to create hereinafter any charge or Mortgage or on the said land (described in the schedule below) which may prejudice security hereby constituted and if any charge or mortgage is so created it shall be void for all interests and purposes.
  4. The piece and parcel of land  together with all additions thereto shall be hold as a security for the said loan and the mortgagor will not create any mortgage, charge, linear or encumbrances affecting the same or any part thereof or do anything would prejudice this security and the mortgagor shall not part with the said land except with the permission in writing of the mortgagee and if anything is done to the contrary, the same shall be void.
  5. The mortgagor here declare that all the said piece and parcel of land are the absolute property of the mortgagor at the sole disposal of the mortgagor and free from any prior charges or encumbrances and that the mortgagor have no done or knowingly suffered or been party to anything  whereby he is in any way prevented from mortgaging the said land in the manner aforesaid and the mortgagee will do and execute at their cost all such acts and things for further and more particularly assuring the said land of any part thereof to the mortgagee as shall be required by the mortgagee at their discretion for giving better effect to these presents.
  6. The mortgagor shall permit mortgagee, it agents, nominee and servants from time to time at all times during the continuance to this security to enter upon the said mortgaged land or any part thereof to view, inspect and value the same and shall render to the mortgagee, its agents, nominee and servants all facilities as may be required for any of the purposes aforesaid.
  7. The mortgagee after it has become payable under the provisions of this deed shall in addition to any other remedies available to them under the law, have the power to sell without the intervention of the court the mortgaged property or any part thereof for realization of the money due to them under the deed. 
  8. The said mortgagor shall be personally responsible to repay the said loan and in case the realization from the property hereby mortgaged falls short of the amount due to the mortgagee, the later shall be entitled to recover the same personally from the mortgagor as well as from other movable and immovable properties belonging to him. 
  9. During the continuance of this security the mortgagor will not cause any person to registered as the proprietor of the said land without the mortgagee's consent in writing. 
  10. That be it noted that the mortgagee may extend the loan from time at its absolute discretion the small loan at the request of the Mortgagor in respect of the business of Mortgagor and this mortgagee shall hold good for any such advance or extension whether in this account or any other accounts that may be given in future by the mortgagee.


          All that piece and parcel of land situated at District-Chittagong, P.S. Mirsari, Mouza-Middle Mogadia, J.L. NO. 71 R, S, Khatian No 1999 and 3037  R. S. Plot No-16009 and 15956 P.S. Khatian No. 3363/6143 B.S. Khatian no. 776/2117 and  B.S. Plot No. 55851/ 55877 And B.S. Mutation Khatian No. 6780 area of land 10.75 Satak   thereon.

                   IN WITNESS WHEREOF, I, the Mortgagor, have got my hands on day, month and year first above written. 

Enclosures :-
          Original Pay Order No. ......................... dated ..../02/2013 for Tk.1,450/-        of Sonali Bank Ltd., Mirsari Branch, Chittagong towards stamp prashashan non-judicial after adjustment of Tk. 50/- against purchase of stamp in the Deed of Conveyance together with one photocopy thereof.


Drafted  By :





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