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Monday, May 13, 2013

How To Write a Mortgage Deed?

In This How To write Series I will show you different Deed and Agreement Proforma, Today I am going to show you how to write a Registered Mortgage Deed. So, Teach Yourself!



MD. RAFIQUE AHMED, S/O- Late Anu Meah  of Haji Camp D.T.Road, In Front of Hakkani Patrol Pump Village-Saripara, P.S. Pahartali, District-Chittagong, Prop. M/S ALVI STORE,
of Haji Camp D.T.Road, In Front of Hakkani Patrol Pump Village-Saripara, P.S. Pahartali, District-Chittagong, (herein after referred to as "The Mortgagor's" which expression shall include their Administrator, executor and legal representation and heirs, successions on interest and assigns) of the                                             -------------one part.


SONALI BANK LTD., a Banking company incorporated under the company law 1994 and having its Head Office at  Motijheel Commercial Area, Dhaka and Branch Office at Sonali Bank Ltd. C.D.A MARKET Branch, Pahartali P.S. Pahartali, District-Chittagong, besides other places (hereinafter referred to as "The Mortgagee" which expression shall include its Administrations, Executors, legal representatives, successors in interest and assigns) of the
 -----------------OTHER PART.


WHEREAS A cash credit (Hypothecation) loan of Tk. 4,00,000/- has been sanctioned vide  sanction letter no. SBL/ CDA/CTG/CC/ 353 dt. 22/06/2009 in favour of M/S ALVI STORE, of Haji Camp D.T.Road, In Front of Hakkani Patrol Pump Village-Saripara, P.S. Pahartali, District-Chittagong,  under the Bank's Cash Credit programme on condition of the Mortgaging the schedule land measuring 0418 Satak OR 2.09 Ganda of land  for Tk. 4,00,000/-.
TIN No. 355-114-0716/Cir-17, Circle-17, Zone No. 02, Chittagong.


WHEREAS the Mortgagors 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 of Tk. 4,00,000/- together with interest as agreed upon and sanctioned to the Mortgagor as stated above.
NOW THIS DEED WITNESS that the Mortgagors are  the absolute and exclusive owner of the land described fully in the schedule below, and the mortgagor hereby grant, assigns, 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 Mortgagees absolutely and free from all encumbrances.
AND the Mortgagors do hereby convenient with the Mortgagee as follows:
1.     The Mortgagors shall pay to the  Mortgagee the loan amount together with interest at 13% above Bank Rate minimum 13% per annum with quarterly rest & with the period of repayment up to one year from the date of availment subject to application of other Banking charges and any law cost incurred in connection with the account and subject to change with the change in  Bank Rate/Bank Policy.
2.     The mortgagor shall pay all rates, 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 rent, 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 Mortgagors  shall not allow a Receiver to be appointed except at the instances of the mortgagee who shall always at its desecration be able to do so on the said piece and parcel of land (Described in the schedule below) or any party 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 here in after 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 lien or encumbrances affecting the same or any part thereof or do anything would prejudice this security and the mortgagors 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 mortgagors  hereby declare that all the said piece and parcel of land  are the absolute  property  of  the  mortgagors at the  sole  disposal of the
mortgagors and free from any prior charges or encumbrances and that the mortgagors have not done or knowingly suffered or been party to any thing they are 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 thing for further and more particularly assuring the said land or any party thereof to the mortgagee as shall be required by the mortgagee at their discretion for giving better effect to these presents.
6.       The mortgagors shall permit mortgagee, it agents, nominees and servants from time to time at all themes 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 sale without the intervention of the court the mortgaged property or any part thereof for realization of the money due to them under this deed.
8.     The said mortgagors shall be personally responsible to repay the said loan and in case the realization form 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 mortgagors as well as from other movable and immovable properties belonging to him.
9.     During the continuance of this security the mortgagors will not cause any person to be registered as the proprietors of the said land without the mortgages consent in writings.
10.    That be it noted that the mortgagee may extend the loan from time to time at its absolute discretion the cash credit advance limit at the request of the mortgagor in respect of the business of mortgagor and this mortgagee shall held 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 the original title deeds accompanied by relevant documents/ records in respect of the mortgaged property have been deposited to the mortgagee.
       District-Chittagong, P.S. Doublemooring, at Present Pahartali, Mouza-Saraipara, R.S. Khatian 852 and R.S Plot No. 2061 and B.S Khatian 47 and its B.S. Mutation Khatian No. 47/1 B.S. Plot No. 2528 its under area of land  0418 Satak or 2.09 Ganda land  a structure thereon.

Enclosures :-
          Original Pay Order No.PO 2575527 dated .25/06/2009 for Tk.1,400/-        of Sonali Bank Ltd, Court Hill Branch, Chittagong towards stamp prashashan non-judicial after adjustment of Tk. 100/- against purchase of stamp in the Deed of Conveyance together with one photocopy thereof.

IN WITNESS WHEREOF We, the mortgagors  have got our hands on the day, month & year first above written.

Drafted By :-
                                                                 Signature of the Mortgagor

Witnesses :

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