INSTRUCTIONS TO USE THE MODEL DEEDS
1.The given template is meant as a guide to the citizens for preparation of similar deed.
2.Any citizen intending to use this model deed shall carefully draft the deed by adding / deleting clauses provided in the model deed with or without amendments as may be required.
3.Information i.e., name, father’s / spouse name, age and address of all parties to the deed should be explicitly and accurately provided in the deed in the space earmarked for the purpose.
4.To add additional parties to the deed, copy the relevant clause (Mortgagor or Mortgagee) and add the same with details of additional parties.
5.Details of the scheduled property should be clearly and accurately mentioned in the space earmarked for the same. The description of the scheduled property should be provided in a manner that makes the identification of the property feasible as per existing land records (as mentioned in Jamabandi / Chitha). The classification of land may also be mentioned therein.
6.It is recommended that the flow of title should be chronologically mentioned in the deed. For e.g. how the present Mortgagorreceived title over the scheduled property whilst mentioning ancillary documents, court judgements, inheritance, gift etc.
7.The entire consideration amount should be accurately mentioned in Indian Rupees alongwith mode of payment / re-payment i.e. instrument number and date / schedule of payment.
8.As per existing rules, NOC for Transfer of Immovable Property shall be obtained by the Vendor before execution of the Sale / Gift deed, failing which, the request for registration of deed is liable to be rejected by the Sub-Registrar.
9.The final deed should be signed by all parties to the deed i.e. all Mortgagor(s) and Mortgagee(s), alongwith atleast 2 (two) witnesses. The witnesses are required to mention their Name, Father’s Name and Address alongwith their Signature.
10.All details mentioned herein should be checked for accuracy and misstatements. If any material misstatement(s) leads to loss of revenue for the state ex-chequer, all parties to the deed are liable to be prosecuted as per applicable law.
DISCLAIMER:THE GOVT.OF ASSAM OWNS NO RESPONSIBILITY FOR THE CLAUSES/COVENANTS USED IN THE MODEL DEEDS AS THEY ARE ADOPTED FROM STANDARD PRACTICES.THESE MODEL DEEDS ONLY ACT AS A GUIDELINE FOR THE CITIZENS AND IT IS LEFT TO THE PRUDENT JUDGEMENT OF THE PARTIES TO USE THEM WITH OR WITHOUT MODIFICATIONS.
CITIZENS ARE THEREFORE ADVISED TO TAKE DUE CARE IN PREPARATION OF LEGAL DEEDS TO ACCURATELY AND ADEQUATELYRECORD LEGAL RIGHTS AND OBLIGATIONS.
DEED OF SIMPLE MORTGAGE
This DEED OF SIMPLE MORTGAGE is executed on this…..(Date of execution of deed)… day of ….(month)…., …...(year)…., between:
….(Name of the Mortgagor), s/o…..(Father’s name of the mortgagor), aged..(Age of the mortgagor) and residing at….(Place)....hereinafter referred to as 'THE MORTGAGOR' of the ONE Part
AND
……..(Name of the Mortgagee), s/o....(Father’sname of the mortgagee).…, aged….(Age of the mortgagee)...and residing at….(Place).. hereinafter referred to as 'THE MORTGAGEE' of the OTHER Part.
WHEREAS, the term MORTGAGOR and MORTGAGEE, unless repugnant to the context shall mean and include their representatives’, heirs, successors, executors, administrators, trustee, legal representatives, assigns etc.
WHEREAS the MORTGAGOR is absolutely seized and possessed of or otherwise well and sufficiently entitled to the immovable property situated at ……(place where property issituated)..... and more particularly described in the Schedule here-under written.
AND WHEREAS the MORTGAGOR being in need of money to enable him to pay off certain existing debts and liabilities requested the MORTGAGEE to lend him a sum of Rs. ....(Amount given by mortgagee to the mortgagor against the said property – Rupees in figures).. /- (rupees in words) only, which the MORTGAGEE has agreed to do on the MORTGAGOR executing these presents with a view to secure the repayment thereof with interest as hereinafter provided.
NOW THIS DEED WITNESSETH:-
THAT pursuant to the said agreement and in consideration of the sum of Rs. ....(Amount given by mortgagee to the mortgagor against the said property – Rupees in figures).. /- (rupees in words) only,lent and advanced by the Mortgagee to the Mortgagor on the execution of these presents,receipt whereof the Mortgagor dothhereby admit, he (The Mortgagor) hereby covenants with the Mortgagee that he will pay to the Mortgagee the said sum of Rs. ....(installment amount to be paid by the mortgagor to the mortgagee – Rupees in figures).. /- (rupees in words) only, on the....(Date)...day of …..(month)…, ….(year)…. (hereinafter referred to as the 'due date') with interest thereon in the meanwhile and until repayment of the said sum in full, at the rate of...(percentage of interest).. per cent per annum, every month / year, the first installment of interest to be paid on the...(Date)…. day of ….(month)..., ….(year).... and each subsequent installment on the...(Date)…. day of ….(month)…., ….(year)…. each succeeding month / year until the said principal sum of Rs. ....(Amount given by mortgagee to the mortgagor against the said property – Rupees in figures).. /- (rupees in words) only, is repaid in full, AND the Mortgagor further covenants with the Mortgagee that in the event of the Mortgagor failing to pay any monthly installment of Interest or Principal Sum, he will be liable to pay interest on the said installment in default at the same rate as aforesaid from the date of default until payment of such installment as and by way of compound interest, without prejudice to the right of the Mortgagee to take any action on default as hereinafter provided, AND it is agreed and declared that in the event of the Mortgagor committing default in payment of any two installments of interest or in payment of the principal and interest on the due date or committing breach of any other term of this Deed, the whole amount of principal then due with interest thereon will at the option of the Mortgagee become payable forthwith as if the said due date had expired.
AND THIS DEED FURTHER WITNESSETH:-
THAT in consideration aforesaid, the Mortgagor doth hereby transfer by way of mortgage his said land and premises situated at...(Place where immovable property situated)... and described in the Schedule here-under written as a security for repayment of the said sum with interest and all other moneys due and payable here-under with a condition that on the Mortgagor repaying the said principal sum of Rs. ....(Amount given by mortgagee to the mortgagor against the said property – Rupees in figures).. /- (rupees in words) only, with all interest and other moneys due to the Mortgagee (hereinafter referred to as the mortgage amount) the Mortgagee will redeem the said land and premises from the mortgage security and shall if so required by the mortgagor execute a Deed of Release but at the costs of the Mortgagor.
AND it is further agreed and declared by the Mortgagor that in the event of the Mortgagor failing to pay the said principal sum with all interest and other moneys when the same shall become due and payable under these presents. The Mortgagee will become entitled to have the said land and premises sold through any competent Court and to realize and receive the said mortgage amount out of the net sale proceeds of the said land and premises.
AND it is further agreed and declared by the Mortgagor that he shall also be liable to pay and shall pay all the costs, charges and expenses that the Mortgagee will incur for the protection of the mortgage security and or for the realization of the mortgage amount and the same shall be deemed to form part of the mortgage amount and the security therefor as aforesaid.
ANDit is further agreed that during the pendency of the security hereby created and until repayment of the mortgage amount the Mortgagor will get insured and keep insured the buildings and structures standing on the said land against loss and damages due to fire or any other accident in the sum of at least Rs...... (fill theinsurable amount – rupees in figures).. /- (rupees in words) only, with some Insurance Company of repute and pay all premium on the insurance policy as and when it becomes due and payable in respect thereof to such company and shall hand over the policy to the Mortgagee duly endorsed in his name as assignee and in the event of the Mortgagor failing to do so or to pay the premium, the Mortgagee will be entitled to insure the said buildings and structures and/or to pay the premium thereon and the amount paid by the Mortgagee in respect thereof will be deemed to form part of the mortgage amount.
AND it is further agreed that in the event of the said land and premises being destroyed or damaged by fire or any accident as aforesaid, the Mortgagee will be entitled to receive the insurance claim under such policy to the exclusion of the Mortgagor and to appropriate the same first towards all arrears of interest and then the principal amount or any part thereof as may be sufficient to pay the mortgage amount due and if any surplus remains the same only will become payable to Mortgagor.
THE SCHEDULE ABOVE REFERRED TO:-
IN WITNESS WHEREOF the MORTGAGOR and MORTGAGEE havesettheirsignatureson the day month and year first here-under written.
Signed and delivered by theMORTGAGOR, Mr.....(Name of the Mortgagor)... in the presence of
WITNESSES: SIGNATURE
1. MORTGAGOR
2. MORTGAGEE