Mortgage Deed
A legal document for mortgaging a property to secure a loan. This document belongs to the Real Estate category.
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MORTGAGE DEED
THIS DEED OF MORTGAGE is made on this [date] at [place] between:
1. [mortgagorName], resident of [mortgagorAddress], hereinafter called the Mortgagor.
2. [mortgageeName], resident of [mortgageeAddress], hereinafter called the Mortgagee.
WHEREAS the Mortgagor is the owner of the property situated at [propertyAddress] and has requested the Mortgagee for a loan of Rs. [loanAmount].
NOW THIS DEED WITNESSETH AS UNDER:
1. That the Mortgagee has advanced a loan of Rs. [loanAmount] to the Mortgagor.
2. That the Mortgagor shall pay interest at the rate of [interestRate]% per annum.
3. That the Mortgagor hereby mortgages the property situated at [propertyAddress] as security for the loan.
4. That the Mortgagor shall repay the loan and interest within [period] months.
5. That if the Mortgagor fails to repay, the Mortgagee shall have the right to sell the property.
6. That the mortgage shall be governed by the Transfer of Property Act, 1882.
IN WITNESS WHEREOF, the parties have signed this Deed on this [date] at [place].
MORTGAGOR
MORTGAGEE
WITNESSES:
1. [Witness 1 Name]
2. [Witness 2 Name]