Deed of Re-conveyance of Mortgaged Property
This Deed of Re-conveyance of Mortgaged Property is made and entered into at_____, this_____ day of_______, 20____, between ABC, an adult Indian, aged about____ years, occ:- Moneylender, having his place of business at________, hereinafter, for the sake of brevity, referred to as the “Mortgagee” (which expression, unless it be repugnant to the context and meaning thereof, shall include his legal heirs, executors, administrators and assigns) and DEF, an adult Indian, aged about____ years, occ:- business, r/o_________________, hereinafter, for the sake of brevity, referred to as the “Mortgagor” (which expression, unless it be repugnant to the context and meaning thereof, shall include his legal heirs, executors, administrators and assigns).
WHEREAS, ABC and DEF, the parties hereto are the original mortgagee and mortgagor respectively under a Deed of Mortgage by conditional sale, executed and registered in the office of Sub-Registrar________, on________, vide entry no______, pages___ to____, volume ____, whereunder a loan of Rs________/- (Rs__________________ only) was advanced by the “Mortgagee” to DEF, the “Mortgagor” with simple interest @________ % p.a, repayable on or________.
AND WHEREAS, under the aforementioned Deed of Mortgage by Conditional Sale, the “Mortgagor”, in consideration of the above loan granted, conveyed, transferred, assigned and assured unto and in favour of the “Mortgagee” his Pan Beedi Shop run under the name & style of_________________, being and situate at________ as described in the aforementioned indenture deed and more particularly described in the Schedule of Property appended hereto (hereinafter, for the sake of brevity, referred to as the “Pan-Beedi Shop”). By the aforesaid indenture deed the “Mortgagor” sold his Pan Beedi Shop to the “Mortgagee” on the condition that if the “Mortgagor” paid the principal sum, interest and the costs pertaining to the aforestated mortgage on or before_________, the conditional sale would become void and would be of no effect, but in the event of his failure to do so the sale would become absolute. The aforestated indenture deed also described the legal consequences which would follow in the either event and bound the concerned party to perform the legal obligations ensuing from such event.
AND WHEREAS, the “Mortgagor” in furtherance of the aforestated indenture has paid an aggregated sum of Rs________/- (Rs______________ only) towards the principal sum, interest and cost of the aforestated mortgage to the satisfaction of the “Mortgagee” (the receipt whereof the “Mortgagee” hereby acknowledges under the Acknowledgment Receipt appended hereto) and on such payment being made the mortgage as described above has been redeemed in terms of the above indenture and it has become imperative to execute a Deed for the Reconveyance of the mortgaged “Pan-Beedi Shop” the terms whereof are set out herein below:-
NOW THIS DEED OF RE-CONVEYANCE OF MORTGAGED PROPERTY WITNESSETH AS UNDER:-
1] The “Mortgagee” in consideration of the repayment of the principal sum, interest and cost of the aforestated mortgage, hereby declares the same to have been redeemed in toto and re-conveys all his rights, title and interest therein to the “Mortgagor” and further declares that the conditional sale of the mortgaged “Pan-Beedi Shop” would become void from the date of execution of these presents;
2] The “Mortgagee” hereby releases, discharges and frees the mortgaged “Pan-Beedi Shop” from the obligations, liabilities and encumbrances created by the aforestated indenture deed and further acquits, releases and discharges the “Mortgagor” to the extent thereof;
3] The “Mortgagee” hereby covenants with the “Mortgagor” that he or any of his heirs, representatives or assigns has not done, executed or performed or caused to be done, executed or performed any act, deed or thing which could preclude him from executing the instant Deed of Re-conveyance.
SCHEDULE OF PROPERTY
A commercial tenement admeasuring about_______ Sq.Feet (carpet),known as____________ Pan Beedi Shop, being and situate at_______________ (Location)_____________ City/Taluka____________, District___________, State____________.
IN WITNESS WHEREOF, both the parties hereto have set and subscribed their respective hands to this writing on the day, month and year first herein before written.
Signed, sealed & delivered
by ABC, the withinnamed “Mortgagee”
in the presence of Witness:-
Name:-__________________
Address:-________________
ABC
The “Mortgagee”
Signed, sealed & delivered
by DEF, the withinnamed “Mortgagor”
in the presence of Witness:-
Name:-__________________
Address:-________________
DEF
The “Mortgagor”
———-
Acknowledgment Receipt
This is to acknowledge that I have received an aggregated sum of Rs________/- (Rs________________________ only) from DEF, the “Mortgagor” herein, towards the principal, interest and cost of the loan secured under the Deed of Mortgage by Conditional Sale as described above and I hereby acquit, discharge and release DEF and the mortgaged “Pan-Beedi Shop”.
Dated:- This___ day of_____, 20____
Place:-_________________
ABC
The “Mortgagee”
*********