Deed of Release of Mortgaged Property

            This Deed of Release 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 “Releasor” (which expression, unless it be repugnant to the context and meaning thereof, shall include his legal heirs, executors, administrators and assigns) and DEF, and adult Indian, aged about_____ years, occ:- business, r/o____________________________, hereinafter, for the sake of brevity, referred to as the “Releasee” (which expression, unless it be repugnant to the context and meaning thereof, shall include his legal heirs, executors, administrators and assigns).

            WHEREAS, ABC, the “Releasor” and DEF, the “Releasee” are the “Original Mortgagee” and “Original Mortgagor” respectively under a Deed of Simple Mortgage which was executed and registered in the office of the Sub-Registrar,_______, on_______, vide Sr.No_______, Pages___ to___ , Volume ____, whereunder a loan of Rs_____ (Rs________________ only) was advanced by the “Releasor” to DEF, the “Releasee” with simple interest @____ % p.a, repayable on or before_______.

AND WHEREAS, in consideration of the aforesaid loan transaction, the “Releasee” mortgaged his Pan Beedi shop, being and situate at___________ to the “Releasor” (hereinafter, for the sake of brevity, referred to as the “Pan-Beedi Shop” and described in the Schedule of Property appended hereto) towards security and charge for the repayment of loan amount together with interest and cost as set out in the aforesaid Deed of Simple Mortgage.

            AND WHEREAS, the “Releasee”, in furtherance of the aforestated Deed of Simple Mortgage, has paid an aggregated sum of Rs_______/- (Rs______________ only) to the “Releasor” herein, towards the discharge of principal sum, interest and cost of the loan to the full satisfaction of the “Releasor”, it has become imperative to execute a Deed for the release of mortgaged property in favour of the “Releasee” herein.

            AND IN WITNESS WHEREOF BOTH THE PARTIES HERETO AGREE AS UNDER:-

1] The “Releasor” admits and acknowledges that he has received an aggregated sum of Rs______/- (Rs_____________________ only) from the “Releasee” herein, in full discharge of the principal sum, interest and cost of the aforesaid loan and in token thereof he has signed an Acknowledgment Receipt which is appended hereto below.

2] The “Releasor”, in furtherance of the aforesaid repayment of loan, acquits, discharges and releases the “Releasee” and the above referred “Pan-Beedi Shop” and declares the same to have been redeemed absolutely.

3] The “Releasor” hereby declares that he or any of his representatives, heirs 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 Release and he further declares that he shall do in future all such acts, deeds and things at the expense of the “Releasee” as may be reasonably required to effectually release the property from the incidence of mortgage and security.

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 WHEEROF, both the parties hereto have set and subscribed their respective hand to this writing on the day, month and year first hereinbefore written.

Signed, sealed and delivered by

ABC, the withinnamed “Releasor”

In the presence of witness

Name:-__________________

Address:-________________

 

                                                                                    ABC

                                                                        The “Releasor”

 

Signed, sealed and delivered by

DEF, the withinnamed “Releasee”

In the presence of witness

Name:-__________________

Address:-________________

 

                                                                                   DEF

                                                                        The “Releasee”

——

Acknowledgment Receipt

            This is to acknowledge that I have received an aggregated sum of Rs_____/- (Rs____________________/-only) from DEF, the “Releasee” herein, towards the principal, interest and cost of the loan served under the Deed of Simple Mortgage described above and I hereby acquit, discharge and release DEF and the Mortgaged Pan-Beedi Shop.

Dated this_____ day of______ 20___

Place:-________________

 

ABC

The “Releasor”

  *********

 

 

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