AGREEMENT TO MORTGAGE | MORTGAGE FORM | LOAN AGREEMENT
AGREEMENT TO MORTGAGE
The Manager ,
In consideration of ______ Bank, _____ (hereinafter called the Bank ) having granted /agreed to grant me the advance of Rs._____/- for purchase and or construction of a house situated at ____________ more particularly described in the schedule hereto
I, __________ S/o __________residing at here by undertake to complete the purchase and or construction in all respects in term of the agreement of sale entered into between me and ______ S/o _________ residing at _________ ( copy of which is annexed to this ) and to create an equitable mortgage of the said properties scheduled hereto immediately on such completion as a first charge for the repayment of all amounts due under the advance first referred to. I, hereby agree that the construction of the building stipulated in the agreement of construction shall be completed and / or the sale deed in respect of the scheduled property in my favour shall be got registered and the purchase of the same shall be completed expeditiously including obtention of session by me of the building to be constructed , the transfer of ownership of the building in my name and the payment of building tax , etc. in my name and the said sale deed along with other title documents if any shall be deposited with the bank for creation of equitable mortgage with out any loss of further time .
2. Further I also agree that in case I commit any default to create the equitable mortgage of the Scheduled property to the Bank within three weeks from the registration of the sale deed of the scheduled property on execution of this agreement , the Bank may at its discretion require me to create an equitable mortgage forthwith by issuing a registered notice giving 14 days time for creation of an equitable mortgage and on my default to create the mortgage within the said period of 14 days , the Bank may through any of its offices execute a legal mortgage in favour of the Bank of the Scheduled property as security for the advance so long as I am indebted to the Bank and all expenses incurred by the Bank in connection with this shall be debited to my account. I hereby irrevocably and absolutely appoint the Bank as my attorney to act in my name and execute the mortgage deed in my name and on my behalf in favour of the Bank mortgaging the properties described in the Schedule hereto and present the mortgage deed for registration before the Registrar/Sub Registrar of Assurance and admit execution of the mortgage deed and I agree to ratify and confirm all acts deeds and things done by the Bank in pursuance of this authority.
3. I undertake and declare that I shall not transfer or otherwise encumber the Scheduled properties to any other person except to the Bank so long as my indebtedness to the Bank in respect of the advance referred to above continues in the Books of the Bank.
4. Notwithstanding anything contained here above I do hereby agree that the Bank shall always have a right to recover the dues from the Scheduled properties as the same is being purchased by me utilizing the advance granted by the Bank.
SCHEDULE REFERREDTO HEREIN ABOVE
Sub District :
Survey No. :
Extent : Cents
Dated this the …….h day of
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