MORTGAGE DEED

(WITHOUT POSESSION)

This Deed of Mortgage is executed at {{ $mortgage->propertyDetails[0]->taluka->name }} on this ________^th day of {{ \Carbon\Carbon::parse($mortgage->created_at)->format('F Y') }}

BETWEEN

The Party of the First Part through its authorized representative both named under Schedule I-A.

Hereinafter referred to as "THE MORTGAGOR", (which expression unless repugnant to the context or meaning thereof shall mean and include his respective heirs, successors, executors, administrators and assignees)

... PARTY OF THE FIRST PART

A N D

IIFL Home Finance Limited, (hereinafter referred as “IIFL HFL”) a company incorporated under the Companies Act, 1956 (as amended up to date), having its registered office at IIFL House, Sun Infotech Park, Road No. 16V, Plot No. B-23, Thane Industrial Area, Wagle Estate, Thane – 400604 through its authorized representative named under Schedule I-B.

Hereinafter referred to or called as "THE MORTGAGEE" (which expression unless repugnant to the context or meaning thereof shall mean and include its successors, Official Liquidators, Administrators, assigns and transferee in interest)

… PARTY OF THE SECOND PART

WHEREAS the Mortgagor named under Schedule I-A is the exclusive owner of the said immovable property more particularly described in Schedule II given hereunder by virtue of Deed more particularly described under Schedule I-C.

WHEREAS the Mortgagor along with other applicants, co-applicants and borrower (As detailed in Schedule I of this deed and herein after referred to as the “BORROWER(S)”) has availed credit facility from the Mortgagee to the extent of amount mentioned in Schedule I-D which credit facility has been extended by Mortgagee. As a security to the said loan amount and accrued interest (besides other charges, if any) thereupon the Mortgagor has agreed to mortgage the said property in favour of the Mortgagee.

WHEREAS, the Mortgagor gives his irrevocable consent in respect to create mortgage on the said property for this present loan as well as the future loan amount, if any disbursed with mutual consent.

WHEREAS, the Mortgagor do and doth declare that, during the subsistence of the mortgage the Mortgagee shall have paramount charge over and above the said property and every part thereof and in no circumstances the Mortgagor do and doth act in a manner to prejudice the rights of the Mortgagee.

WHEREAS, on the aforesaid representation the mortgagee has decided to get executed a Deed of Mortgage and the Mortgagor do hereby has agreed to execute Deed of Mortgage in favour of the Mortgagee for securing of the repayment of the Loan amount, present and future (if any) so also to confirm and continue the terms and conditions of Mortgage.

NOW THIS DEED WITNESSETH: 

1. That the Mortgagee has sanctioned Loan more particularly described under Schedule I-E for which the Mortgagor has agreed to give security of the said property more particularly described in Schedule II and to do so the Mortgagor have executed these presents so as to secure loan more particularly described under Schedule I-D with  interest, charges, costs and expenses etc. payable to or incurred by the Mortgagee, the Mortgagor here by transfer of interest, by way of simple mortgage without possession, the said immovable property more particularly described in Schedule II given hereunder together with all constructions and tenements now or at any time here after standing thereon or any part thereof, to the intent that the said immovable property shall remain and be charged as security for the payment to the Mortgagee, for all sums of money which may be due to the Mortgagee, at any time in respect of the aforesaid Loan facility allowed or to be allowed from time to time as aforesaid besides interest, charges, costs and expenses etc. payable to or to be incurred by the Mortgagee in accordance with the covenants herein contained.

1. That in case of non-payment of the sum becoming due and payable by the mortgagor to the mortgagee under this deed, the mortgagee shall be entitled to cause the mortgaged premises to be sold and satisfy the debt. The mortgagor shall be personally liable to pay any amount still remaining due and payable to the mortgagee.

1. That the Mortgagor declare that, the said property is free from any charge, mortgage, encumbrances, claim, demand, dispute, lis pendens, proceedings, injunction, litigation, attachment, pledge, sub-lease,  trespass,  sub-tenancy or lien and that he will not hereafter create or allow or permit at any time any trespass, lien, pledge, charge, mortgage, encumbrance, litigation, attachment, injunction, claim, demand or dispute over upon or into or shall not part with possession, occupation or custody or shall not induct any person in possession occupation or custody of the said immovable property or  any part thereof. The mortgagor will obtain No Objection from Mortgagee in case wants to give the said property on lease/ rent / license to any third party.

1. That the Mortgagor shall pay all revenue, taxes, cesses, charges, in relation to the said immovable property or as to the user thereof and always keep the benefits arising out of the immovable property free from all charges, statutory or otherwise and will keep the Mortgagee indemnified against all such demands, claims, charges and expenses whatsoever in that behalf.

1. That the Mortgagee shall be at liberty, without being bound and at its option, to pay all revenue taxes, cesses, and other such public or statutory demands and charges by debiting the same to the account of the Mortgagor/s, if the principal borrower and/or the Mortgagor & borrower(s), fails to pay the same within the time and payment so made together with interest thereon at the above rate and any expenses incurred shall also be secured hereby and deemed as a loan advanced.

1. That the said loan (including the subsequent installments of the loan, and/or further grant of loan, if advanced) or any balance thereof and all other moneys due for the time being, under these presents shall become immediately payable and the security hereby constituted shall become enforceable forthwith, in each and every of the following events, besides other:

1. If the Borrower/Mortgagor/s shall fail to pay any installment of Equated Monthly Installments (EMI) on its due date (as agreed between the Mortgagor and the mortgagee), and/or as and when it may become due and payable;

1. If any distress or execution shall be levied or enforced upon any part of the mortgaged premises or a receiver thereof is appointed;

1. If the Borrower/ Mortgagor/s shall make default in payment of any installment of interest on its due date (as agreed between the Mortgagor and the mortgagee) as hereinbefore provided;

1. If the Borrower/ Mortgagor/s shall commit breach of any one of the covenants or provisions (as agreed between the Mortgagor and the mortgagee) herein contained on their part to be observed and performed;

1. If the Borrower is adjudicated insolvent.

7. That this security shall operate as continuing security for all moneys, indebtedness and liabilities aforesaid and notwithstanding the existence of credit balance or such account/accounts at any time or any partial payment of fluctuations of loan account(s).

8. That the mortgagor has assured the mortgagee to get the property described in Schedule II insured against the risk of damage by fire, earthquake or any other calamity natural or otherwise and keep the insurance policies in force and effective at his cost. The said insurance policy shall be taken in the name of the mortgagee.

9. That the Mortgagee shall be competent at all times, in accordance with the loan documents executed by the mortgagor along with other applicants, co-applicants and borrowers, to recall the loan and the outstanding balances on the said account of the Mortgagor/s and in that event the Mortgagor/s shall have no grievance to question to the rights of the Mortgagee. If default happens in repayment of the said loan etc. (including the subsequent installment of the said loan) the Mortgagee may at its discretion, by a notice in writing to the Mortgagors along with other Borrowers, declare the entire Mortgaged Debt payable forthwith and the security created hereunder shall become enforceable and in any of the events mentioned in last preceding clause, the mortgagee shall be entitled and shall have full power to sell, transfer in whatever manner the Mortgagee thinks fit and proper with and/or without the intervention of the court, as per law, the mortgaged property either by public auction or by private contract or by sale under the provisions of section 69 of the Transfer of Property Act 1882 and further power to appoint a Receiver under the provisions of section 69-A-sub-sections (3) (4) (5) (6) (7) and (8) of the Transfer or Property Act, 1882 of the mortgaged property or any part thereof be an agent of the Mortgagors and the Mortgagors shall be solely responsible for the Receiver’s acts or defaults; or may exercise all the rights available upon the mortgaged Property, for enforcement of Security interest under the provisions of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI) either for a lump sum or a sum payable by installments and may make such sale upon such terms and conditions as the mortgagee shall deem proper and the mortgagee shall have full power to buy in or rescind or vary any contract for sale etc. of all the mortgaged premises or any part thereof and to resell the same without being responsible for any loss which may be occasioned thereby and with power to compromise and effect compositions and for the purposes aforesaid issue the receipt of the properties sold and for any other money paid to the mortgagee and shall effectively discharge the purchaser/s or other person or persons paying the same there from.

10. If the Borrower / Mortgagor/s shall duly pay to the Lender the Mortgaged Debt, within the Term, then and in such case the Lender shall at any time thereafter, upon the request and at the costs (including the stamp duty and registration charges) of the Mortgagor/s, regrant, reconvey, reassure, retransfer, and release unto the Mortgagor/s respectively, all and singular the Properties expressed to be hereby granted, conveyed, assured, transferred, assigned or charged or any other assets which may be comprised in these presents unto the Mortgagor/s respectively or as the Mortgagor/s shall direct.

11. Provided also and it is hereby agreed and declared that if the Borrower / Mortgagor/s fails to pay to the Lender the Mortgaged Debt or any part thereof in the manner provided herein within the Term, then and in that event the Properties hereby granted, conveyed, assured, transferred, assigned and charged or expressed so to be shall not be redeemed or be redeemable by the Mortgagor/s or any other person or persons interested in the equity of redemption thereof at any time thereafter.

12. The obligations of the Mortgagors shall also be governed by the provisions contained in the Loan Agreements, being executed by the Mortgagor along with other Borrowers and that the same shall be binding upon and ensure to the benefit of each party thereto and its successors and assigns.

13. The power of the Mortgagors while in lawfully in possession of the respective Properties or any part thereof has no power to make leases thereof save and except with the consent in writing of the Mortgagee first obtained on such terms and conditions as the Mortgagee in its absolute discretion may think fit and the provisions of Section 65A of the Transfer of Property Act, 1882, shall not apply to these presents.

14. In the event of the Mortgagee holding any other mortgage or a mortgage executed by the Mortgagors in respect of any other property or properties of the Mortgagors, the Mortgagee shall be entitled to sue for realisation of the Mortgaged Debt secured by these presents without being bound to sue on the other mortgage or mortgages on other property or properties of the Mortgagors although the money secured by the said other mortgage or mortgages had then become due.

15. That the Mortgagor and borrowers, jointly and severally shall bear all expenses, including but not limited to, on stamp paper and registration of this deed as well as charges for getting the mortgage charge recorded in the records of concerned Sub Registrar of Assurances and/ or with such statutory authorities, as may be applicable.

16. The Mortgagor/s and the Borrower hereby agrees, accepts and consents for the disclosure and sharing by the Mortgagee of all or any information and data relating to them, the Loans, their respective account/s, and this Deed, including but not limited to information relating to default, if any, committed by the Mortgagor/s and the Borrower, in the discharge of their obligations, as the Mortgagee may deem appropriate and necessary to disclose and furnish, to the authorities concerned and/or to the related agencies like Credit Information Bureau (India) Ltd and/or to any other agency authorized in this behalf, to its professional advisers and consultants and to its service providers, third party or otherwise, instructed by it in relation to this Deed and/or as required under law or any applicable regulation, at the order of a court of law, or at the request or order of any statutory, regulatory or supervisory authority with whom it customarily complies.

17. That in the event of default on the part of the Mortgagor as a whole to repay the amount payable by him to the Mortgagee under the loan facilities extended to him along with other borrowers ( applicant & Co-applicants) by the Mortgagee, the Mortgagee shall have the unconditional and unrestricted right to sell and dispose of the said property with or without the intervention of the Courts to liquidate the outstanding dues payable by the mortgagor i.e. applicants, co-applicants & borrowers, under the loan facility.

18. This deed shall be governed by and construed in all respects with the Indian Laws, the Mortgagor/ s and the Borrower agree that any matter or issues arising hereunder or any dispute hereunder shall be referred to the sole Arbitrator appointed by the Lender under Arbitration and Conciliation Act, 1996 and, at the option/ discretion of the Lender, be subject to the non-exclusive jurisdiction of the Courts of the City of Delhi in India.

No amendment or modification to this deed will be effective or binding unless it is in writing and executed by the Parties hereto and refers to this Indenture.

IN WITNESS WHEREOF THE PARTIES - hereunto have signed this deed of the day and year first above written in the presence of each of the attesting witnesses detailed herein below and the attesting witnesses have put in their signatures in the presence of the parties-

Attesting Witnesses                  

1.

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MORTGAGOR

MORTGAGEE

IIFL Home Finance Limited /

India Infoline Finance Limited

SCHEDULE I

SCHEDULE II

Schedule of Mortgaged Property

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