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    Mortgage Bond

    Uploaded by

    Abhishek Bandhekar

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Mortgage Bond

    Uploaded by

    Abhishek Bandhekar
    2 views2 pages

    Copyright

    © © All Rights Reserved

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    PDF, TXT or read online from Scribd

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    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    2 views2 pages

    Mortgage Bond

    Uploaded by

    Abhishek Bandhekar

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    SOUTH CENTRAL RAILWAY

    MORTGAGE BOND (INDEMNITY BOND)

    This Indenture made on this ………………………. Day of …………………………… Two thousand and
    ……………. Between ……………………………………………………………. and ……………………………………………………….
    (hereinafter called borrower) on the part and the President of India(hereinafter called President )
    on the other part. Whereas the Borrower has applied for and has been granted an advance of
    Rs…………………………… to purchase a Motor Vehicle on the terms of rules contained in para
    1538/1539 of Indian Government Railway General Code (hereinafter referred to thereof or
    additions thereto for the time being in force) and whereas one of the conditions up to which the
    advance has been granted to the borrower is/was that the Borrower will/would hypothecate the
    said Motor Vehicle to the President as security for the amount to the borrower and whereas the
    borrower has purchased with or partly with the amount advanced for said vehicle particulars
    whereof are set out in the schedule hereunder written.

    Now this indenture witnessth that in presence of the said agreement and for the
    Consideration aforesaid, the Borrower do hereby consent to pay to the President a sum of
    Rs……………………………………. aforesaid or the balance thereof remaining unpaid at the date of these
    present by equal payments of Rs…………………………. each on the fifth day of every month and will
    pay interest on the sum for the time being remaining due calculated according to the said code,
    if the Borrower death it agree that such payment may be recovered on the deductions from his
    salary in the manner provided by the said code and in further pursuance for the said agreement
    the Borrowers death hereby assign the transfer unto the President. The Motor Vehicle, the
    particulars whereof are set out in the schedule hereby assign the transfer upto the President the
    Motor Vehicles the particulars whereof are set out in the schedule hereunto written by way of
    security for the said advance and the interest theron as required by the said code.

    And Borrower do hereby agree and declare that he has paid in full the purchase price of
    the said Motor Vehicle and that the same is his absolute property and that he has not pledged
    and so long as any money remain payable to the President I respect of the Vehicle advance, will
    not sell or pledge or part with the property or possession of vehicle provided always and it is
    hereby agree and declared that if any of the said installments of principal and interest shall not
    be paid or recovered in the manner aforesaid within ten days after the same are due or if the
    Borrower shall die or at any time cease to be in the service or if the Borrower shall sell or pledge
    or part with the property or possession of the Vehicle or became insolvent or make any
    composition or agreements with his creditors or if any proposal shall take proceedings with his
    creditors or if any proposal shall take proceedings in execution of or decree or judgment against
    the Borrower the whole of the said principal sum which shall then be remaining due and unpaid
    together with interest thereon calculated aforesaid shall forthwith become payable and it is
    hereby agree and declared that the President may on the happening of any of the events herein
    before mentioned seize and take possession of the said Vehicle either by public auction or by
    private contract may out of the same money retain the balance of the said advance then
    remaining unpaid and any interest thereon calculated as aforesaid and all the post
    charges expenses and payments incurred or made in maintaining, defending or realizing his
    rights hereunder and shall hand over the surplus if any to the Borrower or his executers,
    administrators or personal representatives provided further that the aforesaid power of taking
    possession or selling of the said Motor Vehicle shall not prejudice right of the President to due by
    the Borrower or his personal representative for the said a balance remaining due and interest or
    in the case of Motor Vehicle being sold the amount by which the net sale proceeds fall short of
    the amount owing and the Borrower hereby further agree that so long as any money are
    remaining due and owing to the President (the Borrower) will insure and keep insured the said
    Motor Vehicle against loss or damage by fire, therefore or accident with an insurance company
    to be approved by the accounts officer concerned and ……………………. the Motor Insurance
    company with whom the said Motor Vehicle is insured have received notice that the President is
    interested in the policy and the Borrower hereby further agrees that he will not permit or suffer
    the said Motor Vehicle to be destroyee or injured or to deteriorate in a greater degree than it
    would deteriorate by reasonable wear and tare thereof and further that in the event of any
    damage or accident happening to the said Motor Vehicle the Borrower will forthwith have the
    same repaired and made good.

    THE SCHEDULE

    DISCRIPTION OF THE VEHICLE:

    Makers Name ……………………………………………………………….. Description …………………………………………….

    No. of cylinders ………………………. Engine No ……………………………………. Chassis No…………………………..

    Model ……………………………………………. Cost Rs ……………………………………………..

    In witness thereof the said ………………………………………….. (Borrower) and ………………………………….

    For and on behalf of the President hereunto set their respective hand, on the day and year first
    above written.

    Signature & Designation of Borrower

    Signature of the witness

    Witness for the Mortgage

    Signature:

    Signature & Designation of Officer


    (for and on behalf of President)

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