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drafting:release_deed_mortgage_property_225215102019

Release Of Property From Mortgage

THIS DEED OF RELEASE is executed on the ………… day of ……………

BETWEEN

Sh. ……………………, S/o Sh. ……………………, R/o ………………………… of the first part;

AND

Sh. ……………………, S/o Sh……………………., R/o ………………………… of the second part;

Both to hereinafter collectedly referring as parties and individually as the “mortgagee” and “mortgagor” respectively, which expression shall be including their related lawful successors, heirs, representatives and assigns.

WHEREAS

1. By a deed of mortgage dated the ……. day of ……. mortgagor mortgaged to the mortgagee the property as detailed in detail in the Schedule A annexed hereto (hereinafter referred to as the “property”) for securing a loan of Rs………. with interest to be charged at the rate of ….%.

2. At the request of the mortgagor the mortgagee has consented to release the property from his security to the mortgagee the sum of Rs. …………………. in full payment of the debt owing to him on the aforesaid deed of mortgage.

NOW THIS DEED WITNESSES AS FOLLOWS:

1. As Per the said Agreement and in consideration of the sum of Rs……………… paid to the mortgagee (receipt as acknowledged by the mortgagee and which the mortgagee will credit to the debt payable to him per above deed of mortgage) the mortgagee hereby transfers and relinquishes to the purchaser the property complete free and discharged from the aforesaid deed of mortgage and from all moneys secured thereby and all claims and demands in relating thereto.

IN WITNESS WHERE OF, the parties to this deed have scribed their hands on the day and year above stated.

Schedule hereinafter referred to

MORTGAGOR

MORTGAGEE

Witnesses:


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