Model Format of Assignment of Mortgage

Model Format of Assignment of Mortgage

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Assignment of Mortgage
Assignment of Mortgage

This Assignment dated __________________ between ______________ (“Assignor”), of __________________________ and ____________________ (“Assignee”), of _______________________________.

Whereas:

(A) By a mortgage dated _____________ (“Mortgage”), and recorded on _________ as Registration/RecordNumber ________, the property described as _____________, (“Property”) was mortgaged in favour of the Assignor to secure payment of the principal sum of Rs.___________________with interest as therein set out upon the terms therein mentioned;

(B) There is now owing upon the Mortgage for principal Rs.________________ together with interest thereon from the date hereof,

(C) Assignor has agreed to assign the Mortgage to Assignee; In consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:

1. Assignor hereby assigns, transfers and sets over to Assignee Assignor’s interest as mortgagee in Mortgage and also the sum of Amount of Indebtedness now owing from mortgage borrower to Assignor Rs.____________ now owing as aforesaid, together with all monies that may hereafter become due or owing in respect of Mortgage, the charge upon the Property and the full benefit of all powers and of all covenants contained in Mortgage, and also the full power and authority to use the name or names of Assignor for enforcing the performance of the covenants and other matters and things contained in Mortgage….

Note: This is just the part of the agreement. To get it drafted completely by legal experts, kindly contact the expert team of Aapka Consultant by clicking here

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