Model Format of Assignment of Mortgage as Security

Model Format of Assignment of Mortgage as Security

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Assignment of Mortgage as Security
Assignment of Mortgage as Security

This Assignment dated ____________ is between _______________, the Mortgage Holder, of _________________________________ (“Assignor”) and ______________ of _______________________ Person Receiving Assignment of Mortgage, of __________________ (“Assignee”).

Whereas:

(A) By a mortgage dated ______________ (“Mortgage”), and recorded on _______ with Registration/RecordNumber ___________, Borrower under Mortgage, ____________ (“Mortgagor”), mortgaged the property described the property more fully described in Exhibit 1, in favour of Assignor to secure payment of the principal sum of Original Amount of Indebtedness from Mortgage Borrower to Assignor of Rs.__________ with interest as therein set out upon the terms therein mentioned;

(B) There is now owing upon the Mortgage for principal the sum of Rs. _____________ now owing to Assignor together with interest thereon from the date hereof;

(C) Assignor has agreed to assign the Mortgage to Assignee as continuing collateral security for payment by Assignor of all indebtedness of Assignor to Assignee; ….

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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