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Equitable Mortgage - Oral Assent for an Individual or More than One Individual

Borrower
The oral assent in respect of the equitable mortgage should be recorded
in the Advances Register on the following lines WITH APPROPRIATE CHANGES TO
SUIT EACH CASE:
Register No. ________________________ Folio No.__________________
Loan Account/Cash ___________________ (Name of Borrower(s))
Credit Account
____________________________________.
Amount/Limit
Rs.___________________ (Authority and Date of Sanction)
Term
Demand
Rate of Interest _____ % over Banks Prime Landing Rate/Prime Term Landing
Rate, Minimum _____ % per annum or at such other rate(s) of
interest as may be notified to him/them by the Bank from
time to time.
Security

(1) Demand Promissory Note dated_______ for Rs_______ and


interest at the rate aforesaid executed by. (State the
name of the borrower(s)), in favour of the Bank.
(2) Continuing Security Letter dated__________
(3) Deed of Hypothecation dated__________ hypothecating all
tangible movable machinery and plant (both present and
future), whether installed or not and whether now
lying loose or in cases, at site or in transit or
wherever else the same may be (if required by the
terms of sanction).
(4) Equitable mortgage by deposit of title deeds of
his/their immovable properties comprising land and
buildings and other structures/fixed machinery and
plant and other fixtures and fittings erected or
installed thereon (both present and future), situate
at
(5) Guarantee/Joint and several guarantee dated by Mr.
______________________/Messrs__________________
in
favour of Bank (if required by the terms of sanction).

Particulars of property referred to in (4) above:


Location
All that piece of land with buildings, sheds and
structures standing thereon,
situate at_____________ Survey No________ Area_________
Boundaries

East
West
South
North

Tenure

___________ (State whether freehold or .. ___years

leasehold)
Mr.__________________ /Messrs______________________ and______________
called at the Bank today the________200_ and handed over to and deposited with
me acting on behalf of the Bank the title deeds relating to his/their
abovementioned immovable properties comprising land and buildings and other
structures/and fixed machinery and plant and fixtures and fittings erected or
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installed thereon situate at (brief particulars of which are set out on the
folio above).
At the time of such deposit Mr.______________ /Messrs_________________
stated that he/they and each of them made the deposit of the title deeds with
intent to create security in favour of the Bank by way of equitable mortgage
over the said immovable properties (including the land and buildings and other
structures now or hereafter to be erected/and fixed machinery and plant now
installed or hereafter to be installed thereon) for the due repayment by
him/them jointly and each severally to the Bank at______________ of the said
Demand Loan of Rs.__________________ said Cash Credit account with a limit of
Rs.__________________/balance from time to time due in the granted to him/them
with interest at the agreed rate of ____ % over the Banks Prime Landing
Rate/Banks Term Landing Rate, Minimum ____% per annum or at such other
rate(s) of interest as may be notified to him/them by the Bank from time to
time and/or for any advances of any nature now due or pending or that may be
made or become due hereafter from time to time either in the said Loan/Cash
Credit account/or In any other account or accounts and whether singly or
jointly with another or others and whether at the_________ Branch/Office, or
any other Branch or Office of the Bank and/or for any indebtedness or
liability whatsoever of him/them or any one or more of them to the Bank and
also for the due observance, performance and discharge by him/them or any one
or more of them of any obligations to -the Bank which may give rise to a
pecuniary liability and for all costs (between attorney and client) charges
and expenses whatsoever paid or incurred by the Bank In connection with the
premises for the protection, preservation, enforcement and realisation of such
security and recovery of its dues and so that the security so created shall be
and always remain a continuing security and shall be in addition to any other
security for any such indebtedness or liability now held or hereafter to be
held by the Bank.
Mr._____________________ /Messrs_____________________ further assured
and declared to the Bank that(the title deeds deposited with the Bank are the
only title deeds in respect of the said immovable properties which are
equitably mortgaged to the Bank and that he is/they are the absolute owner(s)
of the said immovable properties and that he has/they have marketable title
thereto and that there is no mortgage, charge or lien or other encumbrance or
attachment on the said immovable properties or any part or parts thereof in
favour of any Government or the Income Tax Department or any other Government
Department, or any person, firm or company, body corporate or society or
entity whomsoever and that he has/they have not entered into any agreement for
sale thereof or any part or parts thereof and that no such mortgage, charge or
lien or other encumbrance will be created or attachment allowed to be levied
on the said immovable properties or any part or parts thereof in favour of or
by or on behalf of any Government or Government Department, or any person,
firm; company, body corporate or society or entity whatsoever other than the
Bank so long as he/they or any of them continues/continue to be indebted to or
liable to the Bank on any account in any manner whatsoever, and that no
proceedings for recovery of taxes are pending against him/them or any of them
under the Income Tax Act or any other law, and that no notice has been issued
and/or served upon him/them under Rules 2, 16 or 51 or any other rules of the
Second Schedule to the Income Tax Act, 1961 (as amended) or under any other
law and that there is no pending attachment whatsoever levied howsoever on the
said immovable properties.
Deputy Manager
Bank of India
...........................
Date:

Manager