FACTS: Mr. Dhanush wanted to take a loan of Rs. 4,00,000 from Mr. Vikram by keeping security of his property to the Vikram as Mortgage and received the loan amount on 15th April, 2014.
DRAFT A MORTGAGE DEED
This deed of mortgage dated this, 15.04.2014 executed by Dhanush, Son-in-law of Nalinikanth, aged 30 years residing at Poesgarden, D.No. 31-23-11,Chennai (hereinafter called the mortgage) of the one part and in favour of Vikram.
The Mortgagor has borrowed a sum of Rs. 4,00,000 (Rupees four lakhs only). This day from the mortgagor agreeing to repay the same with interest at 24% per annum to the mortgage or his order on demand.
The mortgage hereby offers the house property more fully described in the schedule hereunder as security for the due repayment of the loan.
In the event of the mortgage failing to repay the loan as agreed upon, the mortgage shall be at liberty to bring the schedule mentioned property to same, by filing a suit foreclosing the mortgage and appropriate the same proceeds towards the belt.
Chennai City Sub Register, Roya Peta, Gemini Bridge circle H.No. 31-23-11, Poes Garden, East to West 70 feet North to South 60 feet.
Total Extent : 2,700 square feet
East : House of Jayalatha
North : Main Road
West : Mess
South : House of Stalin
- XXXX (Surya J)
- XXXX (Vijaya K)