MORTGAGE DEED

THIS DEED OF MORTGAGE made at Lahore on this______ day of ____ 2020

BY AND BETWEEN I,____________________ S/o _____________________ R/0 ______________________ (hereinafter referred to as the “Mortgagor”) of the ONE PART.

AND

________________, a banking Company incorporated under the Companies Act VII of 1913 as amended incorporated under the Companies Ordinance 1984 having its registered office at ________________________ and a Branch office at _________________ (hereinafter referred to as the “Bank”) of the OTHER PART

WHEREAS the Mortgagor is sized and possessed of and otherwise lawfully entitled in their name to all that piece and parcel of Exemption Rights of Property detailed in Schedule (hereinafter referred to as the Property)

AND WHEREAS at the request of the Mortgagor the Bank has agreed to provide a Running Finance facility to Furqan Printers and Advertisers, _________________________________, Lahore (hereinafter called the “Customer”) in terms of Agreement dated 31-01-2000 (hereinafter called the Agreement) on the basis of amongst other securities against mortgage of the said property.

AND WHEREAS by the said agreement the Bank has agreed to grant an accommodation by way of Running Finance Facility to the Customer to a sum of Rs. 50,000/- (Rupees Fifty Thousand only) is being secured by creating a Registered Mortgage on the said Property, hence this Deed of Mortgage.

NOW THIS DEED OF MORTGAGE WITNESSES AS UNDER:

In consideration aforesaid the Mortgagor do hereby mortgage the said Property unto Bank to hold the same until payment / repayment up to 50,000 (Rupees Fifty Thousand only) and mark-up and all other moneys payable under the said Agreement or any renewals or replacements thereof plus service charges or any and all costs, charges, expenses and liquidated damages, if any, payable to or incurred by the Bank.

That the Mortgagor shall pay/ensure repayment of all sums and dues payable to the Bank in accordance with the agreed terms and conditions of repayment as aforesaid.

That the said Property is free from all claims, liens, encumbrances and charges of whatsoever nature except, 6,32,250/-(Rupees Six Lacs Thirty Two Thousand, Two Hundred and Fifty only) through Equitable Mortgage charge of Bank on the said Property; the Mortgagors shall not in any way allow or permit anything to be done in respect of the said Property so as to make their rights therein liable to be extinguished or in any way impaired and shall keep the said Property free from all charges and encumbrances of whatsoever nature.

That in default of payment of any installment by the Customer/Mortgagor, the Bank notwithstanding anything contained herein, shall be entitled to serve 30-days notice upon Mortgagor calling upon them to pay the entire amount then due.

That the Bank after giving notice in writing to the Mortgagor, shall have the right to sell the said Property or any part thereof either by public auction or by way of private sale, with or without intervention of the Court; including the right to purchase the said Property or any part thereof for itself at such sale on the happening of any of the following events.

1. If the amount due is not paid/ repaid in terms of the said Agreement.
2. If the Said Property is damaged or diminishes in value so as to impair the security.

In the event of default the Bank may at its discretion appoint any person as it may deem fit, as Receiver of the said Property or any part thereof with power to realize its income and discharge therefrom all rents, taxes and dues whatever payable in respect of the said Property or any part thereof to pay his own commission and costs of necessary repairs thereto. Surplus, if any, shall be paid to the Mortgagor.

That the Mortgagor shall allow the Bank or its authorized agents at all reasonable times to enter upon the said Property or any part thereof and to view and examine the condition thereof.

This Mortgage shall be continuing security and shall not be considered as either wholly or partially satisfied or redeemed by payment made by the Mortgagors or the Customer and shall be security for any amount ultimately due to the Bank from the Mortgagor or the Customer on any account whatsoever.

The Bank may deem fit without reference or notice to the Mortgagor and without obtaining their consent at all times without prejudice to this Mortgage and without charging or in any way affecting the Mortgagor’s liability hereunder grant time or other indulgence to or accept or make any composition or arrangements with the Customer and also vary/ renew / extend the said Agreement.

Any notice to the Mortgagor on the address given to Bank or as in the title of these presents, shall be deemed to be sufficient and valid for all purposes and shall be deemed to have been served, if sent by post or left at the address given.

On payment of all dues to the Bank, the Bank shall, at the cost of the Mortgagor redeem the said property free from all obligation, arising under this Deed.

The Terms Mortgagor, Customers and Bank where the context so permits shall always mean and include their respective, successor-in-interest and assigns.

THE SCHEDULE

DISCRIPTION OF SHOPS LOCATED IN THE BASEMENT FLOOR

SHO NO.                         AREA                                     BOUNDED BY

1. 37                        11`,18` = 198 Sq. Ft.                       NORTH: Shop No. 14

                                                                                        SOUTH:  Passage

                                                                                        EAST    : Shop No.38

                                                                                        WEST   : Passage(Corner)

2. 38                        11`,18` = 198 Sq. Ft.                      NORTH: Shop No. 13

                                                                                       SOUTH:  Passage

                                                      EAST    : Shop No.39

                                                                                       WEST   : Shop No.37

DESCRPTION OF SHOPS LOCATED IN THE GROUND FLOOR

SHOP No.                                AREA                            BOUNDED BY

1. 14                                    11` ,24`=164 Sq. Ft          NORTH: Shop No. 25

                                                                                     SOUTH:  Passage

                                                                                     EAST    : Shop No.15

                                                                                     WEST   : Passage(Corner)

2.15                                           11` ,24`=164 Sq. Ft           NORTH: Shop No. 24

                                                                                     SOUTH:  Passage

                                                                                     EAST    : Shop No.16

                                                                                     WEST   : Shop No.14

3.25                                       11` ,24`=164 Sq. Ft              NORTH: Shop No.20

                                                                                     SOUTH:  Shop No.14

                                                                                     EAST    : Shop No.24

                                                                                                     WEST   : Passage(Corner)

IN WITNESS WHEREOF The Mortgagor above named has signed this Deed on the day, month and year first above written.

WITNESSES:                                                                                         MORTGAGOR

1. ___________

2. ___________