REDEMPTION DEED

THIS DEED OF REDEMPTION is made at Lahore this ________ day of __________ 2004;

BY AND BETWEEN

M/s. __________________________________, a Banking Company incorporated under the Companies Ordinance, 1984, having its registered and branch office at_______________________________________________, Lahore. (hereinafter referred to as “the Bank/Mortgagee” which term unless repugnant to the context includes its administrators, successors-in-interest & assigns) of the FIRST PART.

AND

Mst. ___________________________________ R/o. House _____________________________________________ Lahore.

 

Mst______________________________________, R/o. ___________________________________________________, Lahore.

[Hereinafter collectively referred to as “the Mortgagors” which term unless repugnant to the context, includes inter-alia their heirs, executors, successors-in-interest, legal representatives and assigns) of the OTHER PART.

WHEREAS M/s. ____________________________________________.  having its place of business at 60-F, Gulshan-e-Ravi, Lahore, (hereinafter referred to as “the Customer” which term unless repugnant to the context, includes its administrators, successors-in-interest, and assigns)  had approached the Mortgagee in terms of Finance Agreement on mark up basis.

AND WHEREAS:

1-   By a Deed of Equitable Mortgage registered vide document no._________ Bahi No.___, Jild no. ___________ dated __________________ with the Sub-Registrar, _________________, Lahore, (hereinafter referred to as “the Mortgage deed”), the property described in the schedule 1 attached hereto (hereinafter referred to as the “the said property”) .

2-  The said property was mortgaged by the Mortgagors to the Bank to secure the repayment of the sum of Rs. 5,90,000/-  (Rupees Five Hundred Ninety Thousand Only) in terms of the Agreement of the financing/sanction of facility on the basis of, amongst other securities, the mortgage of the said property, by the Mortgagor/Customer to the Bank. (As provided in the Mortgage deed)

3-   In consideration of and in order to secure the repayment the Mortgagors/Customer deposited the following documents along with the Mortgage deed with the Bank:

1. 1.  Register Haqdaran-e-Zamin for the year 1997-98
   2. Register Haqdaran-e-Zamin for the year 1993-94
   3. Non Encumbrance Certificate dated 01-02-1999.
   4. Aks Shajra.
   5. Irrevocable General Power of Attorney registered vide document No________ Bahi No_____ Jild No.__________ dated ________________ with the Sub-Registrar, _____________, Lahore. 

4-    That the Mortgagors/Customer agreed to pay Rs: 5,90,000/-(Rupees Five Hundred Ninety Thousand only) along with mark up (hereinafter referred to as “the agreed amount”) and service charges and costs etc. as provided in the Mortgage deed.

5-    Now the Mortgagors/Customer have paid to the Bank the agreed amount in full satisfaction of all the dues under the Mortgage deed.

NOW THEREFORE, THIS DEED OF REDEMPTION IS WITNESSETH AS FOLLOWS:

In consideration of a sum of Rs.5,90,000/- (Rupees Five Hundred Ninety Thousand only) being the Principal sum along with mark up and interest due under the Mortgage deed having been paid by the Mortgagors/Customer to the Bank (the receipt whereof the Bank acknowledges). The Bank hereby redeems, releases and re-assures the said property from all principal moneys, interests, claims, documents and demands secured by the said Mortgage deed.

 

The Mortgagee/Bank  hereby releases the said property from its mortgage charge. The mortgage is hereby redeemed by the Mortgagee/Bank and the Mortgagor now holds the said property free from all the mortgage and free from all encumbrances, actions, suits, accounts, claims and demands for or in any thing relating thereto executed by the Mortgagee.

 

The Mortgagee confirms that now there is no outstanding due from or owing by the Mortgagor to the Mortgagee in respect of the said property and Mortgage money secured under the Mortgage.

 

The Mortgagors/Customer hereby covenants with the Bank that the Mortgagors/Customer have not done or knowingly suffered or been a party or privy to any act, deed or thing whereby or by reason whereof the said property or any part thereof is, are or may be encumbered or affected in any way whatsoever.

SCHEDULE 1 ABOVE REFERRED TO

Land measuring 32 Marlas, owned by Mst. Ruqaya Begum & Mst. Atiya Begum, bearing Khasra no._________________, Khewat No.______________, Khatoni No. _______________, situated at _____________________, Tehsil and Distt. Lahore, together with all the present and future constructions fittings and fixtures attachments and appurtenances thereon.

IN WITNESS whereof the Mortgagee has  executed this  deed of redemption on the date first above written.

MORTGAGEE

For or on behalf of Prime Commercial Bank

WITNESSES:                                                         

1. ___________________________                  2.__________________________                

Signature                                                              Signature

Name_________________________                  Name_______________________

S/d/w/o________________________               S/d/w/o______________________

NIC NO_______________________                    NIC NO_____________________

Address_______________________                   Address_____________________

______________________________                  _____________________________