Agreement to Mortgage

Agreement to Mortgage

This Agreement to Mortgage is made at Lahore on _______ day of _______ 20__ by and between ________ s/o ___________ r/o House No. _______________ (hereinafter called the “Mortgagor” which expression shall wherever the context so admits include his legal heirs, successor-in-interest and assigns) of the One Part

And

______________ a banking company incorporated under the laws of Netherlands and having its principal place of  business in Pakistan at ____________________ (hereinafter) referred to as the “Bank”, which expression shall where the context so admits include its successors and assigns), of the Other Part 

  1. Whereas the Mortgagor has today purchased the property namely Plot No. __________ as more particularly described in Schedule I attached hereto (the “Property”) from the ___________ (the Seller)
  2. And Whereas the Seller is the owner of the property acquired through a Transfer Letter bearing reference No. ________ dated _____ duly issued by Lahore Development Authority

            And Whereas the Seller has sold all his rights, title and interest in the Property to the Mortgagor and has notified the Lahore Development Authority of such sale and applied for issuance of Transfer Letter in favor of the Mortgagor.

  1. And Whereas the LDA shall issue a Transfer Letter in the name of the Mortgagor and the Seller shall also execute a sale deed in respect of the property in favor of the Mortgagor.

 

  1. And Whereas the Bank and the Mortgagor has entered into a Mark-up Agreement dated _________ (hereinafter referred to as the Mark-up Agreement)

 

            The re purchase price and all other moneys payable under the Mark-up Agreement by the Mortgagor to the Bank shall be referred to as the Finance Facility

 

  1. And Whereas through the Finance Facility provided by the Bank to the Mortgagor, the Mortgagor has paid the consideration money for the property to the Seller.

 

6.         And Whereas the Mortgagor has agreed with the Bank that as security for the repayment of the Finance Facility provided by the Bank and for all monies due or which may become due to the Bank from the Mortgagor, the Mortgagor shall mortgage the Property in favor of the Bank. The Mortgagor has agreed to create a mortgage by deposit of title deeds as soon as the title deeds in respect of the Property has/have been obtained/issued/completed and also to create a registered mortgage in favor of the Bank in respect of the property if and when required by the Bank. 

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