TYPED ON NON-JUDICIAL STAMP PAPER Of RS. 100/- I. S/o... resident of. Aligarh have executed an indenture dated.. under the terms and conditions in print and have paid stamp duty of Rs.100/- by means of this/these attached stamp sheet/sheets. (Signature) Witness:- 1) Signature.... AMU, Aligarh. Signature of the borrower and witness attested 2) Signature... (Chairman) Seal Witness:- 1) Signature.... 2) Signature... Registrar Aligarh Muslim University, Aligarh. This deed of agreement is made this..day of..in the year Two Thousand..between Shri... S/o Shri R/o.....an employee of the Aligarh Muslim University, employed as... in the of the said University, of the FIRST PART (hereinafter called the Borrower, which expression shall unless excluded by or repugnant to the subject or context, include his heirs, executors, administrators and assigns) and Registrar, Aligarh Muslim University, Aligarh, of the SECOND PART (hereinafter called the lender which expression shall unless excluded or the subject or context include his successors in office and assigns). WHEREAS the Borrower has applied to the lender for an advance for the construction of a building on a piece of land/extension of the existing building owned and possessed by him/purchase of a ready built house and fully detailed and described at the foot of the agreement.
AND WHEREAS THE Lender has agreed to advance to the Borrower a sum of Rs... (Rupees.only) for the aforesaid purpose, on certain terms and condition. AND WHEREAS one of the condition for the aforesaid advance is that the Borrower shall secure the repayment of the said advance and duly observe the terms and contained in the Regulations to Regulate/the grant of Advances to Aligarh Muslim University employees for building etc.of house (hereinafter referred to as the said rules ) which expression shall, where the context so admit include any amendment thereof or addition there to for the time being in force by creating an equitable mortgage on the said property by deposit with the lender of the title deeds of the said property. AND WHEREAS the Lender has:- (a) Sanctioned to the Borrower an advance of Rs. (Rupees only) payable by such installments and in the manner as hereinafter appearing (b) Paid an advance of Rs.. (Rupees.....only) on. AND WHEREAS, the Borrower is to receive from the Lender aforesaid advance in the following installments:- (a) Rs already received on. (b) RS on the execution of this agreement and deposit of Title Deeds of the property with the Lender. (c) Rs.. When the construction of the house reaches upto plinth level. (d) Rs. When the construction of the house reaches upto roof level provided the Lender is satisfied that the development of the area in which the house lighting built is complete in respect of amenities such as water supply, street lighting, roads, drainage and sewerage. NOW THIS INDENTURE WITNESSETH AS FOLLOWS: 1. In pursuance of the said rules and in consideration of the said advance sanction/paid or to be paid by the Lender to the Borrower pursuant to the provision s, contained in the said Rules, the Borrower Do hereby agree with the Lender that the Borrower shall always duly observe and perform all the terms and conditions of the said Rules and shall repay to the Lender the said sum of Rs (Rupees..only) by..monthly installments of Rs. (Rupees....only) from the pay of the Borrower commencing from the month of or from the month following the completion of the house, whichever is earlier, and the borrower hereby authorizes the Lender to make deductions from his monthly pay/leave salary of the amount of such instalments and the Borrower shall after paying the full amount of the advance also pay interest due thereon in.monthly installments in the manner and on the terms specified in the said Rules, provided that the Borrower shall repay the entire advance with interest in full before the date on which he is due to retire from service failing which the Lender shall be entitled to enforce the security of the Equitable Mortgage by deposit of title deeds at any time thereafter and recover the balance of the advance then due together with interest and costs of recovery by sale of the mortgage property or in such other manner as may be permissible under the law, however, be open to the Borrower to repay the amount in a shorter period. 2 In case the Borrower fails to repay the entire amount of advance together with interest due thereon to Lender before the date of his superannuation, the Lender shall be entitled to recover the amount of balance then due with interest from the Borrower, at his discretion, out of the Gratuity/Death-cum-Retirement Gratuity of the Borrower and Borrower hereby authorizes the Lender to make deduction from his Gratuity/Death-cum-Retirement Gratuity of such balance remaining unpaid at the date of his death/retirement/superannuation and the Borrower, or his heirs, legal representative, executor and assigns will have no objection to the sane.
3. That if the Borrower shall utilize the advance for purposes, other than for which the advance is sanctioned or if the Borrower shall become insolvent or shall cease to be in service of the Lender for any reason other than retirement/superannuation or if the Borrower dies before payment of the advance in full, or if the Borrower shall fail to observe or perform any of the terms, conditions and stipulations in the said Rules and on his part observed and performed then and in any such cases, the whole of the principal amount of the advance or so much thereof as shall then remain due and unpaid shall become payable forthwith to Lender with interest thereon at the following rate:- (i) @ Rs Per Annum upto Rs... 4. In further pursuance of the said Rules and for the consideration aforesaid and to secure the repayment of the aforesaid advance and interest as shall at any time or times hereinafter be due to the Lender the Borrower has deposited with the Lender the original title deeds of the property described at the foot of this agreement with the intent to create an Equitable Mortgage by deposit of Title Deeds as security for the due repayment : of the said advance and interest, and do further undertake to deposit the Title Deed of the building henceforth erected on the said property with the Lender with the intention of creating an Equitable Mortgage by deposit of Title Deeds as Security for the due repayment of said advance and interest. 5. AND IT IS HEREBY EXPRESSLY AGREED AND DECLARED that if there shall be any breach by the Borrower of the stipulation on his part herein contained or if the Borrower shall become insolvent/ceases to be in service for any reason other than normal retirement, superannuation or if the Borrower dies before all the dues payable to the Lender under this agreement together with interest there on shall have been fully paid off or if the said advance or any part thereof become payable forth-with under this agreement or other-wise then and in any of such cases it shall be lawful for the Lender without intervention of the court, to sell the said mortgaged property or any part thereof either together or in parcels and either by public auction by private contract with power to buy in or rescind any contract for sale and to resell without being responsible for any loss which may be occasioned thereby and to do and execute all such acts and assurances for effectuating such sale as the Lender shall think fit AND it IS HEREBY declared that the receipt of the Lender for the purchase money of the premises sold or any part thereof shall effectually discharge the purchaser or purchasers there from AND IT-IS HERE BY declared that the Lender shall hold the money to arise from any sale in pursuance of the aforesaid power upon TRUST in the first placed there out to pay the expenses incurred on such sale and then to pay money in or towards the satisfaction of the moneys, for the time being owing in respect of the advance and interest due on the said advance and the balance, if any to be the Borrower. 6. In case the Borrower defaults in respect of one or more of the above conditions, the University may recover the amount outstanding against the Borrower with interest at double the stipulated rate of interest in installments not exceeding 50% of the monthly emoluments of the Borrower. 7. That the Borrower hereby agrees with the Lender as follows ; (a) That the Borrower now has in himself good right and lawful authority to grant, convey transfer assign, and assure the mortgaged property and to the use of the Lender in the manner aforesaid. (b) That the Borrower shall carry out the construction of house/addition to living accommodation in the aforesaid house exactly in accordance with the approved plan and specifications on the basis of which the above advance has been computed and sanctioned unless a departure there from is permitted by the lender. The Borrower shall certify when applying for installments of advance admissible at the plinth/roof level, that the construction is being carried out in accordance with the plan and the estimates furnished by him to the lender that construction has reached plinth/roof level and that the amount already drawn-out of the sanctioned advance has actually been used on the construction of the house He shall allow the lender to carry out either by himself or through his representative an inspection to verify the correctness of the aforesaid certificates. If a false certificate is furnished by the Borrower, he will be liable to pay to the Lender forthwith the entire advance received by him and further, will also be liable to such disciplinary action as be permissible under the rules of service as applicable to the Borrower. (c) That the Borrower shall complete the construction of the house/addition to living accommodation in the aforesaid house within eighteen months from withdrawal of Ist installment unless an extension of time is allowed in writing by the Lender. IN the case of default the Borrower shall be liable tore pay
forthwith the entire amount advance to him together with interest calculated under the said Rules, in one lump sum. The Borrower shall report to the Lender the date of the House and furnish a certificate to the Lender that the full amount of advance has been utilized for the purpose for which it was sanctioned. (d) (e) (f) (g) (h) (i) (j) That the borrower is not living in the university accommodation or that the second party will vacate the premises of the University within 18 months fro m the date of first installment received by him, or from the date of completion of the house whichever is earlier. That the Borrower shall immediately insure the house at his own cost, with the ORIENTAL FIRE & GENERAL INSURANCE CO. Ltd. For a sum not less than the amount of aforesaid advance and shall keep till the advances is fully repaid to the lender and deposit the policy of insurance with the lender. The Borrower shall pay regularly the premium in respect of the said insurance from time to time and will then required produce to the lender the premium receipt for inspection. In the event of failure on the part of the Borrower to effect the insurance against fire, flood and lightening, it shall be lawful but not obligatory for the lender to insure the said house at the cost of the borrower and add the amount of the premium to the outstanding amount of the advance and the Borrower shall thereupon be liable to pay interest thereon as if the amount of the premium had been advanced to him as part of the aforesaid advance at the following rates:- (i) @ Rs per Annum upto Rs Till the amount is repaid to the lender. The Borrower shall give a letter to the lender as often as required addressed to the ORIENTAL FIRE & GENERAL INSURANCE CO. LTD. With which the house is insured with a view to enable the lender to notify the ORIENTAL FIRE & GENERAL INSURANCE CO. LTD., the fact that the lender is interested in the insurance policy secured. The Borrower shall maintain the aforesaid house in good repair at his own cost and shall pay all the Municipal and other local rates, taxes, and all other outgoings in respect of the property and the house the title deeds of which have been deposited or are to be deposited with the lender under the present agreement regularly until the advance has been repaid to the lender in full. The Borrower shall also furnish to the lender an annual certificate to the above effect. The Borrower shall afford full facility to the lender for carrying out inspection after completion of the house to ensure that it is maintained in good repair until the advance has been repaid in full. The Borrower shall refund to the lender any amount together with interest if any, due thereon drawn on account of the advance in excess of the expenditure incurred, for which the advance was sanctioned. That the Borrower shall not during the continuance of the present agreement charge, encumber alienate or other-wise dispose of the property mortgaged by deposit of the title deeds Notwithstanding anything contained therein, the University shall be entitled to recover the balance of the advance with interest remaining unpaid at the time of his retirement or death proceeding retirement from the whole or any specified part to the Borrower.
Details of Title deed deposited: Details of the property on which an Equitable Mortgage has been created: A piece of land, including the building constructed/to be constructed thereon situated at.. measuring.. and bounded as under. EAST: WEST: NORTH: SOUTH: In witness whereof the Borrower has hereinto set his hand and Registrar. Aligarh Muslim University, Aligarh for and on behalf and by order and direction of the Aligarh Muslim University, Aligarh set his hand the Day and the Year First above written. Signed by the said Borrower: In the presence of: Witnesses: (1) Signature of the borrower & witnesses attested (2) Witnesses: Head of the Deptt/ Office (Seal) (1) REGISTRAR (2) ALIGARH MUSLIM UNIVERSITY ALIGARH