Section 4th in Punjab Legislative Assembly (Grant of Advance to Ministers) Rules, 1979
4th. Instalment of Rs. _________________
Now this indenture witnesseth as follows :-(i)In pursuance of the said rules and in consideration of the said advance sanctioned/paid by the Mortgagee to the Mortgagor pursuant to the provisions contained in the said rules the Mortgagor doth hereby covenant with the Mortgagee that the Mortgagor shall always duly observe and perform all the terms and conditions of the said rules and shall repay to the Mortgagee the said advance of Rs. _________________ (Rupees _________________ only) along with interest thereon by _________________ monthly instalments commencing from the month of _________________ nineteen hundred and _________________Provided that in the event of the demise of the Mortgagor the amount of advance or so much thereof as shall then remain due and unpaid shall become payable forthwith to the Mortgagee with interest due thereon and in the event of failure by the legal heir of the Mortgagor to repay the same within a period of one month from the date of the demise the same shall be recovered by sale of the mortgaged property without intervention of the Court and the mortgagee would be entitled to recover the costs, if any, incurred by him for the purpose.(ii)If the Mortgagor shall utilize the advance for a purpose other than that for which the advance is sanctioned, or if the Mortgagor shall become insolvent or be disqualified to be member of the Punjab Vidhan Sabha for any reason or if he dies before payment of the advance in full, or if the Mortgagor fails to observe or perform any of the terms, conditions and stipulations specified in the said rules and on his/her part to be observed and performed then and in any such case the whole of the amount of the advance or so much thereof as shall then remain due and unpaid shall become payable forthwith to the Mortgagee with interest thereon @ _________________% per annum calculated from the date of payment by the Mortgagee of the First instalment of the said advance.(iii)In further pursuance of the said rules and for the consideration aforesaid and to secure repayment of the aforesaid advance and interest as shall at any time or times hereinafter be due to the Mortgagee under the terms of these presents the Mortgagor doth hereby grant, convey, transfer, assigns and ensure unto the Mortgagee ALL AND SINGULAR the said mortgaged property fully described in the Schedule hereunder written together with buildings erected or to be erected by the Mortgagor on the said mortgaged property or material for the time being thereon with all rights, easements and appurtenances to the said mortgaged property or any of them belonging to HOLD the said mortgaged property with their appurtenances including all erections and buildings erected and built or to be erected and built hereafter on the said mortgaged property or material for the time being thereon unto the and to the use of the mortgagee absolutely for ever free from all encumbrances SUBJECT NEVERTHELESS to the proviso for redemption hereinafter contained :Provided always and it is hereby agreed and declared by and between the parties hereto that if the Mortgagor shall duly pay to the Mortgagee the said principal sum and interest hereby secured in the manner herein provided and also the other moneys (if any) determined to be payable by the Mortgagor to the Mortgagee under the terms and conditions of the said rules, then the Mortgagee will at any time thereafter upon the request and at the cost of the Mortgagor reconvey, retransfer, reassure the said Mortgaged property unto and to the use of the Mortgagor or as he may direct.(iv)AND IT IS HEREBY EXPRESSLY AGREED AND DECLARED that if there shall be any breach by the Mortgagor of the covenants on his part herein contained and to be observed and performed by him or if the Mortgagor shall become insolvent or be disqualified to be the member of the Punjab Vidhan Sabha for any reason or if he dies before all the dues payable to the Mortgagee under these presents together with interest thereon shall have been fully paid off or if the said advance or any part thereof becomes payable forthwith under these presents or otherwise, then and in any of such cases it shall be lawful for the Mortgagee to sell without intervention of the Court the said mortgaged property or any part thereof either together or in parcels and either by Public auction or 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 any such sale as the Mortgagee shall think fit AND IT IS HEREBY declared that the receipt of the Mortgagee for the purchase money of the premises sold or any part thereof shall effectually discharge the purchaser or purchasers therefrom AND IT IS HEREBY declared that the Mortgagee shall hold the moneys to arise from any such sale in pursuance of the aforesaid power upon TRUST, in the first place thereout to pay all the expenses incurred on such sale and then to pay moneys in or towards the satisfaction of the moneys for the time being owing on the security of these presents and the balance, if any, to be paid to the Mortgagor.(v)The Mortgagor hereby covenants with the Mortgagee as following :-(a)That the MORTGAGOR NOW hath in himself good right and lawful authority to grant, convey, transfer, assign and assure the mortgage property unto and to the use of the Mortgagee in the manner aforesaid.(b)That the Mortgagor shall carry out the construction of the house exactly in accordance with the plan and specifications approved by the Administrator/Municipal Corporation/Municipal Committee/Notified Area Committee concerned. The Mortgagor shall certify, when applying for instalments of advance that the amount already drawn out of the said sanctioned advance has actually been used on the construction of the house. He will allow the Mortgagee 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 Mortgagor, he will be liable to the Mortgagee forthwith the entire advance received by him along with interest in addition to penal interest at such rate as may be specified by the Government from time to time.(c)That the Mortgagor shall complete the construction of the house within eight months of _________________ unless an extension of time is allowed in writing by the Mortgagee. In case of default the Mortgagor shall be liable to repay forthwith the entire amount advanced to him together with interest calculated under the said rules in lump sum. The Mortgagor shall report to the Mortgagee the date of completion of the house and furnish a certificate to the Mortgagee that the full amount of the advance has been utilised for the purpose for which it was sanctioned.(d)That the Mortgagor shall maintain the aforesaid house in good repair at his own cost, shall pay all the municipal and other local rates, taxes and all other outgoings in respect of the Mortgaged property regularly until the advance along with interest has been repaid to the Mortgagee in full. The Mortgagor shall also furnish to the Mortgagee an annual certificate to the above effect.(e)The Mortgagor shall afford full facility to the Mortgagee for carrying out inspections after completion of the house to ensure that it is maintained in good repair until the advance and interest thereon has been repaid in full.(f)The Mortgagor shall refund to the Mortgagee 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.(g)The Mortgagor shall not during the continuance of these presents, charge, encumber, alienate etc. or otherwise dispose of the mortgaged property.
