SHEIKH SARAJ-UD-DIN Vs. MOHAMMAD AZIM-UD-DIN, ETC
HIGH COURT OF PUNJAB AND HARYANA
MOHAMMAD AZIM-UD-DIN, ETC
Click here to view full judgement.
(1.) In Civil Suit No. 200 of 1948 Sheikh Saraj-ud-din plaintiff claimed decree for Rs. 5,484/6/- with future interest at the rate of 12 per cent, per annum by sale of the mortgaged property.
(2.) By mortgage-deed Exhibit P. I made on the 8th of January, 1943 Mohammand Azim-ud-din, Feroze-ud-din and Mst. Rabia Begam mortgaged one house with possession for a period of two years with Sheikh Saraj-ud-din for Rs. 3,500 inter alia on the following conditions :
1. We will pay the interest on the mortgaged money to the mortgagee every month according to lunar calendar, under receipt. As for the principle money we will pay it and redeem the house mortgaged whenever we like within the stipulated period of mortgage. If we fail to pay interest every month and interest for three successive months becomes due from us, we will pay interest on the mortgage money at the rate of rupee 1 per cent per mensem instead of at the rate of Rs./14/- per cent, per mensem till payment in full of the interest.
2. If the interest for six successive months accumulates the mortgagee aforesaid shall be competent either to maintain the agreement respecting principal money and recover only the interest due to him or cancel the said agreement and recover the entire principal and interest from our persons, the mortgaged property and also from our other movable and immovable property by bringing a suit in Court. We and our heirs and representatives shall have no objection whatsoever thereto.
3. If the mortgagee has to bring a suit for recovery of the mortgage money, we the executants will be liable to pay the interest on the mortgage money till payment of the entire decretal amount with costs etc. and interest for the period the suit remains pending at the rate given above. We will have no objection thereto."
(3.) On the 8th of January, 1943, when the mortgage-deed Exhibit P.I was made, the mortgagors executed rent-deed, Exhibit P.2. In the rent-deed, Exhibit P.2, the mortgagor agreed to pay rupees 30/10/- per mensem as rent in lieu of interest. In the rent-deed it was expressly stipulated that if the mortgagors failed to pay the rent in lieu of interest on the mortgage money every month, the mortgagee shall be competent to bring a suit and recover the amount payable from the persons and property, movable and immovable of the mortgagors.;
Copyright © Regent Computronics Pvt.Ltd.