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This document consists of draft deed of simple mortgage to be executed between the Lender and the Borrower for securing the amount borrowed by the Borrower without delivering the possession of the mortgage property, in editable word format making it handy to use and save your time and effort.
Simple Mortgage
Where, without delivering possession of the mortgaged property, the mortgagor binds himself personally to pay the mortgage-money, and agrees, expressly or impliedly that in the event of his failing to pay according to his contract, the mortgagee shall have a right to cause the mortgaged property to be sold and the proceeds of sale to be applied, so far as may be necessary, in payment of the mortgage-money, the transaction is called a simple mortgage and the mortgagee a simple mortgagee.
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