FORM OF MORTGAGE BOND FOR MOTOR VEHICLE INITIAL ADVANCE

(6) FORM II (See section 11) FORM OF MORTGAGE BOND FOR MOTOR VEHICLE INITIAL ADVANCE THIS INDENTURE made this ——————-—«———— day of ——-~—-—-— one thousand nine hundred and —————-—~— BETWEEN ———————— (hereinafter called “the Borrower which expression shall include his heirs, administrators executors and legal representatives) of the One part and the Governor of Manipur { hereinafter called the “Governor” ) which expression shall include his successors and assignces) of the other part. WHEREAS the Borrower has applied for and has been granted an advance of Rupees-———to purchase a Motor vehicle under the Manipur Minister, Speaker and Chairman Hill Areas Committee (Grant of Motor Car Advance) Act, 1975 (hereinafter referred to as “the said Act”.which expression shall include any amendment thereof or addition thereto for the time being in force; AND WHEREAS one of the conditions upon which the said advance has been/was granted to the Borrower is/was that the Borrower will/would hypothecate the said Motor vehicle to the Governor as a security for the amount rent to the Borrower ; AND WHEREAS the Borrower has purchased with or partly with the amount so advanced as aforesaid Motor vehicle particulars whereof are set out in the Schedule hereunder written. NOW THIS INDENTURE WETNESSETH that in pursuance of the said agreement and for the consideration aforesaid the Borrower doth hereby convenant to pay to the Governor the sum of Rs. ————— aforesaid or the balance thereof remaining unpaid at the date of these presents by equal payments or" Rs. —~—-—-—- — each on the first day of every month and will pay interest on the sum for the time being remaining due and owing calculated according to the said Act and the Borrower doth agree that such payments may be recovered by monthly deductions from his salary in the manner provided by the said Act. And in further pursuance of the said agreement the Borrower doth hereby assign and transfer unto the Governor the Motor Vehicle the particulars whereof are set out in the Schedule hereunto written by way of security for the said advance and the interest thereon as required by the said Rules. And the Borrower doth hereby agree and declare that he has paid in full the purchase price of the said Motor Vehicle and that the same is his absolute property and that he has not pledged and so long as any money remain payable to the Governor in respect of the said advance, will not sell, pledge or part with the property in or possession of the said Motor Vehicles; (7) PROVIDED ALWAYS, and it is hereby agreed and declared, that if any of the said instalments of principal or interest shall not be paid or recovered in the manner aforesaid within ten days after the same are due or if the Borrower shall die or at any time cease to be in Office or if the Borrower shall sell or pledge or part with the property in or possession of the said Motor Vehicle or become insolvent or make any compositicn or arrangement with his creditors or if any person shall take proceedings in execution of any decree or judgement against the Borrower, the whole or" the said principal sum which shall then be remaining due and unpaid together with interest thereon calculated as aforesaid shall forthwith become payable. AND IT IS HEREBY AGREED and declared that the Governor may on the happening ,of any of the events herein before mentioned seize and take possession of the said Motor Vehicle and either remain in possessinn thereof without removing the same or else mayremove and sell the said Motor Vehicle either by public auction or; private contract and may out of the sale money retain the balance of the said advance then remaining unpaid and anyinterest due thereon calculated as aforesaid and all costs charges; expenses and payments properly incurred or made in maintaining, defending or realising his rights hereunder and ”shall pay over the surplus, if any, to the Borrower, his executors, administrators or personal representatives; PROVIDED FURTHER that the aforesaid power of taking possession or selling of the said Motor Vehicle shall not prejudice the right of the Governor, to sue the Borrower or his personal representatives for the said balance remaining due and interest or in the case of the Motor Vehicle being sold, the amount by which the net sale proceeds fall short of the amount owing; AND the BOrrower hereby further agrees that so long as any moneys are remaining due and owing to the Governor, the Borrower, will insure and keep insured the said Motor .Vehicle against loss or damage by fire, theft, or accident with an insurance Company to be apnroved by the Accountant General concerned and will produce evidence tothe satisfactiOn of the Accountant General that the Motor Insurance Company with whom the said Motor Vehicle is insured have received notice that the Governor is interested in the Bolicy;and the Borrower hereby further agrees that he will not permit or suffer the said Motor Vehicle to be destroyed or injured or to deteriorate in a greater degree than it would deteriorate by reasonable wear and tear thereof; AND the Borrower further agrees that in the event of any damage or accident happening to the said Motor Vehicle, the Borrower Wlll forthwith have the same repaired and made good. Destription of Motor Vehicle Maker’s Name Description No. of Cylinders Engine Number. Chassis No. Cost Price. (8) IN WITNESS WHEREOF THE said K (Borrower’s name ) and ...... ..... for and on behalf of the Governor have hereunto set their respective hands the day and year first above Written. *Signed by the said 1 .u..-usus.ns ....... ...... In the presence of l. .. Signature and designation of Borrower. 7 a»...n-H-u-uuguum-ov-nyuo.... (Signature of Witness) Signed byiname and designation) .uu-.u.a~._u-un.a-..nun for and on behalf of the Governor of Manipurin the presence of 1. n. ......... . Signature and designation of Officer. (Signature of Witness) *Name and designation of the Borrower.