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Annexure - VI Deed of Hypothecation (To Be Executed On Non Judicial Stamp Paper of Appropriate Value)

1) The document is a deed of hypothecation between an employee (the borrower) and SJVN Ltd (the corporation). 2) The borrower has taken a loan of Rs. [amount] from the corporation to purchase a personal computer. 3) As a condition of the loan, the borrower hypothecates the purchased computer, printer, peripherals and software to the corporation as security against the loan amount plus 7% annual interest until repayment is complete.

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Deepesh Mittal
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401 views3 pages

Annexure - VI Deed of Hypothecation (To Be Executed On Non Judicial Stamp Paper of Appropriate Value)

1) The document is a deed of hypothecation between an employee (the borrower) and SJVN Ltd (the corporation). 2) The borrower has taken a loan of Rs. [amount] from the corporation to purchase a personal computer. 3) As a condition of the loan, the borrower hypothecates the purchased computer, printer, peripherals and software to the corporation as security against the loan amount plus 7% annual interest until repayment is complete.

Uploaded by

Deepesh Mittal
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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Annexure - VI

DEED OF HYPOTHECATION
( To be executed on Non Judicial Stamp Paper of Appropriate Value)

THIS INDENTURE MADE this ………… day……….. of Two Thousand…….…


BETWEEN Shri/Ms/Smt.…………………………….. s/o, d/o, w/o Shri
………………………… ………………. r/o
………………………………………………… (hereinafter called "the Borrower"
which expression shall include his/her heirs, legal representatives, executors,
administrators, successors and assigns) of the one part and SJVN Ltd., a Company
incorporated under the Companies Act, 1956 and having its Registered Office at
Himfed Building, New Shimla- 171009, hereinafter called "The Corporation" (which
expression shall include its successors and assigns) of the other part.
WHEREAS the Borrower has applied for and has been granted by the Corporation an
advance of Rs,……………………. (Rupees ……………………………………….
only) being eighty percent (80%) of the cost of Computer including Printer, other
peripherals and software or Rs. 40,000/- (Rupees Forty Thousand only), whichever is
lower for the purpose of purchasing a Personal Computer in accordance with the
terms of the Personal Computer Advance Rules framed by the Corporation
(hereinafter referred to as "the Rules" which expression shall include any amendment
thereof or additions thereto for the time being in force).
AND WHEREAS one of the conditions upon which the said advance was, granted to
the Borrower was that the Borrower would hypothecate the said Personal Computer
including Printer, other peripherals and software purchased out of the said advanced
amount by the Borrower to the Corporation as security for the amount advanced to the
Borrower together with interest @ 7% per annum accrued thereon.
AND WHEREAS THE Borrower has purchased with or partly with the amount so
advanced, as aforesaid, the Personal Computer particulars whereof are set out in the
schedule hereunder written.
NOW THIS INDENTURE WITNESSED THAT in pursuance of the agreement and
for the consideration aforesaid the Borrower doth hereby covenant to pay to the
Corporation the sum of Rs,…………… (Rupees ……………………………….only)
aforesaid or the balance thereof remaining unpaid at the date of these presents by
equal payments of Rs. ………… (Rupees ………..…………………… only) each on
the last day of every month and will pay interest by equal payments of Rs. …………
(Rupees …………………………………….only) on the sum for the time being
remaining due and owing calculated according to the said rules and Borrower doth
agree that such payments may be recovered by monthly deductions from his/her
salary in the manner provided by the said rules and in further pursuance of the said
agreement, the Borrower doth hereby hypothecate unto the Corporation the Personal
Computer including Printer, other peripherals and software, the detailed particulars
whereof are set out in the schedule hereunder written by way of security for the said
advance and together with the interest @ 7% per annum accrued thereon as required
by the said rules.
And the Borrower doth hereby agree and declare that he paid in full the purchase
price of the said Personal Computer and that the same is his/her absolute property and
that he/she has not created any lien or mortgage or pledge and so long as any money
remain payable to the Corporation in respect of the said advance, will not sell, pledge
or transfer or part with the property in or possession of the said Personal Computer
without prior written permission of the Corporation.
PROVIDED ALWAYS and it is hereby specifically agreed and declared that the
Borrower shall fully abide by the terms and conditions of the Computer Advance
Agreement dated …………………….. and in the event of breach thereof the
Corporation shall have the right to seize and take physical possession of the said
Personal Computer and recover all outstanding dues by sale or otherwise of the said
Personal Computer so hypothecated by the Borrower. The Borrower shall not have
any objection, whatsoever, in this regard, if any amount of advance still remains
outstanding the Corporation shall have the right to recover the same from other
means/security available with the Corporation on or from any sum due and payable by
the Corporation to the Borrower.
THE SCHEDULE

Description of Personal Computer

Makers Name

Description with Sl. No.

IN WITNESS whereof the parties have hereunto set their hands this day and year first
before written.
Signature

Name

Designation

Emp. No.

Signed by the said Borrower in the presence of


WITNESS
Signature
Full Name
Emp. No.
Occupation
Address

Signed by for and on behalf of SJVN Ltd.

(AUTHORIZED SIGNATORY)
In the presence of WITNESS:
Signature
Full Name
Emp. No.
Occupation
Address

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