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Mortgage Deed

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Under section 58(b) of Transfer of Property Act, 1882, simple mortgage deed is defined as a binding contract where a mortgagor decides to pay the mortgage fees to a mortgagee. It is implied that if in the event of mortgagor fails to pay the fees then according to the terms of the mortgage deed, the mortgagee has the right to put the property on sale to cover the repayment.
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