THIS INDENTURE made this _______ date of ___________ Two thousand and BETWEEN ___________ (hereinafter called “THE BORROWER” which expression shall include his heirs, administrators, executors and legal representatives), of the one part and the NGIF (hereinafter called “the NGIF” which expression shall include successor and assignees) of the other part. WHERE AS the Borrower has applied for and has been granted as advance of Rs. _________ to purchase a Motor Vehicle or a Personal Computer on the terms and conditions of Rules on Motor Car/ Motor Cycle/ Scooter/ Moped/ Personal computer _____________ (hereinafter referred to as the said rules”) which expression shall include any amendment thereof or addition thereto for the time being in advance has been/ was granted to the Borrower is/ was that the Borrower will/ would hypothecate the said motor vehicle/ ( ____________ )/ personal computer to the NGIF as security for the amount lent to the Borrower AND WHEREAS the Borrower has purchased or paid custom duty with or partly with the amount so advanced as aforesaid the Motor Vehicle or Personal Computer particulars whereof are set out in the schedule hereunder written. NOW THIS INDENTURE WITNESSETH that in pursuance of the said agreement and for the consideration of the aforesaid the Borrower hereby agrees to pay the principal and interest thereof to the NGIF for the sum of Rs. ________ aforesaid at the date of these presents by equal monthly installments (EMI) fixed by NGIF Office, Mumbai from his salary. The Borrower would hereby assign and transfer to the NGIF, the conveyance/ personal computer particulars and documents as required by the said NGIF Rules on the subject.
And the borrower hereby agrees and declares that he has paid in full the purchase price of the said motor vehicle/ personal computer and that the same is his absolute property and that so long as any money remains payable to the NGIF in respect of the said advance he will not sell/pledge or part with the property the said Motor Vehicle/ Personal Computer to any other party PROVIDED ALWAYS and it is
hereby agreed and declared that if any of the said Installments 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 ceases to be in Government service or if the Borrower shall sell or pledge or part with the property the said motor vehicle/ personal computer or become insolvent or makes any arrangement with his creditors or if any person shall take proceedings in execution of any decree or judgment against the Borrower, the whole of the said principal sum which shall then be remaining due and unpaid together with interest thereon calculated as aforesaid, shall be payable to NGIF and IT IS HEREBY AGREED and declared that the NGIF may on the happening of any of the events hereinbefore maintained, seize and take possession of the said motor vehicle/ personal/ computer and either remain in possession thereof without removing the same or else may remove and sell the said conveyance/ equipment either by public auction or private contract and may out of the sale moneys retain the balance of the said advance the remaining unpaid and any interest due thereon calculated as