We have executed lease deed wherein we have included following clause regarding mortgage of leasehold right : -
"subject to the provisions of this Clause the lessee would be entitled to mortgage its leasehold right over the said Property in favour of any of the Financial Institutions, Banks, Associate or any other company (hereinafter referred to as “ Leasehold Mortgagee") and shall notify the Lessor of the name and address of each leasehold mortgagee. It is clarified that under this clause the lessee only granted right to mortgage its leasehold righs in the Said Propoerty and the same by no means be constured to be creating any right, title, interest against the said property"
Now can we "create Mortgage on leasehold land in Banks favour based on leasehold rights with suitable clause permitting us to Mortgage the same"?
Secondly, what documents do we need to execute to give effect to the above requirement?
Thirdly, will the Lessor be a party to the mortgage.
