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In terms of the Joint Loan Agreement, the Mortgagor has agreed to create an English Mortgage on the Mortgaged Property, by way of first charge ranking pari passu, in favour of all the Consortium Lenders,
In all cases pari passu charges given an extension of mortgage, but priority for the first in the case of set off.
It is not a sub ordinate loan but in case of recovery through court, the first charge holder will get priority.
