Installment Bond in Deed form
This
Bond is executed on this...........day of...........at ............... between :
Mr.
VK s/o TC r/o ................., hereinafter called the debtor on the first part.
2. Mr.
PN s/o Mr. SM r/o ......................, hereinafter called the surety on the second part,
and
3. Mr.
AK s/o Mr. GR r/o ..................., hereinafter called the creditor on the third part.
Whereas
a sum of Rs..............in still due to the creditor above named form the debtor on
account of decree in suit no............by the Court of..........on account of arrears of
rent.
And
whereas the creditor has again settled the lease of the house in which
the
debtor resides as tenant on account of the reason that the debtor has agreed to
make the payment of the decreed amount.
And
whereas the creditor has agreed to accept the payments of decreed
amount
in installment without any interest, provided some body stands as surety for
the said amount.
And
Where as the surety has agreed to guarantee payment of the said
decreed
amount in accordance with the terms of this bond.
Now this
Bond Witnesses as Under:
That
the debtor and the surety jointly an severally agree to pay the decreed amount
in six equal half yearly installments commencing from the day of...........and the
day of...........each year.
2. That
in case of failure on the part of the debtors to pay any instalment within 30
days from the day it becomes due, the whole of he unpaid amount shall stand
payable at once with interest at the rate of 18% per annum and the debtor and
the surety jointly and severally agree to pay the said amount with interest.
We the
have noted parties have signed this bond on the date and place mentioned above,
after fully understanding the contents of the bond in the presence of the
following witness.
Witnesses:
1.
Name............. Signature ..............
Address............
Debtor
2.
Name............... Signature..................
Address…………. Surety
3.
Name............. Signature ..............
Address............
Creditor
