INSTALLMENT BOND IN DEED FORM

INSTALLMENT BOND IN DEED FORM

THIS BOND is executed on this………..day of………..at …………… between :

1.            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 WHEREAS  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 :

            1.         That   the debtor  and the surety  jointly an severally   agree to pay the decreed amount in six equal half yearly instalments 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………………

                                                                                                            Surety

            Address………….                                                    Signature…………….

                                                                                                            Creditor