SECURITY BOND

SECURITY BOND

TO,

M/s. A B & Co

WHEREAS I, Mr………………….. the undersigned have been appointed by you as the Manager of your properties at ... and as a term of such appointment I have been required to give a security to the extent of a sum of Rs………………... and which I have agreed to do.

NOW THESE PRESENTS WITNESS that I Mr.……………….. hereby bind myself to pay you a sum not exceeding Rs... found due and payable by me in the management of the said properties. subject to the following condition.

AND the condition of this Bond is that if I shall faithfully and honestly manage the said properties by doing all acts and things which I am authorised to do in terms of a General Power of Attorney given by you to me this day by a separate deed and shall at all times during the said management account for all the moneys, securities, and other property received, and expenses made, by me lawfully as the manager of your said properties and shall not cause loss or injury or damage to the said properties or in any way take or apply the same or any moneys, or security received in respect thereof either for my own use or for any purpose other than those for which the same have been received by me or entrusted to me and I shall render a correct and faithful account of the management of the properties to your satisfaction then this bond shall become void but otherwise it shall remain in full force and effect.

AND THIS BOND FURTHER WITNESSETH that as a security for payment of my liability under this Bond but not exceeding the said sum of Rs…………….... I hereby charge my property consisting of a piece of land and a house thereon situate at ……………………….... and more particularly described in the Schedule hereunder written with the payment of any amount that may be found due and payable by me but not exceeding Rs... to you in the course of management of your said properties and I hereby covenant that in the event of my failure to pay to you the amount due and payable by me, if any, as aforesaid, you will be entitled to enforce the said charge by sale of the said property described in the Schedule hereunder written, through a competent court of law.

THE SCHEDULE ABOVE REFERRED TO

Signed and delivered by the  

withinnamed Mr.………….   

WITNESSES;

1.

2.