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 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:

1.     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