Contract Law Installment Bond In Deed Form

INSTALLMENT BOND IN DEED FORM

THIS BOND is executed on this___________day of___________at_______________ between:

1.     Mr. X s/o________ r/o_________________, hereinafter called the debtor on the first part.

2.     Mr. Y s/o______ r/o____________________.., hereinafter called the surety on the second part, and

3.     Mr. Z s/o_______r/o___________________, hereinafter called the creditor on the third part.

Whereas a sum of Rs_________is 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 and 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 installment 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_____________

Name & Signature_______________.

Creditor