BOND FOR SECURING PAYMENTS OF ANNUITY

 

THIS BOND made this ______ day of _______, 20_____, by ______________________ (insert the name, address etc. of obligor), (hereinafter called ‘the Obligor’).

WITNESSETH that the obligor is held and firmly bound to _______________ (insert the name, address etc. of obligee) (hereinafter called ‘the Obligee’); in the sum of Rs.___________ (twice the amount of purchase money.

WHEREAS:

1. The obligor has agreed to sale the said CD during his life for the sum of Rs. ___________, such annuity shall be secured by the bond of the Obligor.
2. Pursuant to the said agreement, the said AB has paid to the Obligor the sum of Rs.___________ and the obligor has executed the above bond.

Now in consideration of the above premises, the Obligor agrees that he, the Obligor or his personal representatives/legal heirs shall pay to the said AB during his life time, one annuity or yearly, sum of Rs.__________ to accrue from day to day but to be paid by equal quarterly payment on or before the _______ day of ________, the ________ day of __________, and the _______ day of ______ in every year the first quarterly payment of the said annuity to be made on the _______ day of ________, 20____.

3. In the event of fulfilment of the above referred conditions this Bond shall be void otherwise the same shall remain in full force and effect.

Dated, the _______ day of ______, 20_____

Signed And Delivered by the parties

in the presence of

Witness:

1. _________
2. _________