BOND TO SECURE PAYMENT OF MORTGAGE

 

KNOW ALL MEN by these presents:

That I ___________________, of ______________, am held and firmly bound unto __________, of ____________, or order, in the sum of Rs.___________ (Rupees ______________), to be paid to said ________________, or order, for the payment of which I do well and truly bind myself, my heirs, executors, administrators, and assigns, firmly by these presents.

Sealed with my seal and dated the ______ day of _________, 20_____.

The condition of this obligation is such that if the said _________ shall well and truly pay, or cause to be paid, unto the said ________ or order, the sum of Rs.____________ (Rupees_____________) on the ______ day of ________, 20 ____, at _____, with interest at the rate of ______ per cent (______%) p.a. payable annually, then this obligation to be void; otherwise to remain in full force and effect. This obligation is secured by a mortgage of even date herewith, executed and delivered by the said ______, and which is a first lien on the land described in said mortgage as follows [here insert description of the land.]

It is agreed that if any instalment of interest or principal be not paid when due, or if default be made in performance of any of the agreements or conditions of said mortgage, the entire principal sum shall become immediately due and payable at the option of the holder thereof. Notice of said option is hereby waived.

[In Witness Whereof. etc.]