BOND FOR PAYMENT OF OUTSTANDING CONSIDERATION MONEY BY THE PURCHASER UNDER A SALE DEED
KNOW ALL MEN by these presents:
That we, ________ of ________, (insert the name, address etc. of obligor) (hereinafter called as “Obligor”, are held and firmly bound unto _______________________________, insert the name, address etc. of obligee) (hereinafter called as “Obligee”) in the sum of Rs. ___________ (Rupees _______________), for the payment of which we hereby bind ourselves, our heirs, administrators, executors and assigns, firmly by these presents:
Signed, Sealed and Delivered on this ________ day of __________.
THE CONDITION of the above and foregoing obligation is such that Whereas, the Obligor has this day sold to Obligee the following property as fully described in the Schedule hereunder at and for the price or consideration of Rs. __________ (Rupees _______________), payable as follows (1) Rs ___________ (Rupees ___________________) cash, and the remainder payable (here insert).
Said sale is made subject to the performance of the following stipulations:
- That said deferred payments shall be made promptly on or before the date herein fixed.
- That the Obligee shall keep all taxes and all municipal assessments and instalments of assessments accruing and payable after this date paid as the same become due, except __________.
- That Obligee shall keep the improvements on said property duly insured in some insurance company, approved by Obligor, for the benefit of obligor in the sum of Rs. _________ (Rupees ____________), and keep the premium upon the same paid as it becomes due, and deliver such policies to obligor.
- That Obligee shall use said premises well and keep the same in good condition and repair at all times, and obligor shall have the right at any time to enter upon and in said premises for the purpose of inspecting the same.
- This bond shall not be assigned or said premises rented or occupied by other persons than obligee, without the written consent of obligor.
- It is agreed that upon obligee’s failure, refusal, or neglect, to make said deferred payments or anyone or more of them, or upon failure of obligee to comply with any of the terms and stipulations in this bond to be performed by _________, then and in either of said events, said obligee shall, at the option of obligor, forfeit all right to occupy the same, and any sum or sums of money therefor paid by obligee shall be kept and retained by obligor and treated as rent for the use and occupancy of said premises from this date to the date of such forfeiture, and the obligor shall thereupon be entitled to the immediate and unconditional possession of said premises without previous notice or demand. And it is further stipulated and agreed that if the obligee shall, after such forfeiture, occupy said premises it shall give him no rights whatever, but he may be expelled at any time, and obligor’s failure to exercise a forfeiture of this bond for a failure on part of obligee to comply with the terms hereof, shall not stop him from afterward asserting a forfeiture for a subsequent default.
- It is further stipulated and agreed, that if the obligee shall occupy said premises after a default, as provided herein, occupancy shall be that of a tenant and not otherwise, and it is hereby expressly agreed that said tenancy shall be only for the period of one month and no longer, from the date of such default, and obligee agrees to pay as rent for said premises for said month the sum of Rs. ___________ (Rupees ______________).
- Now, if upon the payment of the full purchase-price of said premises, and interest thereon as herein provided, and upon the full and complete compliance with the terms and stipulations in this bond by the obligee to be performed, the obligor, his heirs, administrators, executors, or assigns, shall execute to the obligee a good and sufficient general warranty deed for said premises subject to taxes and municipal assessments, and the covenants of which shall relate to the condition of the title of said premises on this date and the acts of the obligor thereafter, then this obligation shall be null and void; else to be and remain in full force and effect.
Schedule of Property above referred To:
SIGNED, SEALED AND DELIVERED in the presence of: