BOND BY A DEBTOR FOR PAYMENT OF A DEBT BY INSTALLMENTS

 

 

By This Bond I (obligator) _____________ of (address etc.) _________________________ blind myself to (oblige) ______________________ of (address etc.) ______________________ for the payment to him of the sum of Rs.__________.

Signed this ______ day of ________

WHEREAS:

1.      The said (obligator)is indebted to the said (oblige) in the sum of Rs. ______ as the said (obligator) hereby acknowledges.

2.      At the request of the said (obligator) the said (oblige) has agreed o take payment of the said debt (with interest) by the installments and at the times hereinafter mentioned on the terms that the payment of the said installment (and interest) at the said respective times and in case of any default then the immediate payment of the said sum of Rs. _____ (the debt) or the unpaid part thereof ( with interest) should be secured by the above-mentioned obligation as is hereinafter mentioned.

NOW THE ABOVE WRITTEN OBLIGATION is conditioned to be void in either of the following cases, namely:

1.       In case the said (obligor) of his personal representative shall on the ________ day of ___ and ______ day of _______ in every year commencing with the _______ day of _______ next (or within _______ days after each such respective day) pay to the said (obligee) his his, personal representatives or assigns the sum of Rs........... [half-yearly installment] [together with interest on the said sum of Rs........... [the debt] or such part thereof as shall not have been paid at the rate of......................... per cent per annum] until the whole of the said sum of Rs............ [the debt] with interest shall be fully paid.

2.         In case any of the said half-yearly payments of principal [or interest] shall from any cause whatever not be paid upon the days hereinbefore mentioned for such respective payment [or within........... days thereafter] the said [obligor] or his personal representatives shall forthwith [or upon demand] pay to the said [obligee] his personal representatives or assigns the whole balance then remaining unpaid of the said sum of Rs........... [the debt] [with interest].

 

Signed etc.

 

 

               

                                                                                                             [Signature and seal of obligor]