Deed of Release and Indemnity between Landlord and Tenant
THIS RELEASE AND INDEMNITY is made this _________ day of ______ 20_____
_______________, s/o _____________ residing at _____________ by faith Hindu by occupation service, hereinafter referred to as “the Landlord” (which term or expression shall unless excluded by or repugnant to the context be deemed to include his heirs, successors, executors, administrators, legal representatives and assigns) of the ONE PART
______________, s/o ________________, at present residing at ____________ by faith Hindu by occupation business, hereinafter referred to as “the Tenant” (which term or expression shall unless excluded by or repugnant to the context be deemed to include his heirs, successors, executors, administrators, legal representatives and permitted assigns) of the OTHER PART.
- By an agreement dated _________ made between the parties hereto the Landlord had let out unto the Tenant ALL THAT the ________________________ (describtion of propery) more fully described in the said Agreement dated _____ and hereinafter referred to as “the said room”, under the terms, conditions, covenants and stipulations contained therein.
- The Tenant had been carrying on his business in the said room under the name and style of __________, but on account of severe trade-depression, non- realisation of business debts and increasing burden of outstanding liabilities, the Tenant had to close down his said business since over the last five years and failed, neglected or defaulted in the payment of rent for the said room since the past five years or more.
- Notwithstanding the acts of forbearance on the part of the landlord and grant of extended time for payment of the outstanding rent for the aforesaid period the Tenant has failed and/or is unable to make payment of the arrear rent as aforesaid and has approached the Landlord to release and relinquish him from the said liability on compassionate ground in consideration of his acute pecuniary debacle and business setback with the existing burden of other financial liabilities, especially with his Bankers _________ branch in respect of the Cash Credit A/c No. _________.
- In view of the present financial position and helpless condition of the Tenant and considering the uncertainty and remote possibility of realisation of the arrear rent, as aforesaid, and to recover possession of the said room from the Tenant, the Landlord has agreed to the said proposal of the Tenant, subject to the Tenant’s handing over vacant and peaceful possession of the said room to the Landlord after removing therefrom all his goods and effects.
- Acting upon the above consideration the Tenant has since handed over the vacant and peaceful possession of the said room to the Landlord on the ________ after removing therefrom all his goods and effects and the Landlord has accepted the said surrender, re-entered upon and taken vacant and peaceful possession of the said room from the Tenant with effect from the said day.
- In order to avoid any possible apprehension and/or further risk or liability or claim or demand by either of the parties hereto or by any of their respective heirs, executors, administrators, representatives or assigns against the other of them or his heirs, executors, administrators, representatives or assigns respecting the said outstanding rent, the said tenancy or the said business including any past, present, future or contingent liability of the Tenant against his Cash Credit A/c No.______ with the _________ or with any other undisclosed creditors relating to the said business of the Tenant or respecting the said room, the parties hereto have agreed to execute this Deed of Mutual Release and Indemnity.
NOW THIS DEED WITNESSETH as follows:
- In pursuance of the said agreement and in consideration of the Tenant having handed over vacant and peaceful possession of ALL THAT the (describtion of property), hereinafter referred to as “the said room”, to the Landlord on or about the __________, the Landlord doth hereby release, relinquish and for ever discharge the Tenant from all claims, demands, actions and proceedings which were and are in existence in respect of the arrear rent, as aforesaid, or the said tenancy or the said room.
- And in consideration of the said release on the part of the Landlord the Tenant hereby declares and confirms that he shall have no right, title or interest in respect of the said tenancy or the said room, which has been surrendered by the Tenant in favour of the Landlord, that he the Tenant has not encumbered the said tenancy or the said room in any manner whatsoever and that the same hereby stands released and discharged of all his interest whatsoever in favour of the Landlord AND the Tenant hereby covenants with the Landlord that he the Tenant will at all times hereafter indemnify and keep indemnified the Landlord against all liability under the said Cash Credit A/c No. _______ with the________ Bank, and against all actions, proceedings, claims, demands, costs, damages and expenses whatsoever which may be levied, brought or made against the Landlord or which he may be liable to pay, sustain or incur by reason of the Tenant’s carrying on the business in the said room of the Landlord or touching the said tenancy or in relation thereto.
IN WITNESS WHEREOF the parties hereto have executed these presents the day month and year first above written.
SIGNED AND DELIVERED by the LANDLORD in the presence of:
SIGNED AND DELIVERED by the TENANT in the presence of: