|
 |
| |
|
INDEMNITY BOND
This Indemnity Bond is made on this day of --------------
between -----------resident of -----------------------
------------------------------------------------------------(hereinafter
called the first Party) of the one part (which
expression shall unless excluded by or repugnant to the
context be deemed to include his heirs, administrators
representatives and assigns ) and the President of India
(hereinafter called the second Party) of the second party
which expression shall unless excluded by or repugnant
to the context be deemed to include his successors in
office and assigns.
2. Whereas loan of Rs. -------------------was a sectioned
by the Housing LIGs/MIGs/VHPs to Sh/Smt/--------
-----------------------against the Mortgaged plot No.------------------and
building thereon (hereinafter referred to as
the Mortgaged property). And whereas some part payment
of the said loan was made by Sh.-----------------in
yearly installments during his lifetime.
3. Whereas the First party has paid the remaining Principal
amount of the said loan and the interest due
thereon.
4. Whereas at the request of the First party the Second
party has agreed to redeemed the Mortgaged
property in favour of the First party and return the original
documents lying with the second party subject to the
condition that the First party shall make good loss if
any suffered by the Government in the event of any litigation
concerning . The said Mortgaged property being instituted
by any person whatsoever.
5. Now this Indemnity bond hereto shows that if any other
heir of the deceased loanee or any other person
claming under for or through them drag the Government
in to litigation at any time in the event of the Mortgaged
Property being redeemed in favour of the First party,
the First party shall be liable to bear the expenditure
involved and / or borne by the Government of India.
FIRST PARTY
Witnesses
1.-------------------- SECOND PARTY for and on
behalf of the President of India.
2.-------------------
|
|
| |
|
|
|
|
