Agreement of Hire Purchase by Shiva.

No. 26

Agreement of Hire Purchase

AN AGREEMENT made this . . . . . . . . . day of . . . . . . . ., 20 . . . . BETWEEN A. B., a joint stock limited liability company duly registered under the Indian Companies Act, 1956, having its registered office at . . . . . . . . . . . . . , and several branches including the one at . . . . . . . . . . . . . . . . . acting through Shri . . . . . . . . . . . . . . . . . . . . its branch manager duly empowered in this behalf (hereinafter called the ‘‘Owner’’, which expression shall unless inconsistent with the context include the successors, assigns and representatives) of the one part AND C. D., aged . . . . . . . . . years, son of . . . . . . . . ., resident of . . . . . . . ., (hereinafter called the ‘‘Hirer’’, which expression shall unless inconsistent with the context include the heirs, successors and representatives) of the other part;

WITNESSES that the Owner agrees to let and the Hirer agrees to take on hire the automobile mentioned and fully described in the Schedule hereto annexed in respect of which the Hirer has already paid to the Owner the sum of Rupees . . . . . . . . . . . . . . . . and agrees to pay unto the Owner the further sum of Rupees . . . . . . . . by . . . . . instalments of . . . . . . . . . rupees each payable on the 10th day of every month until such payments amount to the before-mentioned sum of Rs . . . . . . . . . at which time and on completion of the said payments as aforesaid the said automobile shall become and be the sole and absolute property of the Hirer;

AND the Hirer hereby agrees that until the whole of the said payments shall have been paid not to remove the said automobile permanently from the jurisdiction of the local courts without the consent of the Owner and also undertakes to take all reasonable and proper care of the said automobile and keep it in good and substantial repair and to have the same insured in the name of the Owner in the sum of not less than Rupees . . . . . . . . . and to pay the premium thereon and produce receipts therefor when required by the Owner;

AND it is also hereby covenanted by and between the parties that in case of default of any one or more of the said instalments of any part thereof at the times hereinbefore appointed for payment thereof or in the performance of any of the terms hereinbefore mentioned or in case the Hirer shall commit any act of bankruptcy or in case the said automobile is taken in execution of any decree or attached by any creditor the Hirer shall forthwith on demand deliver up the said automobile unto the Owner or whomsoever he may appoint to receive the same free from any damage or injury whatsoever and that on refusal or default in such delivery as aforesaid the Owner or his agent shall have full power and authority to enter into any premises wherein the said automobile may be, and seize the same without any objection, action, trouble, hindrance or denial whatsoever in relation thereto;

AND it is further agreed and covenanted by and between the parties that in case it shall be necessary to break and forcibly enter the premises in which the said automobile may be the Hirer shall not be entitled to commence any action or other legal proceedings in respect of such entry as aforesaid and it shall be lawful for the said Owner in the event of the said Hirer commencing any action or other legal proceedings in respect of such entry and seizure to plead leave and licence for such entry and to plead this Agreement in defence;

AND the said Owner guarantees unto the said Hirer not to molest or hinder him from the proper use, possession and enjoyment of the said automobile so long as the said Hirer shall continue the due and regular performance of the aforesaid stipulated covenants;

AND it is also agreed and declared that the said automobile shall remain and be the property of the Owner until all the provisions of the agreement shall have been fully performed and satisfied;

AND that at any time prior thereto the Hirer may terminate the hiring by delivering up the said automobile unto the Owner or whomsoever he may appoint to receive the same free from damage or injury as aforesaid but the Hirer shall remain liable to the Owner for arrears of hire up to the date of such delivery and shall not on any ground whatever be entitled to any credit, allowance, return or set-off for payments previously made.

IN WITNESS whereof the Owner, acting through Shri . . . . . . . . and the Hirer personally have hereto at . . . . . . . . . . . . . . . signed the day and the year first above-written.

Sd. . . . . . . . . . . . . . .

Witnesses:

1.                                                                                 Branch Manager,

2.?????????????????????  Owner.

Sd.

Hirer.

(Schedule of Property Hired)

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