Guarantee, Deposit and Charge as Security for Advances to a Third Person

Guarantee, Deposit and Charge as Security for Advances to a Third Person

To

ELH & Co.

XY Road, Calcutta

IN CONSIDERATION OF your having lent and advanced to AB of etc. at my request a sum of Rs. ……… (Rupees ………) as a loan or accommodation bearing interest at the rate of ……… per cent per annum and such further or other sum or sums to be hereafter advanced as the said AB may require from time to time not exceeding in any case the sum total of Rs. ……… (Rupees ………), all such sums to carry interest at the aforesaid rate and shall be repaid on or before the ……… day of ……… 2000.

I, the undersigned, do hereby stand surety for and guarantee repayment of the aforesaid loan or loans to you personally and place on record as follows:

1. I have deposited with you the title deeds/securities mentioned in the schedule hereto as collateral security for repayment of the said loan or loans with interest as aforesaid.

2. The said title deeds/securities which are all hereby pledged by me for repayment of the said loan(s) with interest or any of the properties shall not be charged, encumbered nor otherwise dealt with by me in any way without your consent first had and obtained in writing so long as the said loan(s) or any part thereof shall remain outstanding to you or any account in respect thereof unsettled.

3. I shall, whenever required by you so to do, execute at my own costs and expenses a deed or deeds of transfer such as mortgage, charge, etc., of such of the said property or properties/security or securities together with power of sale and all other necessary powers for securing and/or enforcing the payment of the said loan(s) and interest or otherwise for liquidation of the same.

4. No change whatsoever in the constitution of your firm shall impair or discharge my liability hereunder notwithstanding section 38 of the Partnership Act 1932, or any other enactment.

List of title deeds/securities

Dated this ……… day ………19……

Yours faithfully

MN

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