Hire-Purchase Agreement by Shiva.

No. 27

Hire-Purchase Agreement

(Another Form)

AN AGREEMENT made this . . . . . . . . . day of . . . . . . . ., 20 . . . . BETWEEN A. B., aged . . . . . . . . . . years, son of . . . . . . . . . . . . . . . . . . ., resident of . . . . . . . . . . . ., sole proprietor of the firm . . . . . . . . . . having its business premises at . . . . . . . . . . (hereinafter called the ‘‘Owner’’) of the one part, AND C. D., aged . . . . . . . . . . . . . . years, son of . . . . . . . . . . . . . . . . . . . . ., resident of. . . . . . . . . . . . , (hereinafter called the ‘‘Hirer’’) of the other part.

WHEREAS the Owner is carrying on the business of ‘‘hire purchase’’ and C. D. is an officer in the employ of the State Government and has applied to the Owner and the said Owner has upon the assurance of the Hirer for the due performance of the agreement hereinafter mentioned agreed to give the Hirer the option of purchase of the goods described in the Schedule attached and made part of this deed and to let the same on hire to the Hirer upon the terms and conditions hereinafter contained:

NOW THIS AGREEMENT WITNESSES that the parties hereto mutually agree as follows:

1. That the Owner shall let and the Hirer shall hire the goods described in the Schedule hereto from the day hereof for such period as the Hirer shall desire subject nevertheless to determination as hereinafter provided.

2. That the rent for such hiring shall be the sum of Rupees . . . . . . . . . . . . . ., payable in the undernoted manner:  Rs . . . . . . . . . payable immediately after the signing hereof and the balance in ten equal instalments, each instalment being payable every succeeding month in the first week.

3. That the Hirer shall keep the said goods in the same state and condition as they now are, reasonable wear and tear only excepted. In case the same are destroyed or damaged by any means whatsoever, the Hirer shall pay at the option and demand of the Owner all the instalments remaining due on the said goods.

4. That the Hirer shall not without the prior permission of the Owner permit the removal or remove the said goods from the premise registered with the Owner. Each change of address of the Hirer shall be duly intimated and registered with the Owner.

5. That the Hirer shall not do anything whereby the said goods may be charged or encumbered with the payment of any rent or loan or may be taken in execution of any decree or order of any court.

6. That if the Hirer fails or neglects to pay the rent due for a week after the same shall have become due or if the Hirer shall at any time fail or neglect to perform or observe any of the conditions of agreement herein contained and on his part to be performed or observed it shall be lawful for the Owner or any person authorised by him (without previous notice) to determine this agreement and for that purpose to enter any dwelling-house or premises where the said goods may be and to seize and remove the same without being in any way liable to any action or other proceeding.

7. That on the happening of any event mentioned in the foregoing paras or at any time during the hiring agreement if the Owner shall consider necessary or expedient for protecting his interest he may insure the goods or incur any expense or pay any sums which the Hirer may have been ordered to pay or may be liable to pay to any person or persons whomsoever;  any such payment shall be deemed to have been made at the request of the Hirer repayable by the Hirer to the Owner within the hiring period with interest @. . . . . . . .% p.a.

8. That any expenses incurred by the Owner in the exercise of the powers conferred on him by this agreement shall be forthwith recoverable from the Hirer on notice in writing sent to the Hirer by his address registered with the Owner together with interest @. . . . . . . . . . .% p. a. despite anything to the contrary contained in Para 7, above.

9. That the powers hereby conferred on the Owner shall be cumulative and neither the exercise of any of them nor the waiver of any breach of the provisions hereof preclude him from exercising any power hereby conferred.

10. That the Hirer may at his option terminate this agreement by delivery to the Owner at his business address during working hours the said goods and on payment of the instalments due till then and all sums which may be due to the Owner, under any clause of this agreement;

AND IT IS FURHTER AGREED AND DECLARED that in consideration of the sum of Rupees . . . . . . . . now paid by the Hirer to the Owner, the receipt whereof the Owner hereby acknowledges, he, the Owner, hereby agrees with the Hirer as follows:

11. That the Hirer may at any time during the period of hiring purchase all but not any of the goods on payment of the balance of the instalments then remaining due and any sums of money due under para 7, above. In the event of the Hirer exercising the option he shall be entitled to a rebate of . . . . . . . .% on the total sums due on the date of such purchase.

12. That until the Hirer purchases the goods under the provisions of clause 11 or until all instalments and monies due under this agreement shall have been paid by the Hirer to the Owner the goods shall remain the sole and absolute property of the Owner:

PROVIDED always that the expressions ‘‘the Owner’’ and ‘‘the Hirer’’ herein used shall unless inconsistent with the context include the heirs, successors and representatives of the parties as the parties themselves.

IN WITNESS whereof the said A. B. and C. D. have hereto at . . . . . . . . . . . set their respective hands the day and the year first above-mentioned.

Witnesses:

1.                                                                                             Sd.?A. B

2.                                                                                             Sd.?C. D.

(Schedule of goods)

(With value of each item)

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