Indemnity Bond

Indemnity Bond

In case of non-production of Title Deeds (another form)

BY THE PRESENT INDEMNITY BOND executed by me on this …………… day of ……………2000,  I, AB s/o MN residing at ……………… (hereinafter called the obligor) my successors and legal representatives in favour of C s/o XY residing at …………………… hereinafter called the obligee, which expression shall mean and include his heirs, successors and legal representatives, in the sum of Rs. ………………… of lawful money paid to me by the said C.

Signed by me with my seal this ………… day of ……… 2000.

Whereas by an agreement dated …………… made between the parties, I, the obligor, agreed to sell and the said obligee agreed to purchase subject to a good and marketable title being made out the property situated in which is fully mentioned and described in Schedule ‘A’ annexed hereto and which is free from all encumbrances, attachments, trust and lien, etc. for the sum of Rs. ………… (Rupees …………… only) and whereas in course of the investigation of my title it has transpired that the documents described in Schedule ‘B’ to these presents which are essential and necessary to complete the title are missing and are not being in my possession or anybody else on my behalf to my knowledge and it is not further known up till now in whose possession or custody and power the same were or are likely to be at present.

AND WHEREAS in answer to the requisitions on title I have declared them as lost or mislaid and not pledged or deposited anywhere as security for any debt or claim.

AND WHEREAS the said OBLIGEE on such declaration given by me as aforesaid agreed to complete the said purchase upon my executing the conveyance of the said premises in his favour with all usual covenants including the covenant as to indemnity but nevertheless and in addition thereto upon my entering into the above-written obligation conditioned as hereinafter expressed for the protection and indemnity of the purchaser. Now the above-written bond or obligation is conditioned to be void only in either of the cases following, that is to say:

1. In case all the said documents shall be hereafter discovered anywhere and delivered to the said purchaser or his heirs, executors, administrators or assigns free of any costs, charges and expenses on that account.

2. Alternatively if for a period of over twelve years from the date of these presents the purchaser, his heirs, etc. shall peacefully and quietly hold, possess and enjoy the said lands, hereditaments and premises, etc., without any claim, demand, interruption or disturbance whatsoever by any person or persons claiming any right, title or interest in the said property under or by virtue of the said documents or any of them, otherwise the same shall remain in full force and virtue and I, my heirs, executors, administrators, shall at all times hereafter remain liable for and shall fully and effectually indemnify and keep indemnified the said (purchaser) his heirs, executors, administrators and assigns against all losses and damages, costs, charges and expenses which he or they or any one of them may be put to or reasonably incur or suffer by reason of the fact of the said documents not having been delivered to the purchaser simultaneously with the completion of the said purchase.

Schedule ‘A’

Schedule ‘B’

Signed, sealed and delivered                                                                               AB