Deed Of Guarantee
| Updated at | March 2010 |
THIS DEED OF GUARANTEE executed on the day of
Two Thousand:
B Y :
(hereinafter referred to as the "FIRST
PARTY", which expression shall, wherever the
context so requires or admits, mean and
include, his heirs, executors, administrators
and assigns).
IN FAVOUR OF :
(hereinafter referred to as the "SECOND
PARTY", which expression shall, wherever the
context so requires or admits, mean and
include, its successors-in-title and assigns)
WITNESSES AS FOLLOWS:
-
WHEREAS by an Agreement dated . .2000, the Second Party
has arrived at an arrangement to contribute its effort
and economic strength in the development being done by
M/s._____________________________________________________________
of the Property bearing No._______________________________________
__________________________, in terms set out therein;
-
WHEREAS a copy of the said Agreement is hereto annexed and
marked as Annexure 'A';
-
WHEREAS the First Party is one of the Partners/Directors
of ___________________________________ and apart from the
assurances given by M/s._______________________________________
the First Party herein has agreed to personally guarantee the
performance and returns estimated of M/s.____________________
___________________________ under the said Agreement, failing
which the First Party will make good the amounts guaranteed
hereunder and the Parties hereto are desirous of recording the
terms of the guarantee;
-
NOW THIS DEED OF GUARANTEE WITNESSES AS FOLLOWS:
(1) In the premises aforesaid and at the request of the Second
Party, the First Party hereby agrees with and guarantees the
Second Party the payment assured to the Second Party under the
Agreement dated . .2000 by M/s._______________________________
and in the event of the Second Party not receiving the amounts in
terms of the Agreement dated . .2000, irrespective of any
reasons from M/s.______________________________________________
the First Party Mr.________________________ hereby irrevocably
and unconditionally agrees and covenants to pay to the Second
Party the amounts to be received by the Second Party in terms of
the annexed Agreement or any part or parts thereof with interest
thereon as aforesaid and as set out in the Agreement dated
_____ 2000 between the Second Party and M/s.___________________
upon demand in that behalf being made by the Second Party;
(2) The First Party further agrees as follows:-
(a) A notice of demand issued by the Second Party or on its
behalf stating that any of the sums...
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