Deed of Trust for the Purpose of Paying Debts

Updated at:March 2010
 
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This deed of trust made this ............... day of ............... 2000 between Anil Biswasson of .................. (hereinafter called the debtor) of the First Part and Chirag Desai son of ........................ andEapen Patelson of .................. (hereinafter called the trustees) of the Second Part, Gaurav Hanvelson of ............... (hereinafter called the creditor) of the Third Part.

Whereas the said Anil Biswasis truly and justly indebted to the said Chirag Desai in the sum of Rs.8 lakhs only for which the latter has served the former with legal notice and intends to institute a suit for recovery of the said sum with costs and interest.

And whereas the said Anil Biswas having at present no means nor any further resource to liquidate the said loan approached the said Gaurav Hanvel for time and accommodation to pay up the said debt by instalments which the said Gaurav Hanvelhas agreed to grant only if adequate arrangement is forthwith made to secure regular payments of instalments and for preservation of the assets of the said Anil Biswas as they are now until repayment of the entire debt.

This deed of trust witnesses that in pursuance of the said agreement and in consideration of the said Gaurav Hanvel refraining from taking any action against Anil Biswas for immediate enforcing payment, the said Anil Biswas doth hereby and hereunder grant, convey, transfer and assign all his property mentioned in the Schedule below unto the said trustees to have and to hold the same upon trust for the purpose hereinafter mentioned:

(i) That the said trustees shall exert themselves by all legitimate ways and means, exercise all the powers and authorities hithertofore exercised by Anil Biswas, supervise, manage and develop all the properties of the said Anil Biswas so as to yield much better income from all sources.

(ii) That the said trustees continue to hold, possess, manage and administer the said properties until full satisfaction and discharge of the debt of the said Anil Biswas to the said Gaurav Hanvel and thereafter the said properties shall be retransferred to the said Anil Biswas.

(iii) The trustees shall out of the income of the said properties as and when collected shall, after payment of the municipal taxes and other capital and revenue liabilities, pay or cause to be paid to the said Anil Biswas an allowance of Rs. 2,000 per month regularly not later than the 7th of every current month subject to such increase or decrease thereof...

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