THIS DEED OF GUARANTEE executed on the day of Two Thousand:
BY : (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 : (Here in after 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:
I. 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 PropertybearingNo.______________________________________________
, in terms set out therein;
II. WHEREAS a copy of the said Agreement is hereto annexed and marked as Annexure ‘A’;
III. 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;
IV. NOW THIS DEED OF GUARANTEE WITNESSES AS FOLLOWS:
- 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;….
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