Specimen for Motorcycle / Car Loan Security Bond

Specimen for Motorcycle / Car Loan Security Bond

RS 30 STAMP PAPER

MOTORCYCLE / CAR LOAN SECURITY BOND

KNOW ALL MEN that We, _______________________________________________________________________                                                                                                     (Employee)

S/o _________________________, resident of _______________________________________________________________________

(hereinafter referred to as the “EMPLOYEE”)

and _____________________________________, S/o _________________________________________________

resident of ______________________________________________________________________

(hereinafter referred to as the “SURETY”) hereby bind ourselves jointly and severally to ______________________________________________________________________

(Company

having its registered Office at EZ/1-P-4, Eastern Industrial Zone, Port Qasim, Karachi 74200 (hereinafter referred to as the “COMPANY” for the

payment of the sum of Rs ______________ (Rupees _________________________ only).

SIGNED by us on the ____________ day of ________________.

 

_____________________________

EMPLOYEE

 

_________________________

SURETY

 

WITNESS:

 

1 ______________________

 

2 ______________________

 

WHEREAS ________________________________________________________________________ is employed by

(Employee)

________________________________________________________________________

(Company)

as __________________________________________________________________ and the said Employee has been granted a loan by the Company of Rs _________________________________________________________ (Rupees ____________________________________________ only) for the purpose of purchasing a Motor car bearing Registration No. _________________________ Engine No. ___________________________of __________________________________ make for use in his official duties during his employment with the Company, such loan being repayable in ______________________ monthly instalments of Rs __________________ each.

AND WHEREAS the said employee has agreed to hypothecate the said motor car bearing Registration No. __________ in favour of the Company as security against the aforesaid loan and has undertaken not to sell or otherwise dispose of the said motor car until such time as the aforesaid loan of Rs ____________________ (Rupees ___________________________________________________ only) has been fully repaid by the employee to the Company, it being clearly understood that in the event of the employee selling or otherwise disposing of the said motor car at any time before the said loan has been fully repaid, the whole amount of the loan outstanding at the time of such sale shall become repayable in lumpsum by the Employee to the Company.

AND WHEREAS the said Company has called upon the said Employee to execute a bond with one surety and the said ___________________________________ and the   __________________ have entered into

(Employee)                                                                                          (Surety)

the above-written bond for indemnity of the said _________________________________________ against any loss arising                                                                                           (Company)

from any acts of defaults by the said Employee in connection with the aforesaid loan.

NOW the condition of the above written bond is such that if the Employee or his heirs, executor or administrators pay to the said ____________________________________________ the monthly

(Company)

installment of Rs ____________________

(Rupees _____________________________________________________ only) each falling due from time to time until the said loan of Rs ________________________ (Rupees _____________________________________________ only) is fully repaid or liquidate the aforesaid loan in full by repayment of the outstanding loan in lumpsum then the above written bond shall be void but otherwise shall remain in full force and effect.

IN WITNESS to the above written bond and the terms and conditions herein contained we have signed hereunder this ________________ day of __________________________.

 

_____________________________                                   _________________________

EMPLOYEE                                                                                     SURETY

 

WITNESS:

 

1 ______________________

 

2 ______________________