This
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: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 under
the
annexed Agreement dated 2000 have become receivable, in terms of the said
Agreement
dated . .2000 and that
M/s.______________________________________________________
have failed or neglected in its assurances and failure of the Second Party
receiving
the said sum or any part thereof or any interest thereon as agreed,
shall
be conclusive and binding on the First Party as to that fact and without
any
further proof. The First Party shall make payment hereunder to the
Second
Party
without any demur or default or without any recourse or reference to
M/s.___________________________________
as the case may be.b. The First Party further
agrees
to pay the amounts mentioned hereunder or any part thereof as the case
may
be, notwithstanding that there may be any dispute or difference between the
Second
Party and M/s________ as to whether or not the said sums under the Agreement
dated 2000 or any part thereof and interest thereon as aforesaid or
any
part thereof has or has not become due and receivable by the Second Party;c.
The First Party
agrees
that this Guarantee is in addition to and without prejudice to the existing
security offered by and on behalf of
M/s._________________________________
to the Second Party and that all rights
and remedies in
respect thereof be reserved;d. The First Party agrees that this guarantee shall
be a continuing guarantee and shall not be
considered
as wholly or partially satisfied or exhausted by any part received
by
the Second Party or any settlement of account between the Second Party and
M/s._____________________________.e.
The First Party
agrees
that this guarantee shall continue and be in force notwithstanding the
discharge
of M/s._____________________________________ by operation of any law
or
insolvency /bankruptcy/winding up/ dissolution of
M/s._____________________________
and shall cease only on payment of amount
guaranteed
hereunder either by M/s._____________________________________ or the
First
Party herein;f. The First Party shall
have
no right to the benefit of any other security that may be held by the
Second
Party until the Second Party receives all the amounts in respect of the
monies
and of all other claims under the said Agreement dated . .2000 and on
any
account whatsoever arising out of the said Agreement dated . .2000, shall
have
been fully satisfied;g. The First Party
agrees
that the Second Party under notice to the First Party, shall be at liberty to
take other securities for the said monies due to the Second Party or
any
part thereof and to release or forbear to enforce all or any of the
Second
Party's
remedies upon or under such securities and any collateral security or
securities
now held or be held by the Second Party and that no such release or
forbearance
as aforesaid shall have the effect of releasing the First Party
from
his liability or of prejudicing the Second Party's rights against the
First
Party under this Guarantee provided the notice mentioned herein above has
been duly served on
the First Party;h. The First Party shall have no right to the benefit of any other
security that may be held by the
Second
Party until the Second Party receives all the amounts in respect of the
monies
and of all other claims under the said Agreement dated . .2000 and on
any
account whatsoever arising out of the said Agreement dated . .2000 shall
have
been fully satisfied and in respect of the amounts from
M/s.__________________________________,
this Guarantee shall come to an end and
in
the event of the First Party paying under this Guarantee, the First Party shall
be entitled to the security held by the Second Party at the time of total
discharge;1.2.3.
The First Party
agrees
that demand for payment under this Guarantee shall be deemed to have
been
given to the First Party if made in writing and delivered at his address
hereunder
written and if sent by post shall be deemed to have been received by
the
Second Party 24 hours after posting thereof and in proving such services it
shall be sufficient
to prove that the letter containing the demand was properly addressed and put
into post;NAME: MR. ________________Address for Notice:4. It is agreed that
this
Guarantee shall be enforceable notwithstanding any change in the name of
the
Second Party company and it shall ensure for the benefit of any company
with
which the Second Party may become amalgamated or to which the Second Party
may
assign its rights;5. It is agreed that
this
Guarantee shall remain in force until the performance assured by
M/s.___________________ ___________________________________ under the Agreement
dated
. 2000 have been fulfilled and complied in terms thereof;6. The First Party
agrees
that it shall not be discharged or released from this Guarantee by any
arrangement made
between the Second Party and M/s. _____________________ notice to him in
writing with regards to any additional security given by M/s.
____________________ and/or M/s __________________, or release of any security
at
present given or may be given in addition nor will the First Party be
discharged or released from this Guarantee by any alterations in the
obligations save and except the quantum and returns agreed to be paid by
M/s.
_______, to the
Second Party undertaken by M/s.__________________ or by any forbearance or
waiver by the Second Party whether as to payment, time of performance or
otherwise under notice to the First Party in writing. The First
Party
agrees that the reasons for such notice as set out in this Para is only
for
information and not to seek consent of the First Party;IN
WITNESS
WHEREOF, the FIRST PARTY has executed this DEED OF GUARANTEE in the
presence of the
Witnesses attesting hereunder:WITNESSES:1)FIRST PARTY2)
[CD1]DEED OF GUARANTEE
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