INDEMNITY
BY DEBTOR TO HIS GUARANTOR [CD1]
Deed of Indemnity is made at
...... this .... day of., between Mr. A residing at ..... hereinafter referred
to as "the Debtor' of the One Part and Mr. B residing at .... hereinafter
referred to as 'the Guarantor' of the Other Part.
Whereas by a Deed of
Guarantee executed by the Guarantor on the.... day of ..... in favor of ......
Bank. the Guarantor has guaranteed repayment of the amount of Rs ........
borrowed by the Debtor from the said Bank with interest and costs to the said
Bank.
And Whereas the Guarantor
has requested the Debtor to execute a Deed of Indemnity In favor of the
Guarantor for any loss and expenses he may suffer on account of the nonpayment
of the said loan with interest and costs by the Debtor to the said Bank and the
Bank recovering the same from the Guarantor and which the Debtor has agreed to
do.
NOW THIS DEED WITNESSETH
that pursuant to the agreement and in the premises the Debtor doth hereby agree
to indemnify and keep indemnified the Guarantor in the event of his being
required to make payment of the said loan with interest and costs to the said
Bank and against all loss, costs, charges and expenses he the Guarantor may
suffer or incur on account thereof. And it is declared that this indemnity is
without prejudice to and is in addition to the rights of subrogation of the
Guarantor in law.
IN WITNESS WHEREOF the Debtor has put his
hand the day and year first hereinabove written.
Signed
and delivered by the within named Debtor Mr. A In the presence of ......
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