Mortgage Bond (Indemnity Bond) Sample Contracts
MORTGAGE BOND (INDEMNITY BOND)Mortgage Bond (Indemnity Bond) • December 20th, 2017
(hereinafter called borrower) on the part and the President of India(hereinafter called President ) on the other part. Whereas the Borrower has applied for and has been granted an advance of Rs…………………………… to purchase a Motor Vehicle on the terms of rules contained in para 1538/1539 of Indian Government Railway General Code (hereinafter referred to thereof or additions thereto for the time being in force) and whereas one of the conditions up to which the advance has been granted to the borrower is/was that the Borrower will/would hypothecate the said Motor Vehicle to the President as security for the amount to the borrower and whereas the borrower has purchased with or partly with the amount advanced for said vehicle particulars whereof are set out in the schedule hereunder written.