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Indemnity Bond  



Note: This format has been prepared as applicable to flats.

The word "flat" can be substituted with the type of property for which this document is being executed. Similarly, the name of the concerned authority can also be changed as applicable. For the sake of convenience, we have italicized such words.

This Indemnity Bond is executed at Delhi on this __________ day of __________ 20__ between Shri/Shrimati/Kumari __________ __________ Son/Daughter of ______________________ resident of __________________ __________________ hereinafter called the Executant/Vendor/First Party and Shri/Smt./Kumari __________ __________ Resident of _________ __________(hereinafter called the Second Party/Beneficiary/Purchaser).

The expression of First Party and the Second Party shall mean and include their representatives heirs, successors, legal representatives, administrators, nominees and assigns etc.

WHEREAS THE FIRST PARTY is the sole absolute owner / allottee and in physical and lawful possession of Flat No.__________ situated at __________ __________ __________ __________ (hereinafter called the said Flat) and Category-B, comprising of two bedrooms, one drawing cum dinning room, one study room, kitchen, two toilet cum bathrooms and balcony allotted by the __________ __________ __________ __________ built on Plot No. __________ __________(A Co-operative Group Housing Society Registered with Registrar of Co-operative Socities, Delhi/New Delhi) (hereinafter referred to as society) and by virtue of Membership No. __________ of the said society with the lease hold rights of the land under the said flat.

WHEREAS A PIECE OF LAND was allotted to the said society by the Delhi Development Authority, for the construction of Co-operative Group Housing Society flats for its members at Plot No. __________, and allotment to executant was confirmed byDelhi Development Authority.

Whereas the Executant due to his / her / their legal needs and requirements has / have agreed to sell, transfer, convey, assign and bequeath his / her / their rights, interests, liens and titles in the said flat unto the purchaser under the terms and conditions of the separate agreement to sell.

Whereas the Executant assured the purchaser that he / she / they has / have self acquired the aforesaid flat exclusively out of his / her / their own funds / savings and without any contributions, assistance or investments made therein by any of his / her / their family members / relatives / associates nor funds from inheritance, joint family etc. have been used in the acquisition.

Whereas the Executant assured the Purchaser that his / her / their family members including spouse / sons / daughter's parents / brothers / sisters etc. have neither any interest nor any right or any title in the said flat.

And Whereas the Executant has assured the purchaser that the said flat is free from all encumbrances, liens, attachments, disputes, legal flaws, exchange or any Agreement of sale etc. and Executant has got the clear marketable title of the saidflat and if at any stage it is proved wrong / false and the purchaser suffers and sustains any losses, damages, costs, expenses etc. and whereas the Purchaser wants the Executant to indemnify him / her / them from such losses, damages, costs and expenses etc. due to the aforesaid reasons and thus this indemnity bond is executed by the Executant in favour of the said purchaser.
NOW THIS DEED WITNESSETH AS UNDER:

   1. That the Executant hereby undertakes to indemnify and keep harmless the purchaser against all such losses, expenses, damages, costs etc. which may be suffered, incurred, undergone and / or sustained by the purchaser due to the false commitments of the Executant in which event the Executant shall undertake to make good the same and if the Executant fails to make good the same then the purchaser shall have the right to recover the same from anyflat/assets of the Executant and / or from the persons acquiring any benefit, share etc. from the movable, immovable properties of the Executant and hereby further confirms and declares that this bond is irrevocable and shall be final and binding on him / his / her / their heirs, executors, administrators, legal representatives and assigns.

In witnesses whereof, the Executant has signed the Indemnity Bond on the day, month and year first above mentioned in the presence of the following witnesses.

Witnesses:


1.

                                                                                EXECUTANT(S)

2.

Deed of Release made on this____________day of_________ by__________, Adult, Indian Inhabitant, residing at___________________(hereinafter called the First party Which expression shall unless repugnant to the context thereof shall deem to include heirs, executors, administrators and assigns) OF THE FIRST PART.

AND

__________________Adult, Indian inhabitant Residing at (hereinafter called the second party, which expression shall unless repugnant to the context thereof shall deem to include heirs, executors, administrators and assigns) OF THE SECOND PART

Whereas the Party of the First Part is the legal heir of the deceased late shri/smt.______________who died intestate.

AND WHEREAS the said shri/smt.____________ Has left behind him a property i.e. flat no._____situated in_______________,admeasuring about________sq.ft. consisting of______rooms at______________.

AND WHEREAS the second party has been residing with the deceased since last______years.

AND WHEREAS during life time of shri/smt. ____________he had expressed his desire to bequeath the said flat to the party of the second part.

AND WHEREAS the party of the first part was also aware of the same and as such for transmitting share and interest in the said flat no_____in favour of the party of the second part and first party has shown his readiness and willingness to execute necessary douments by relinquishing his share and interest as a legal heir in the said property.

AND WHEREAS mutually it has been agreed that for the said share and interest as legal heir in the said property of late Shri/smt______________ For consideration of Rs_________/- To which second party has agreed to give to the party of the first part.

AND WHEREAS the second party in order to become exclusive owner of the premises the first party relinquishes and ceases to have any right, title or interest therein.

AND WHEREAS it is necessary to bring this fact on record.

 

NOW THIS DEED/INDENTURE WITNESSETH :

1. That the first party has released and relinquished in favour of the second party all their rights, titles and interest in the said flat situated at________________and to hold the same as the absolute owner alongwith all furnitures and fixtures standing thereon. And the first party do hereby declare that the said premises is and has been the exclusive property of the second party with effect from___________.

That the first party, does hereby declare that the second party is entitled to have his name incorporated as the owner of the said flat in the records of the society by transferring share, title and interest in his name. And the first party will do every such assurance or thing for further or more perfectly assuring the property released to the second party as may be reasonably required.

IN WITNESS WHEREOF the parties hereto have executed this instrument on the date, first hereinabove mentioned.

Witness

 

1.  First Party

 

 

 

2. Second Party

 


 


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