This Indenture made the
. day of
.200
..
by
Shri
son of Shri
..
aged about
years, resident of
, by
occupation
.. Shri
Son of Shri
. aged about
years, resident of
. by profession
and Shri
. Son of Shri
..
..
aged about
years resident of
.by occupation
hereinafter
called "THE GUARANTOR(S)". {which expression shall unless
repugnant to the context or meaning thereof be deemed to include
his/her/their respective heirs" successors,. executors and
administrators of the ONE PART
IN FAVOUR OF
INDUSTRIAL PROMOTION AND INVESTMENT CORPORATION OF
ORISSA LIMITED, a Govt. Company within the meaning of Companies Act,
1956 and having its Regd. Office at IPICOL House, Janpath, Bhubaneswar
in the State of Orissa hereinafter called "the Corporation"
{which expression shall unless repugnant to the context or meaning
thereof be deemed to include its successors and assigns) of the OTHER
PART .
WHEREAS this deed is intended to be supplemented to
the Equitable Mortgage Deed for a loan of Rs
(
) by(M/s
.) through
Shri
Director hereinafter
called "the borrower(s)".
AND WHEREAS the Corporation agreed to lend and
advance a loan of Rs
.. to the borrowers (s) at his/
her/ their request upon the terms that the Guarantor (s) should give
to the Corporation such guarantees as hereinafter appears.
(2) NOW THIS INDENTURE WITNESSTH AND it is hereby
covenanted as agreed that the Guarantors contracting jointly and
severally as follows.
1. 1f any time default shall be made in the payment
0£ the principal or interest or any other moneys for the time being
due to the Corporation upon the security of the said mortgage the
guarantors(s) shall be liable to pay to the Corporation the whole of
such principal interest and other moneys which shall then be due to
the Corporation as aforesaid and will indemnify and keep indemnified
the Corporation against loss of principal interest or other moneys
secured by the said mortgage and all costs charges and expenses
whatsoever which the Corporation may incur by reason of any default on
the part of the borrower(s) its/their successors or assigns.
2. The Corporation shall have the fullest liberty
without any way affecting this guarantee and discharging the
guarantor(s) from his/her/their hereunder to postpone for any time or
from time to time the exercise of the power of share or any other
power or powers conferred by the said mortgage and to exercise the
same at any time and in any manner and either to enforce the covenants
for payment of principal or interest or any other covenants contained
or implied in the said mortgage or any other power remedies securities
available to the Corporation or to grant any indulgence or facility to
the borrower (s) and the guarantor(s) shall not be released by any
exercise by the Corporation of its liberty with reference to the
matter aforesaid or any of them or by reason of time being given to
the borrower(s) or by any other forbearance act or commission on the
part of the Corporation or any other indulgence by the Corporation to
the borrower(s) or by any other matter or thing whatsoever which under
the law relating to sureties would but for this provision have the
effect of so releasing the guarantor(s) and the guarantor(s) hereby
waive all suretiship and other rights which he/she/they might
otherwise be entitled to enforce.
3. The Guarantor(s) will observe and perform all
the terms, conditions and covenants contained in the said mortgage in
such manner in which the borrower(s) is/are liable for the due
observance and performance of the said terms, conditions and
covenants.
4. The Guarantee herein contained shall be
enforceable against the guarantor(s) not with standing that the
securities specified in the mortgage or any of them shall at the time
when proceedings are taken against the guarantor(s) here under be
outstanding or unrealised.
5. In order to give effect to the guarantee herein
contained the Corporation shall be entitled to act as if the
guarantor(s) was/were the principal debtors to the corporation for all
repayments and covenants guaranteed by him/her/them as aforesaid to
the Corporation.
6. The Guarantee contained in this Deed is a
continuing one for all amounts advanced or to be hereafter advanced by
the Corporation to the borrower(3) under the said mortgage as also for
all interest costs and other money which may from time to time become
due and remain un- paid to the Corporation thereunder and shall remain
in force until all such moneys shall be paid of in full with interest
and all other charges.
7. The Guarantee herein contained shall not be
determined or affected by the death of anyone or affected by the death
of anyone or more of the guarantor(s) but shall in all respects and
for all purposes be binding and operative upon the heirs executors and
administrators of the deceased Guarantor(s) until repayment of all
moneys due to the Corporation as a aforesaid.
8. The Guarantee herein contained shall not be
deter- mined or in any way prejudiced by any absorption of the
Corporation or concern but shall be available for and by the absorbing
or amalgamated Corporation or concern.
In Witness whereof the Guarantor(s) has/have
hereunto set his/her/their hand(s) the day and the year first above
written .
Read and found correct
Signed by the above named
1.Shri
2.Shri
3.Shri
In the presence of
Witnesses
1.Shri
Son of Shri
Resident of
2.Shri
Son of Shri
Resident of