No. V. BOND OF INDEMNITY FROM A VENDOR TO A PURCHASER 1. Recital of mortgage. 2. That vendor is seised in fee of the 3. Of contract to sell, and of intended 4. That mortgage is believed to have been paid off, but there being no positive proof thereof, vendor has agreed to indemnify purchaser from all claims in respect of the same. 5. Condition. Recital of mortgage. That vendor is seised in fee of the premises. [INSERT exordium, ut ante, No. II., clause 1.] made 1. WHEREAS by indenture dated the day of between (mortgagor) of the one part, and (mortgagee) of the other part, ALL, &c. (DESCRIBE parcels), were demised unto the said (mortgagee), his executors, administrators and assigns, from thenceforth for a term of 1,000 years, subject to a proviso for redemption and cesser of the said term of 1,000 years, on payment by the said (mortgagor), his heirs, executors or administrators unto the said (mortgagee), his executors administrators or assigns, of the sum of 7501. and interest, at the rate of 51. for every 100l. by the year, on a certain day therein mentioned and long since past. 2. AND WHEREAS by virtue of divers conveyances, and other acts and assurances, and other circumstances and events, the fee simple and inheritance of the said hereditaments and premises became and is now absolutely vested in the said (vendor.) No. V. Bond of Indemnity from a Vendor to a Purchaser Mortgage Debt against a which is supposed to have 3. AND WHEREAS the said (vendor) hath contracted to sell the said hereditaments and premises, and the inheritance thereof in possession in fee simple, free from all incumbrances, unto the said (purchaser), for the sum of 3,500l., and the same premises are been paid off, intended to be conveyed and assured unto the said (purchaser) accordingly, by indenture bearing even date herewith. fc. Of contract to sell, and of intended conveyance to is believed to off, but there 4. AND WHEREAS the said sum of 7501., and also all interest purchaser. due in respect thereof, is believed to have been long since paid off That mortgage and satisfied, but no positive proof of such payment and satisfaction have been paid can now be given, and upon the treaty for the said purchase it was being no agreed that the said (vendor) should enter into the above-written positive proof bond, for the purpose of indemnifying the said (purchaser) against has agreed to indemnify all claims and demands in respect of the said mortgage-debt and purchaser from all claims in interest as aforesaid. respect of the thereof, vendor same. 5. Now THE CONDITION of the above-written bond is such Condition. that if the above-bounden (vendor), his heirs, executors or administrators, do and shall well and sufficiently protect, save harmless, and keep indemnified the said (purchaser), his heirs, executors, administrators and assigns, and the aforesaid hereditaments and premises, of, from and against the said mortgage debt or sum of 7501., and the interest thercof and every part of the same respectively, and also of and from all actions, suits and other proceedings, both at law and in equity, which shall or may be brought against the said (purchaser), his heirs, executors, administrators or assigns, and also all costs, damages and expenses which may be thereby incurred in respect of the said mortgage debt of 750l. and interest, or any part of the same respectively, or otherwise in relation thereto, THEN the above-written bond to be void, otherwise to continue in full force and virtue. No. VI. BOND BY A PURCHASER OF LEASEHOLDS FROM THE LESSEE, 1. Recital of lease. 2. Of assignment to purchaser. 3. Of agreement for indemnity. Recital of lease. [INSERT exordium, ut ante, No. II., clause 1, p. 532.] day 1. WHEREAS by indenture dated on or about the of , and made between (lessor), of, &c., of the one part, and the above-named (obligee) of the other part, the said (lessor), for the considerations therein mentioned, demised unto the said (obligee) Practical remarks. (a) As the original lessor remains liable to the express covenants in the original lease, which, on the tenant or lessee's part, are to be observed and performed during the continuance of the term, notwithstanding he may have assigned his interest to a third party (Orgill v. Kemshead, 4 Taunt. 642); and the lessor may even have agreed to accept the assignee as his tenant (Barnard v. Godscall, Cro. Jac. 309; Brett v. Cumberland, ib. 522; Ventrice v. Goodcheap, 1 Roll. Abr. 522; Fisher v. Ameers, Brownl. 20; Thursby v. Plant, 1 Sid. 402, 427; Boulton v. Cann, Freem. 337; Ashurst v. Mingen, T. Jones, 144; Edwards v. Morgan, 3 Lev. 233; Joddrell v. Corwell, Ca. temp. Hard. 343; Auriol v. Mills, 4 T. R. 94), it is the usual practice for a lessee, upon executing such assignment, to require the assignee to indemnify him against these covenants, which is usually done by an express covenant to that effect contained in the deed of assignment. But as this instrument is delivered over to the covenantor and remains in his custody, a scrupulous vendor sometimes requires a bond to be given him in lieu of the covenant, by which means he is enabled to retain the instrument of indemnity in his own custody. ALL, &c. [DESCRIBE parcels], TO HOLD the same, with the Purchaser of from Lessee for indemnifying the latter from the Rent and Covenants in the Lease. 2. AND WHEREAS the said (obligee) hath sold the premises com- Of assignment to purchaser. prised in the said hereinbefore recited indenture of lease to the said (obligor), for all the unexpired residue of the said term of ninety-nine years; and the same premises have been duly assigned to him accordingly by the said (obligee) by an indenture bearing even date herewith, but executed previously. 3. AND WHEREAS upon the treaty for the said purchase it was of agreement for indemnity. agreed that the said (obligor) should give his bond to the said (obligee), conditioned as thereunder written, for the purpose of indemnifying the said (obligee) from the rents and covenants in the said recited indenture of lease, on the tenant or lessee's part to be paid, observed and performed as aforesaid. 4. NOW THE CONDITION of the above-written bond is such, Condition. that if the above-bounden (obligor), his heirs, executors, administrators or assigns, do and shall from time to time hereafter pay the said yearly rent of 857., when and as the same shall become due and payable, and also duly observe and perform the covenants, conditions and agreements in the said hereinbefore recited indenture of lease contained, and which, on the part of the said (obligee), his executors, administrators or assigns, ought to be paid, observed and performed; AND ALSO if the said (obligor), his heirs, executors, administrators or assigns, do and shall, from time to time and at all times hereafter, well and sufficiently save, protect, keep harmless and indemnified the said (obligee), his heirs, executors and administrators, from all actions, suits and other proceedings which may be commenced or prosecuted against the said (obligee), his heirs, executors or administrators, and all damages, No. VI. Bond by Leaseholds costs and losses incidental thereto which he or they or any of them respectively shall or may sustain, incur, disburse or be put unto, a Purchaser of for or by reason of the nonpayment of the said rent or the nonfrom Lessee for observance or nonperformance of the said covenants, conditions indemnifying the latter from and agreements, or by reason of any other matter or thing in relation thereto, THEN the above-written bond to be void, other the Rent and Covenants in the Lease. wise to continue in full force and virtue. |