DEED OF SURETYSHIP
I/We, the undersigned,................................................................................................., do hereby interpose and bind myself as
Surety and Co-principal Debtor unto and in favour of:
GUEST AND TANNER REAL ESTATE (PVT) LTD
heirs, executors, administrators, successors, order or assigns as the
case may be (hereinafter called “the Creditor”) for the due payment by :
LESSEE:……..……………………………………..
(hereinafter called “the Debtor”) of such sum or sums of money which may at any time be or become owing by or claimable
from the Debtor by the Creditor from any debt whatsoever, however arising, and in particular, but without prejudice to the
generality of the aforegoing, in respect of indebtedness for the payment of the rental and any other sum which the Debtor
may become liable to pay to the Creditor arising out of its Agreement of Lease of premises situate at
I/We renounce the benefits of excursion and cession of action.
I/We agree that :
1) It shall always be in the absolute discretion of the Creditor, without notice to me, to determine the extent, nature and
duration of the facilities to be made available to the Debtor, to grant time or other indulgences to the Debtor, to delay the
date of repayment, to release the whole or any portion of any security or to relaese any Co-principal Debtor, or Co-surety or
to compound or make arrangements with the Debtor.
2) All admissions and acknowledgements of indebtedness by the Debtor shall be binding on me. In the event of the
liquidation, judicial management or scheme of arrangement or compromise of the Debtor or the sequestration or assignment
of the Debtor, no dividend which the Creditor may receive from the Debtor shall prejudice the Creditor’s right to recover
from me to the full extent of this guarantee any sum which, after receipt of such payment or dividends, may remain owing by
the Debtor : provided that this clause shall in no way oblige the Creditor to excuse the Debtor before proceeding against me.
3) This Suretyship shall remain of full force as a continuing covering security notwithstanding any intermediate
settlement of or fluctuations in the indebtedness of the Debtor to the Creditor for the time being until the Creditor has agreed
in writing to the cancellation of this Deed of Suretyship.
4) Notwithstanding any express or implied provisions of this Suretyship to the contrary any latitude or extension of time
which may be allowed by the Creditor to me or to the Debtor in respect of payments or any relaxation of any provisions of
any agreement between the Creditor and the Debtor or of this Suretyship shall not under any circumstances be seemed to be
a waiver of the Creditor’s rights under this Suretyship
5) I hereby choose domicilium citandi et executandi in respect of legal process at
……………………......................................., and in respect of letters and other notices at (postal address). Service of any
letter or other notice shall be good and sufficient service if sent to me under cover of registered post to the postal address
chosen herein.
6) Any variations in the terms of this Suretyship as may be agreed upon between the Creditor and me, shall be in writing
and shall be signed by or on behalf of the Creditor and by or on my behalf otherwise the same shall be of no force or effect.
THUS SIGNED.....................................................................
at............................................. this................................ day of ....................................................... 20....,
AS WITNESSES:
1..........................................................................................
2...........................................................................................
*NB-please attach a copy of the guarantor’s ID and proof of residence preferably a rates bill
