Hire Purchase Agreement

THIS DEED OF HIRE-PURCHASE made and executed at Nasik this…….day of	2005
BETWEEN
M/sAjit Automobiles, a firm registered under the Indian Partnership Act 1932, having its office at 200 Ganesh Peth, Nasik 411 002, acting through its partner, Shri ABC, age 35 years, occupation - business, resident of 300 Ganesh Peth, Nasik 411002, hereinafter called the OWNERS, (which express shall, unless repugnant to the context, mean and include the said firm, its present and future partners, their heirs, executors, administrators and assigns) of the One Part
AND
Shri……….X………..Y………..Z……….age 25 years, occupation - service, resident of 400 Ganesh Peth, Nasik 411 002, hereinafter called the PURCHASER, (which express shall, unless repugnant to the context, mean and include his heirs, executors, administrators and assigns) of the Other Part.
WHEREAS the owners have their showroom at the within-mentioned address where they have been running their business in sales and repairs of two-wheeler vehicles;
AND WHEREAS the purchaser wanted to purchase a brand new two-wheeler of the Bajaj make on hire-purchase basis;
AND WHEREAS the owners have such a scheme of selling two-wheeler vehicles on hire-purchase basis;
AND WHEREAS the purchaser approached the owners with a proposal to purchase one new brand Bajaj Chetak on hire-purchase basis;
AND WHEREAS the owners have considered the request made out to them by the purchaser;
AND WHEREAS the said two-wheeler vehicle is given and delivered to the purchaser on the following terms and conditions;
NOW, THIS DEED WITNESSES, and it is hereby agreed by and between the parties hereto as follows: 
1. That the owners have sold unto the purchaser one Bajaj Chetak model new brand scooter on hire-purchase basis. 
2. That the price of the said vehicle is fixed at Rs. 25,000/-, of which the purchaser shall initially pay unto the owners a sum of Rs. 5,000/ - at the time of taking the delivery of the said vehicle. 
3. That from the month of January 200_ onwards, the purchaser shall pay unto the owners an amount of Rs. 1,000/- every month as the instalment of the price of the said vehicle.
4. That the registration of the said vehicle is MH-17/L-2754, and the owners shall arrange for the issue of the RC/TC Books, Registration Certificate, Insurance, etc. However, all the expenses on that account shall be borne out by the purchaser alone.
5. That the said vehicle will be hypothecated to the owners until the repayment of the same to be completed by the purchaser.
6. That during the period of hypothecation, the purchaser shall not sell or transfer the said vehicle.
7. That if the purchaser were to fail to make the payment of the two consecutive instalments, the owners shall have a right to take the possession of the said vehicle and also to dispose of the same and thereby recover the amount of the price of the vehicle.
8. That as soon as the payment of all the instalments is made by the purchaser, the owners shall remove their hypothecation and hand over all such certificates and other papers to the purchaser.
9. That all the expenses of stamp duty, registration charges, RTO fees, etc. shall be borne out and paid by the purchaser alone.
IN WITNESS WHEREOF the parties hereto have signed hereunder at Nasik the date first abovementioned.
Sd/- ABC OWNERS

Sd/- XYZ PURCHASER Witnesses:
Sd/-xXx
Sd/-xXx