Deed of Settlement by Father In Favour Of Children

This deed of settlement is made this……………day of…………2005 between AB son of…………residing at……………(hereinafter called the  settlor) of the one  part and CD,  son of……….residing at……….and EF son of……….residing at………(hereinafter called the children) represented by their mother XY residing at……….of the other part.
Whereas the settlor has been hitherto paying allowance of Rs…….a month freely and voluntarily to each of the children and is desirous of placing the same on record and for that purpose to enter into an agreement as to the future payment of the same in the manner as hereinafter provided: now this deed witnesses as follows:
In consideration of his natural love and affection which the settlor had and still bears for the children, the settlor hereby agrees in writing and covenants with the said XY that he, the settlor, will so long as the children shall, all or any one of them remain alive, pay or cause to be paid to each of them through the said XY the sum of Rs…………on the	day of every month, for their maintenance and livelihood without any delay or default subject to such modification or release thereof as may be hereafter agreed between the said AB and XY or between the said AB and the children on their becoming of full age.
If, however, any of the children shall become insolvent or shall do or suffer anything whereby the monthly sum hereinbefore agreed to be paid to him {or her) is attached or any prohibitory order of injunction is made in respect thereof or the official assignee or receiver-in-insolvency or any third party become entitled to collect the same, then and in such event this settlement shall be inoperative in so far as he or they is or are concerned but the cessation of the payment to any one or more of the children of the said monthly sums under this provision shall not prejudice the payment of the said monthly sums to the others or other of the children, but in the case of all on grounds hereinbefore stated this settlement shall stand revoked.

The Schedule above referred to
In witness whereof AB the settlor has executed these presents on the day, month and year first above-written.

Signed, sealed and delivered by AB 
the settlor in the presence of:

Signed, sealed and delivered by XY 
mother of the children in the presence of: