Notice Of Termination Of Hire Purchase Agreement Legal Draft Template

Registered A.D.To..................................................................Dear Sir,1.

Under

the hire-purchase agreement dated .............. I, ................ as owner

had given the goods described in the Schedule to the said agreement on hire to

you, on the terms and conditions laid down in the said agreement.2.

In

terms of clause ...................... of the said agreement, you as hirer were

required to pay to me at my address for the time being and without previous

demand the sum of Rs. ............... every calendar month by way of rent for

the hire of the said goods, the first payment to be made on the ....... day of

................., 2000, and each subsequent payment on the 10th day of every

succeeding month. Further in terms of clause .......... of the said agreement,

if you the hirer shall make default in payment of any monthly sum payable for

10 days after the same have become due, I, the owner has a right to terminate

the hiring and retake possession of the said goods without prejudice to my

claim for arrears of hire or damages (if any) for breach of the said agreement.3.

You

have failed to pay the hire-rents for the months of .............. which are

payable to me. I, therefore, hereby give you notice determining the said

hire-purchase agreement forthwith and your possession of the goods comprised in

the said agreement has ceased to be in possession with my consent. I hereby

call upon you to return the said goods at your expense at my address and pay up

the arrears of hire-rent amounting to Rs. ............ together with a sum of

Rs. ........... as agreed compensation for loss of profit under clause

.............. of the said agreement.4.

Please

note that if you fail to return the hired goods within days from the issue

of this notice, in terms of clause ... of the agreement, I or my servants or

agents will enter upon the premises where the said goods are kept and seize and

take possession thereof and in that case all costs and expenses of and incident

to such retaking of possession of the said goods which may be incurred by me

shall be payable by you. In case of failure by you to pay the hire- rent and

agreed compensation within . days hereof, appropriate legal proceedings will

be initiated against you, without further reference to you.Yours faithfully,OwnerDate ..