TURNKEY RIGHTS NOVATION AGREEMENT
THIS NOVATION AGREEMENT is made on this day of
200..
BETWEEN
……. SDN BHD (Company No. …), a company incorporated in Malaysia
with its registered office and a place of business at … (hereinafter called
“the Turnkey Contractor”) of the one part;
AND
… (NRIC No. …) and .. (NRIC No. …) both of ….. (hereinafter called “the
Purchaser”) of the second part; and
AND
….. SDN BHD (Company No. …..), a company incorporated in Malaysia
and having its registered office at …. and having its business office at ….
(hereinafter called “the New Purchaser”) of the third part.
WHEREAS: -
1. By a Sale and Purchase Agreement dated the …. (hereinafter
referred to as the “the Sale and Purchase Agreement”) and made
between … Sdn Bhd (Company No. ….), a company incorporated in
Malaysia and having its place of business at ….(hereinafter called “the
Developer”) of the one part and the Purchaser of the other part, the
Developer has agreed to sell and the Purchaser agreed to purchase all
that parcel of land with vacant possession distinguished as Lot No. …
measuring approximately …. square feet, … and held under ….
(hereinafter referred to as “the said Land”) subject to and upon the
terms and conditions contained in the Sale and Purchase Agreement.
2. By an Agreement dated the …. (hereinafter referred to as the “the
Turnkey Agreement”) and made between the Turnkey Contractor of
the one part and the Purchaser of the other part, the Purchaser has
appointed the Turnkey Contractor and Turnkey Contractor has agreed
to construct a unit of ….. with a total gross built up area of
approximately …. square feet (hereinafter referred to as “the said
Building”) on the said Land upon the terms and subject to the
conditions therein contained.
3. The Purchaser is desirous of being released and discharged from the
Turnkey Agreement and the Turnkey Contractor has agreed to release
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and discharge the Purchaser subject to the New Purchaser
undertaking to perform and to be bound by the terms and conditions
of the Turnkey Agreement in place of the Purchaser.
NOW IT IS HEREBY AGREED as follows:-
1. In consideration of the premises herein and in further
consideration of the Turnkey Contractor agreeing to release and
discharge the Purchaser from his obligations under the Turnkey
Agreement, the New Purchaser hereby agrees and undertakes to
perform and to be bound by all the terms and conditions of the
Turnkey Agreement and the Turnkey Agreement in every way as if
the New Purchaser were a party to the Turnkey Agreement in place
of the Purchaser.
2. The Turnkey Contractor hereby releases and discharges the
Purchaser from their obligations under the Turnkey Agreement and
accepts the liability of the New Purchaser upon and under the
Turnkey Agreement in lieu of the liability of the Purchaser and
agrees to perform and to be bound by the terms and conditions of
the Turnkey Agreement in every way as if the New Purchaser were
named in the Turnkey Agreement as a party thereto in place of the
Purchaser.
3. It is expressly agreed that all monies paid to the Turnkey
Contractor by the Purchaser pursuant to the terms of the Turnkey
Agreement shall be deemed have been transferred to and paid by
the New Purchaser.
4. All fees, expenses and charges of and in connection with this
Agreement shall be borne and paid entirely by the New Purchaser.
5. In the Agreement where the context so admits words importing the
masculine gender only shall include the feminine genders and
words importing the singular number only shall also include
plural number and vice versa.
6. This Agreement shall be binding upon the heirs personal
representatives successors in title and permitted assigns of the
Turnkey Contractor, the Purchaser and the New Purchaser.
Note : The rest of this page is intentionally free from text.
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IN WITNESS WHEREOF the parties hereto have hereunto set their hands,
the day and year first above written.
SIGNED by )
)
for and on behalf of )
…………….. )
BHD (Company No……….) )
in the presence of:- )
SIGNED by the Purchaser )
)
in the presence of:- )
SIGNED by )
)
for and on behalf of )
…………… )
(Company No. …..) )
in the presence of:- )
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