Dated this
day of
2010
BETWEEN
AND
AND
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NOVATION AGREEMENT
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1
THIS NOVATION AGREEMENT is made on
(1)
between:-
_________________ (NRIC No. ___________) and __________________ (NRIC
No.
_______________)
(together,
the
“Vendor”)
both
of
_______________________ Singapore ________;
(2)
___________________
___________________
(NRIC
(NRIC
No.
___________________)
_________________)
both
care
and
of
___________________________ Singapore ______ (together, the “Purchaser”);
and
(3)
___________________ (NRIC / Passport No. ______________) (the “Tenant”) care
of ________________________________ Singapore _______,
(collectively, the “Parties” and individually a “Party”).
WHEREAS:
(A)
The Vendor (as landlord) has entered into a tenancy agreement with the Tenant (as
tenant) dated ______________ (the “Tenancy Agreement”) pursuant to which a
tenancy of the premises (the “Property”) referred to in the Tenancy Agreement was
granted to the Tenant;
(B)
The Vendor has sold the Property to the Purchaser and by a Transfer of the same
date as this Novation Agreement made between the Vendor of the one part and the
Purchaser of the other part, the Property was transferred to the Purchaser;
(C)
The Parties consider it desirable to enter into this Novation Agreement in respect of
the Tenancy Agreement; and
(D)
The Tenant consents to the substitution of the Purchaser for the Vendor under the
Tenancy Agreement in accordance with the terms and conditions of this Novation
Agreement and on completion of the sale and purchase of the Property, all the
Vendor’s rights, title, interest, benefits and remedies under or arising out of the
Tenancy Agreement are to be assigned to the Purchaser in the manner hereinafter
appearing.
2
IT IS AGREED as follows:-
1.
With effect from the date of this Novation Agreement, the Tenant releases and
discharges the Vendor from further performance of the Vendor’s duties and
obligations under the Tenancy Agreement relating to the period after the date of this
Novation Agreement, from all liabilities in respect of the covenants, terms, conditions
and stipulations contained in the Tenancy Agreement relating to the period after the
date of this Novation Agreement and from all claims and demands whatsoever
arising out of or in respect of the Tenancy Agreement arising subsequent to the date
of this Novation Agreement.
2.
With effect from the date of this Novation Agreement, the Purchaser accepts the
liabilities of the Vendor under the Tenancy Agreement relating to the period after the
date of this Novation Agreement and agrees and undertakes to perform all the duties
and to discharge all the obligations of the Vendor under the Tenancy Agreement
relating to the period after the date of this Novation Agreement and to observe and
be bound by all the covenants, terms, conditions and stipulations contained in the
Tenancy Agreement, including the obligation to refund the security deposit referred to
in the Tenancy Agreement to the Tenant in accordance with the terms of the
Tenancy Agreement.
The Purchaser shall indemnify and keep the Vendor
indemnified in full from and against all claims, demands, actions, proceedings,
damages, losses, costs, expenses and liabilities caused or contributed by any default
or failure on the Purchaser’s part to accept as aforesaid any of the liabilities under
the Tenancy Agreement or to fulfill, perform or discharge as aforesaid any of the
duties or obligations under the Tenancy Agreement or to observe or be bound by as
aforesaid any of the covenants, terms, conditions or stipulations contained in the
Tenancy Agreement, to the intent that the Vendor shall be under no further liabilities,
duties or obligations to and suffer no loss or expense under any claim or demand
made by the Tenant in respect of the Tenancy Agreement, provided that nothing
herein shall be construed as rendering the Purchaser liable for any breach by the
Vendor on or prior to the date of this Novation Agreement, of the Vendor’s obligations
under the Tenancy Agreement.
3.
With effect from the date of this Novation Agreement, the Tenant agrees and
undertakes to pay to the Purchaser the rent reserved by the Tenancy Agreement on
the days and in the manner provided in the Tenancy Agreement and to perform all
the duties and to discharge all the obligations of the Tenant under the Tenancy
Agreement relating to the period after the date of this Novation Agreement and to
observe and be bound by all the covenants, terms, conditions and stipulations
3
contained in the Tenancy Agreement, in favour of the Purchaser as if the Purchaser
were named in the Tenancy Agreement as a party thereto in place of the Vendor.
4.
The Purchaser hereby acknowledges receipt from the Vendor of the security deposit
stipulated in the Tenancy Agreement, to be held by the Purchaser in accordance with
the terms of the Tenancy Agreement.
5.
The Purchaser shall indemnify and keep the Vendor indemnified in full from and
against all claims, demands, actions, proceedings, damages, losses, costs,
expenses and liabilities incurred or sustained by the Vendor in respect of the security
deposit referred to in the Tenancy Agreement or arising from any breach of the
Purchaser’s agreements or undertakings contained in this Novation Agreement.
6.
The terms and conditions of this Novation Agreement represent the entire agreement
between the parties relating to the novation of the Tenancy Agreement and except as
specifically amended by this Novation Agreement, all terms and conditions of the
Tenancy Agreement remain in full force and effect.
7.
Nothing in this Novation Agreement shall operate to prejudice or discharge any rights,
demands, claims and remedies whatsoever which either the Vendor or the Tenant
has or may have against each other on or prior to the execution of this Novation
Agreement.
8.
Each Party hereto shall bear its or their respective solicitors’ legal costs and other
expenses in connection with the preparation, negotiation or entry into of this Novation
Agreement save and except for stamp duty on this Novation Agreement which shall
be borned by the Purchaser.
9.
A person who is not the Vendor, the Purchaser or the Tenant has no right under the
Contract (rights of Third Parties) Act, Chapter 53B of Singapore to enforce or enjoy
the benefit of any term of this Novation Agreement.
10.
This Novation Agreement shall be construed by, and governed in accordance with
Singapore Law and the Parties hereby submit to the non-exclusive jurisdiction of the
Singapore of the Singapore courts.
4
IN WITNESS WHEREOF the Parties hereto have entered into this Novation Agreement on
the date stated at the beginning.
SIGNED by the Vendor
)
)
and
)
in the presence of:-
)
SIGNED by the Purchaser
)
)
and
)
in the presence of:-
)
SIGNED by the Tenant
)
in the presence of:-
)