NAME OF COMPANY
Date:
Name of Company
Address
Re: Letter of Undertaking
Premises: Area designated as food court in the plan attached to the Letter of offer dated [Date]
Location: Name of Company
Licensee: Name (Company No. )
In consideration of [Name of Company] ( ) (“The Licensor”) granting us permission to enter the Premises for Fitting Out Work only notwithstanding that the License Agreement in relation to the above Premises has not been executed, we hereby undertake and agree to the followings:
1. Subject to the provisions contained hereinafter, we undertake to execute the License Agreement in the format required by you, containing the terms and conditions stated in the Letter of Offer dated [DATE] and also subject to this Letter of undertaking within fourteen (14) days from the date of your solicitor letter notifying us that the License Agreement is ready for execution. If we fail or neglect to execute the said License Agreement within the above-mentioned time period or such other date as may be agreed in writing by you for any other reasons, you shall be absolutely entitled to terminate the License of the Premises and upon such termination all deposits and monies paid by us to you shall be forfeited to you absolutely and we shall have further claim for damages compensation whatsoever against you. If we have entered into occupation of the Premises, we undertake to forthwith to deliver vacant possession of the premises in its original condition making good any damage to the premises in the process at our own costs and expenses; and
2. We undertake to pay to you the following upon notification from you to us to enter into occupation of the premises on an ‘as is where is” basis for the “fitting out” period which shall be of a period of forty five (45 days) (“fitting out period”) from the date of handling over which is [Date] to complete the “fitting out” work;
(i) Balance Security Deposit for the sum of [Amount] to be on or before the execution of the License Agreement (in which you have acknowledge receipt of [Amount]; and
(ii) “Fitting Out deposit” for the sum of [Amount] (in which you have acknowledge receipt); and
(iii) Utility deposit for the sum of [Amount]0 to be paid on or before the execution of the License Agreement; and
(iv) Fitting out Attendance Fee for the sum of [Amount]
And other fees and monies payable to you specified in such notice within seven (7) from the date of such notice failing which you shall be absolutely entitled to terminate the license of the Premises and upon such termination all deposits and monies paid by you to us shall be forfeited in addition to your rights to recover the Balance security deposit as a debt due and payable to you, if we have entered into occupation of the Premises, we undertake to deliver vacant possession of the premises in its original condition gave and except for renovation works and improvement you wish to retain, making good any damage to the Premises in the process at our own cost and expense.
3. We further agree that :
(a) The commencement date of the License Agreement for the above Premises and payment of the Gross Fees shall be set to be the date of expiry of the above-mentioned “Fitting out period” subject to any extensions to be negotiated between the parties; and
(b) We shall confirm that the Attendance shall cover all utilities charges necessary to be used solely for renovation purposes only during the “Fitting out period”.
4. Notwithstanding that the License Agreement has not been executed by us, we hereby undertake to abide by the terms and conditions of the License Agreement as stipulated by the Licensor, in particular, the provisions with respect to fitting out works and all provisions and regulations prescribed by you in the “Fitting out manual”. If we are in breach of any of the provisions or terms of the License Agreement or the “Fitting out Works”, you shall have the right to exercise any remedies provided for under the License Agreement and the “Fitting out Manual” notwithstanding that the same has not been executed.
5. We undertake to abide by the terms and conditions of the “Fitting out Manual” attached hereto.
6. In the event of conflict between the provisions of this Letter of undertaking and the Letter of Offer, the provisions of this Letter of undertaking shall prevail.
7. We would confirm that in the event that the premises are unable to open for operation on 27th July 2001, there shall be no penalty provided and/or imposed provided we furnished to you the reason for the delay.
Yours truly,
……………………..
[Name of Company]
Address: [Address of Company]
Tel: [Telephone Number]
Fax: [Fax Number]
