Rescission Agreement

 

THIS RESCISSION AGREEMENT is made the           day of                            20      between [Company Name] (COMPANY NO. ), a company incorporated in Malaysia and duly licensed under the Housing Developers (Control and Licensing) Act, 1966 (Licence No. 307) with its registered office at [Address]   (hereinafter called "the Vendor") of the one part and [Company Name] (COMPANY NO. ), a company incorporated in Malaysia and having its registered office at [Address] (hereinafter called "the Purchaser") of the other part.
 

          WHEREAS by a Sale and Purchase Agreement dated [Insert Date] (hereinafter called "the said Agreement") the Vendor has agreed to sell and the Purchaser has agreed to purchase all that property known or referred to as Parcel No. -01, measuring 206.15 square metre within Storey No. 25, of Building No. Block C -() Penang together with accessory parcel identified as Car Park No.4A-19 with Locker Room No.4A-C of Building No. Block C (MARQUISE) to be erected on part of all that piece of land known as PT, Daerah Timur Laut, Pulau Pinang held under Suratan Hakmilik Sementara No. HS(D) (hereinafter called "the said Property") free from all encumbrances at the consideration of Ringgit Malaysia [Insert Amount] subject to the terms and conditions therein contained.
AND WHEREAS the Purchaser has paid to the Vendor on account of the said purchase price the total sum of Ringgit Malaysia [Insert Amount] (hereinafter referred to as "the said payment").

AND WHEREAS the Purchaser has requested the Vendor to rescind and cancel the said Agreement subject to the terms and conditions hereinafter appearing.

NOW THIS AGREEMENT WITNESSETH as follows:-
1.   In consideration of the sum of Ringgit Malaysia c being the said payment being refunded by the Vendor to the Purchaser, the Vendor and the Purchaser hereby mutually rescind and cancel the said Agreement. 
2.   The Vendor and the Purchaser hereby further agrees and confirms that the said Agreement shall be null and void and of no further effect and neither of the parties hereto shall have any further rights against the other under or in respect of the said Agreement and the Vendor shall have the absolute right to resell the said Property.
3.   The Purchaser shall keep the Vendor fully indemnified at all times against all claims, actions, demands, proceedings, losses, damages whatsoever and any consequences howsoever arising from the rescission of the said Agreement and for the execution of this Agreement.
4    This Agreement is binding upon the heirs, assigns and personal representatives of the Purchaser and the successors-in-title and permitted assigns of the Vendor.  
5.   In this Agreement where the context so admits the term "the Vendor" and "the Purchaser" shall include their heirs, successors, personal representatives and permitted assigns and where there are two or more persons included in the term "the Vendor" and "the Purchaser" their liabilities under this Agreement shall be joint and several. Words importing the masculine gender shall be deemed and taken to include the feminine and neuter genders and the singular to include the plural and vice versa.  
6.   All legal costs, stamp duty, registration fees and disbursements incidental to this Agreement shall be borne by the Purchaser absolutely.
 
          IN WITNESS of which the parties hereto have hereunto set their hands to this Agreement the day and year first above written.
 
Signed by                                 )
for and on behalf of CORPORATE             )
No. A)        )
in the presence of:-                      )
 
 
Signed by                                  )
for and on behalf of                       )
DIAN SDN BHD (Company No. 36-A)   )
in the presence of:-                       )  
 

 
         DATED THIS        DAY OF                  20  
 
                         MADE BETWEEN  
 
                    [Company Name]
                              
                    (COMPANY NO. )
 
                              AND  
 
                        [Company Name] 
                              
                    (COMPANY NO. )
 
 
              ***********************************
                     RESCISSION AGREEMENT
              ***********************************
 
                      [Solicitors Name]
                    ADVOCATES & SOLICITORS
                     [Address of Solicitors]
 
 
 
                (File Ref : )

    
————————————————————–

    | Re: Property : Parcel No. M25-01 |           |

    |     Storey No. 25 Building No.  | |

    |     Block C – (MARQUISE) of     |          

    |     Diamond Villa (Intan Villa) |           |

    |     together with accessory     |           |

    |     Parcel indentified as Car   |           |

   |     Park 4A-19 with Locker Room    |           |

    |     No. 4A-C to be erected on        |            |

    |     part of all that piece of          |           |

    |     land known as PT Lot No.    |           |

    |     4070 Bandar Tanjung Bungah, |           |

    |     Daerah Timur Laut,                |           |

    |     Pulau Pinang held under          |            |

    |     Suratan Hakmilik Sementara    |           |

    |     No. HS(D) HBM 3                    |           |

    |     Vendor  : Corporate West     |           |

    |               Sdn Bhd             |           |

    | ——————————–   |            |

    |                                    |           |

    | To: Our Professional Charges for    |           |

    |     preparing the Rescission     |           |

     |     Agreement in respect of the  |           |

     |     above Property               | |

    |                                 |           |

    |  5% Government Service Tax on   |           |

    |                                 |———– |

    |                                  |           |

    | Disbursement                    |           |

    |                                 |           |

    | Stamp duty on the Rescission    |           |

    | Agreement & 3 copies            | |

    |                                  |           |

    | Miscellaneous                   |

    |                                 |———–|———–

    |                                 |           |

    |                                  |           |===========

    |                                 |           |

 

             C 33/96/KBC/NKJ/ns
 
 
[Insert Date]
 
Attn : Ms Winnie   
Adorna Group Of Companies                         BY HAND
No. 15, Pangkor Road
10050 Penang
 
Dear Sirs,
 
Re : Purchaser :   Dian Abadi Sdn Bhd
     Property  :   Parcel No. M25-01 Storey No. 25 Building No.   Block C – (MARQUISE) of Diamond Villa (Intan Villa) together with accessory Parcel indentified as Car Park 4A-19 with Locker Room  No. 4A-C to be erected on part of all that piece of land known as PT Lot No. 4070 Bandar Tanjung Bungah, Daerah Timur Laut, Pulau Pinang held under Suratan Hakmilik Sementara No. HS(D) HBM 3

     ——————————————–

 
We refer to the telephone conversation between your Ms Winnie and our Cik Salwa on today and as requested we enclose herein 4 fair copies of the Rescission Agreement for execution.
 
We enclose our bill for your early settlement.
 
Kindly return the duly executed Agreements to us for stamping.
 
Yours faithfully,
 
 
 
 
              
 
[Insert Date]
 
Attn : Ms Winnie   
Adorna Group Of Companies                         BY HAND
No. 15, Pangkor Road
10050 Penang
 
Dear Sirs,
 
Re : Purchaser :   Dian Abadi Sdn Bhd
     Property  :   Parcel No. M25-01 Storey No. 25 Building No.   Block C – (MARQUISE) of Diamond Villa
                   (Intan Villa) together with accessory Parcel indentified as Car Park 4A-19 with Locker Room  No. 4A-C to be erected on part of all that piece of land known as PT Lot No. 4070 Bandar Tanjung Bungah, Daerah Timur Laut, Pulau Pinang held under Suratan Hakmilik Sementara No. HS(D) HBM 3
     ————————————————————–
 
We refer to the telephone conversation between your Ms Winnie and our Ms Navin on even date and as requested enclose herein four (4) fair copies of the Rescission Agreement for execution.
 
Kindly return the duly executed Agreements to us for stamping.
 
Yours faithfully,

 

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