THIS AGREEMENT is made the day of 20..
BETWEEN
….(NRIC No. …) of …..[hereinafter called “the Vendor ”] of the one part;
AND
…..(NRIC No…..) care of ……[hereinafter called “the Purchaser”] of the other part.
WHEREAS
1. By an Agreement similar date (hereinafter called “the Property Sale Agreement”) made between the Vendor of the one part and the Purchaser of the other part, the Vendor agreed to sell and the Purchaser agreed to purchase a unit of ….with vacant possession distinguished… measuring in an area approximately …held under… (hereinafter called “the said Property”) at the price of Ringgit Malaysia …(RM….) only free from encumbrances but subject to whatever restriction-in-interest, category of land use and conditions whether express or implied in the document of title affecting the said Property and upon the terms and conditions contained therein.
2. In consideration of the Vendor agreeing to execute the Property Sale Agreement, the Purchaser hereby agree to pay to the Vendor the sum of Ringgit Malaysia .. (RM …) only as an agreed contract sum for renovation works to be carried out or already carried out by the Vendor on the said Property (hereinafter called “the said Renovation Works”) upon the terms and conditions herein contained.
3. This Agreement is supplemental to the Property Sale Agreement.
NOW IT IS HEREBY AGREED as follows: –
1. Upon the simultaneous execution of the Property Sale Agreement and this Agreement, the Purchaser shall pay to the Vendor the sum of Ringgit Malaysia … (RM ….) only as an agreed contract sum for the said Renovation Works (hereinafter called “the Agreed Price”) subject however to the terms and conditions hereinafter contained.
2. It is hereby agreed that the completion of this Agreement is subject to and conditional upon the completion of the Property Sale Agreement and in the event that the Vendor shall fail to complete the Property Sale Agreement in accordance with the terms under the Property Sale Agreement then the Vendor shall forthwith refund the Agreed Price to the Purchaser and thereafter this Agreement shall terminate and become null and void and of no effect and neither of the parties shall have any rights or claims against the other.
3. A default or breach by either of the parties hereto under the Property Sale Agreement shall be deemed and taken to be a default or breach under the terms of this Agreement. In the event that the either of the parties shall fail to complete the Property Sale Agreement, then the Purchaser shall at her absolute discretion to demand the refund of the Agreed Price paid by the Purchaser to the Vendor and upon the refund of the Agreed Price, this Agreement shall terminate and become null and void and of no effect and neither of the parties hereto shall have any rights or claim against the other.
4. The Vendor hereby agrees that any refund of the Agreed Price by the Vendor pursuant to Clause 3 hereinabove shall be made in full within ten (10) working days of any written notice of lawful termination being given by one party to the other and/or their respective solicitors AND PROVIDED FURTHER THAT in the event that the Vendor should fail to make payment of the aforesaid monies or any part thereof within the aforesaid period, the Purchaser shall be entitled to charge interest at the rate of Ten (10%) per centum per annum calculated on a daily basis on the Agreed Price at the date following the expiry of the said period until the date of full settlement.
5. The risk and title to the said Renovation Works shall remain with the Vendor and shall only pass to the Purchaser upon the delivery of the said Property.
6. It is hereby agreed that the Renovation Works are sold on an “as is, where is” basis but the Vendor shall endeavour keep the said Renovation Works in good condition (fair wear and tear excepted).
7. Time wherever mentioned shall be of the essence of this Agreement.
8. An notice required to be given under this Agreement shall be deemed to be sufficiently served if sent by certificate of posting or registered mail to the party to whom such notice is being served at its address given herein and such notice shall be deemed to be received in the ordinary course of post three (3) working days after posting.
9. All the costs of and incidental to this Agreement shall be borne and paid by the Purchaser save and except that each party shall bear their own solicitors’ costs for the preparation of this Agreement.
10. This Agreement shall be binding on the respective heirs, personal representatives, successors in title and assigns of the parties hereto.
IN WITNESS WHEREOF the parties have hereunto set their hands.
SIGNED by the Vendor )
)
in the presence of : ) ………………………………………………….
SIGNED by the Purchaser )
)
in the presence of: )
…………………….
