Date:
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To:
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Dear Sirs,
Re: LETTER OF INDEMNITY
Property : Unit of Service apartment known as held under
Developer:
Vendor(s):
New Purchaser:
Principal Sale and
Purchase Agreement : Sale and Purchase Agreement and Deed of Mutual Covenants (‘DMC’) both dated between the Developer and Vendor’s
Secondary Sale and
Purchase Agreement : Sale and Purchase Agreement dated between the Vendor(s) and the New Purchaser
Purchase Price :
New Purchase price :
__________________________________________________________________________________________________________________
I/We, being the undersigned and the Vendor (s) hereby wish to nominate the New Purchaser to receive the Transfer of the abovesaid Property directly from your goodself.
In consideration of you agreeing to our above request, me/us hereby:-
- Irrecvocably authorise you to execute the instrument of transfer if the abovesaid property directly in favour of the New Purchaser(s);
- Waive our rights absolutely to receive the transfer of the abovesaid property.
- Declare that we shall have no more rights interest, title and/or benefits whatsoever absolutely in connection with and related to the abovesaid Property upon completion of the sale and purchase transaction between myself/ourselves and the New Purchaser(s);
- Confirm, acknowledge and warrant that I/We not assigned or transferred my/our rights, interest, title and/or benefits in connection with and related to the abovesaid Property to any other party except to the abovenamed New Purchaser(s) and the Existing Financier (if applicable);
- Irrevocably and unconditionally undertake to indemnify and keep you and/or your successors-in-title indemnified at all times against all actions, proceedings, liability, claims, damages, costs and expenses whatsoever incurred or suffered by you and/or your successors in title as a result of your agreeing to our aforesaid request; and
Notwithstanding anything to the contrary herein contained, I/We hereby agree and undertake that your agreement to execute the instrument of Transfer of the abovesaid property directly in favour of the New Purchaser(s) is subject to the followings conditions precedent all of which shall be satisfied prior to execution and/or presentation for registration of the instrument of transfer at the relevant land registry:-
- In the event that the abovesaid Property is assigned to the Existing Financier, you shall have received evidence satisfactory to you that any loan granted by the Existing Financier in my/our favour has been fully settled and that the abovesaid Property has been reassigned to me/us by the Existing Financier;
- You shall have received for cancellation of your original letter of undertaking to the Existing Financier and the sale and purchase agreement’s solicitors’ original letter of undertaking to the Existing Assignee in respect of undertaking relating, inter alia, delivery of the original separate strata title and/or the instrument of transfer;
- the New Purchaser(s) shall have delivered to you a letter of authorisation and indemnity in such forms as determined by you from time to time; and
- all outgoings including but not limited to service charge sinking fund, late payment interest (if any), insurance premiums and quit rent and all other contribution in relation to the abovesaid Property up to the date hereof (including a six (6) months advance contribution) have been full settled by me/us to the JMB-Marc Service Residence.
This letter of authorisation and indemnity shall be binding upon my/our heirs, personal representatives, successors-in-title and assigns.
Yours sincerely,
………………………………………….. …………………………………………..
Witnessed by:
