THIS IRREVOCABLE OPTION to Purchase is granted on this …. by ….. (Company No. …), a company incorporated in Malaysia and having its registered office at … (hereinafter referred to as “the Grantor”) in favour of … No. …) and …… (NRIC No. …) both of…..(hereinafter collectively referred to as “the Grantee”).
WHEREAS:
1) The Grantor is the registered proprietor of the piece of land held under …. (hereinafter referred to the “said Land”).
2) The Grantor is desirous to grant the Grantee and the Grantee is desirous to accept from the Grantor an irrevocable option to purchase the said Land subject to the existing thirty (30) year lease granted in favour of …. (Company No. …..) but free from all other encumbrances (hereinafter referred to as “this Option”) and on the terms and condition hereinafter mentioned.
NOW IT IS HEREBY AGREED AS FOLLOWS:
1. In consideration of the sum of Ringgit Malaysia … (RM…) only hereby paid by the Grantee (receipt of which the Grantor hereby acknowledges), the Grantor hereby grants to the Grantee an irrevocable option to purchase and/or to nominate a Purchaser to purchase the said Land subject to the existing thirty (30) year lease granted in favour of ….. (Company No. …) but free from all other encumbrances and exercisable by the Grantee at any time after the …. but before the …. at the purchase price of Ringgit Malaysia … (RM….) only upon the terms and subject to the conditions hereinafter contained.
2. This Option shall be exercisable only as regards the whole of the said Land and not any part or parts thereof.
3. Both the Grantor and the Grantee or their nominee(s) shall execute the Sale and Purchase Agreement, a copy of which is annexed hereto as Schedule A, for the purchase of said Land within Fourteen (14) days of the date of receipt by the Grantor of the Grantee’s notice to purchase made pursuant to this Option.
4. The Grantor hereby warrants to the Grantee that it is and will remain until the exercise of this irrevocable Option the registered owner of the said Land subject only to the irrevocable Option, and has the full authority to grant this irrevocable Option upon the terms and conditions of this Option.
5. This Option is binding on all assigns, successors-in-title, personal representatives and nominees, as the case may be, of the parties herein.
6. This Option is given in the strictest confidence and shall not be availed to any third party or parties by the Grantee without the prior written consent of the Grantor.
7. This Option shall be governed by and construed in all respects in accordance with the laws of Malaysia and the parties irrevocably agree that the Courts of Malaysia shall have exclusive jurisdiction in respect of any dispute suit action arbitration or proceeding which may arise out of or in connection with this Option.
8. Time wherever mentioned shall be of essence of this Option.
9. In this Option (unless the context otherwise requires);
(a) expressions in the masculine shall include the feminine and neuter genders and vice versa;
(b) references in the singular include the plural and vice versa;
(c) words applicable to natural persons includes any body of persons company corporation firm or partnership corporate or otherwise;
(d) the words “herein”, “hereinafter”, “hereinbefore”, “hereof” and “hereinunder” and other words of similar import shall refer to this Option as a whole and not to any particular provision;
(e) The words “other” and “otherwise” are not to be construed ejusdem generis with any foregoing words where a wider construction is possible;
(f) where there are two (2) or more persons or parties included or comprised in the expression “the Grantee”, agreements covenants terms stipulations and undertakings expressed to be made by or binding upon such persons or parties shall be deemed to be made by or binding upon such persons or parties jointly and severally;
(g) words denoting an obligation on a person or party to do any act matter or thing includes an obligation to procure that it be done and words placing a person or party under a restriction includes an obligation not to permit infringement of the restriction;
(h) the words “encumbrances” denotes any mortgage charge (whether fixed or floating) pledge lien option right of pre-emption right of retention of title or any other form of security interest or any obligations ( including any conditional obligation) to create any of the same;.
The Schedule shall be taken read and construed as an essential part of this Option and shall form an integral part thereof.
IN WITNESS WHEREOF the parties hereto have hereunto set their hands the day and year first above written.
SIGNED by the Grantor )
in the presence of:- )
SIGNED by the Grantee )
in the presence of:- )
