THIS REVOCATION AND RESCISSION AGREEMENT is made on this
between
……… (Company No. …), a company incorporated in Malaysia with its registered address at …. (hereinafter called “ the Vendor”) of the one part
AND
……… (NRIC No. ….) and …(NRIC No. …) both of … (hereinafter collectively called “the Purchaser”) of the other part; and
WHEREAS:
1. By a Sale and Purchase Agreement dated the … (hereinafter called “the Sale and Purchase Agreement”) and made between the Vendor of the one part and the Purchaser of the other part, the Vendor had agreed to sell and the Purchaser had agreed to purchase all that parcel distinguished as … measuring in area of … square feet together with three storey shop office with gross built up area of … square feet erected on land held under … (hereinafter called “the said Property”) which is more particularly described in the Sale and Purchase Agreement for the consideration of RINGGIT MALAYSIA …(RM …) only (hereinafter called “the Purchase Price”) upon the terms and conditions contained in the Sale and Purchase Agreement.
2. Each of the respective parties hereto is now desirous of releasing the other of all the rights and obligations under the Sale and Purchase Agreement upon the terms and conditions hereinafter appearing.
NOW THE PARTIES AGREE as follows: –
1. In consideration of the premises herein the Vendor and the Purchaser hereto mutually agree to revoke and rescind the Sale and Purchase Agreement as from the date hereof subject to the terms and conditions hereinafter contained.
2. Upon the execution of this Agreement, the Sale and Purchase Agreement shall be deemed to have been terminated and be null and void forthwith and the Vendor and the Purchaser hereto irrevocably confirm and covenant that they each have no claim of whatever nature against the other party arising out of and/or from the execution and termination of the Sale and Purchase Agreement.
3. This Agreement shall be binding on the successors-in-title and permitted assigns of the Vendor and the Proprietor and the heirs personal representatives successors-in-title and permitted assigns of the Purchasers.
IN WITNESS WHEREOF the parties hereto have hereunto set their hands, the day and year first above written.
SIGNED by )
)
for and on behalf of )
)
(Company No. ) )
in the presence of:- )
SIGNED by the Purchaser )
in the presence of:- )
