DATED
2011
BETWEEN
Landlord’s NAME
...... of the first part
AND
Original Tenant’s NAME
......
of the second part
AND
Substitute Tenant’s NAME
……of the third part
************************************************************************
NOVATION AGREEMENT
in respect of
property address
Novation Aqreement
THIS AGREEMENT is made on __________ 2011 BETWEEN:1) Landlord’s NAME of ____________________ Singapore ________ (The " Landlord ") ;
2) Original Tenant’s NAME, a company incorporated in Singapore and having its
registered office at ______________________ Singapore ________ (the "Original
Tenant); and
3) Substitute Tenant’s NAME, a company incorporated in Singapore and having its
registered office at ______________________ Singapore ________ (the " Substitute
Tenant").
WHEREAS: This Agreement is supplemental to a Lease (the “Lease”) dated dd/mm/yyyy and made
between the Landlord and the Original Tenant in respect of the Premises and known as
PROPERTY ADDRESS (the "Demised Premises").
(A) The Original Tenant desires to be released and discharged from the terms, conditions
and obligations contained in the Lease in respect of the Premises the Landlord has
agreed to release and discharge the Original Tenant subject to:
(i) the Substitute Tenant undertaking to perform the terms, conditions obligations of the
Lease in respect of the Premises and in the matters set out hereunder; and
(ii) the terms of this Agreement.
NOW IT IS HEREBY AGREED as follows: 1. The Substitute Tenant hereby undertakes to perform the terms, conditions and
obligations of the Lease in respect of the Premises and to be bound by the terms
thereof in all respects as if the Substitute Tenant had been a party to the Lease in
respect of the Premises in lieu of the Original Tenant.
2. The Landlord hereby agrees to release and discharge the Original Tenant from the
further performance of the Lease and all claims and demands whatsoever in respect
of the Premises reserved by the Lease and to accept the liability of the Substitute
Tenant to perform the Lease in respect of the Premises and agrees to be bound by
the terms of the Lease in respect of the Premises in every way as if the Substitute
Tenant were named in the Lease as a party thereto in respect of Premises in place of
the Original Tenant.
3. The Substitute Tenant and the Landlord hereby further agree that the Lease shall
continue in full force and effect and shall be and remain binding on the Substituted
Tenant and the Landlord.
4. The Original Tenant hereby acknowledges that the Original Tenant has been
reimbursed by the Substitute Tenant for the security deposit amounting to S$xxxxxx
paid by the Original Tenant to the Landlord pursuant to the provisions of the Lease, and
in consideration thereof the Original Tenant hereby agrees and authorises the Landlord
to hold the said sum to the account of the Substitute Tenant, to be held and applied by
the Landlord as the security deposit paid by the Substitute Tenant in accordance with
the provisions of the Lease.
5. The legal cost (if any) and expenses incurred in connection with the preparation of
this Agreement and the stamp duty payable on this Agreement (in triplicate) shall be
borne by the Substitute Tenant.
6. The parties to this Agreement hereby agree that the provisions, terms and conditions
of this Agreement shall be of full force and effect and be binding on the parties
hereto with effect from DD/MM/YYY.
IN WITNESS WHEREOF the parties have entered into this Agreement
The Landlord
Signed by
For and on behalf of
in the presence of:-
)
)
)
)
________________________
Name of authorised signatory:
Designation:
The Original Tenant
Signed by
For and on behalf of
In the presence of:-
)
)
)
)
___________________________
Name of authorised signatory:
Designation:
The Substitute Tenant
Signed by
For and on behalf of
In the presence of:-
)
)
)
)
___________________________
Name of authorised signatory:
Designation: