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Assignment Agreement HDB Propnex Warriors

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Assignment Agreement HDB Propnex Warriors Powered By Docstoc
					480 Lorong 6 Toa Payoh, #10/11-01 HDB Hub East Wing, Singapore 310480 • Tel: (65) 6820 8000, Fax: (65) 6829 6600

                                                                 ASSIGNMENT AGREEMENT (HDB)

THIS AGREEMENT is made on the ______ day of ___________ 20__ between ________________________________________________
(hereinafter called “the Present Tenant”) of the one part and ________________________________________________ (hereinafter called “the New
Tenant”) of the other part.

WHEREAS

(a)   The Housing and Development Board (hereinafter called “HDB”) has agreed to let to the Present Tenant the premises described as:-
      ____________________________________________________________________________________________(hereinafter called the “said
      premises”) at a monthly rental of Singapore Dollars _______________________________________________________ ($                         )
      on the terms, conditions, reservations, covenants and stipulations contained in the Tenancy Agreement made between the Present Tenant and
      HDB dated ________ day of ________________20_____ (hereinafter called the Tenancy Agreement).

(b)   The Present Tenant has now agreed with the New Tenant to assign all his rights, titles, interest and goodwill in the said premises to the New
      Tenant on the following terms and conditions.

              Now it is hereby agreed as follows:

1.    The Present Tenant agrees to assign and the New Tenant agrees to takeover the Premises together with all the items stated in the Inventory List
      (if any) for a goodwill sum of Dollars _______________________________________________________ ($                               )(hereinafter
      called “the Goodwill Money”).

2.    The Present Tenant hereby acknowledges receipt of Dollars __________________________________________________ ($                                   )
      as a security deposit (hereinafter called the “the Security Deposit”).

3.    The Present Tenant shall submit the application to HDB for approval to assign the Premises by the __________ day of _____________________
      200______ for approval to assign the Premises.

4.    The Present Tenant and the New Tenant respectively acknowledge that they have appointed
      PROPNEX REALTY PTE LTD / PN REALTY PTE LTD (hereinafter called the “Agency” ) of 480 Lorong 6 Toa Payoh East Wing #10-01/#11-01
      Singapore 310480 as their respective agent and shall pay the Agency the agreed commission plus GST as follows :-
      The Present Tenant                         $ _________________; and
      The New Tenant                             $ ________________ for procuring this assignment and the Commission shall be due and payable upon
      the signing of: (a) the letter of intent; and/or (b) the Assignment Agreement, whichever is earlier.

5.    If HDB should revise the monthly rental for the Premises (prior to HDB approval is obtained) and should the new monthly rental exceed Singapore
      Dollars _______________________________________________________(S$                                    ), the New Tenant shall have the option to
      rescind this agreement. In such an event, the Present Tenant shall refund the New Tenant all monies paid by to the New Tenant to the Present
      Tenant and this agreement shall become null and void and neither party shall have any claims or demands against each other.

6.    If the New Tenant, without default of the Present Tenant wrongfully repudiates and/or fails to complete the takeover of the Premises OR if the
      New Tenant defaults in this agreement then and in any of the said cases the Present Tenant shall have the option to rescind this agreement and
      shall forfeit the Security Deposit paid by the New Tenant. In the event of forfeiture by the Present Tenant, the half (½) of the forfeited amount shall
      be paid to the Agency provided the said amount does not exceed the commission above. If the forfeited amount exceeds the commission payable,
      then the forfeited amount payable to the Agency should be equivalent to the commission.

7.    If the Present Tenant, without default of the New Tenant wrongfully repudiates and/or fails to complete the assignment of the Premises OR if any
      Present Tenant defaults in this agreement then and in any of the said cases the New Tenant shall have the option to rescind this agreement and
      in such event the Present Tenant shall refund to the New Tenant all monies paid by the New Tenant to the Present Tenant and the Present
      Tenant shall pay the New Tenant a sum of Singapore Dollars equivalent to the Security Deposit as liquidated damages.

8.    If the assignment is repudiated, rescinded, aborted or not completed due to reasons stated in clause 6 and/or 7 then the Present Tenant and /or
      the New Tenant (whichever is the party at fault) shall immediately pay to the Agency the total Commission plus GST at the prevailing rate agreed
      by both parties as stated in clause 4 for services rendered. If both the Present Tenant and the New Tenant should mutually agree to repudiate,
      rescind, abort or not complete the assignment then both the Present Tenant and the New Tenant shall immediately pay to the Agency their
      respective share of the Commission plus GST at the prevailing rate as stated in Clause 4 for services rendered.

9.    The assignment is subject to the rules, regulations and policies of HDB governing the assignment of HDB commercial/industrial properties.

10. In the event that any of the provisions herein is declared by the Court to be illegal, invalid, unenforceable or null and void it is agreed that the
    legality, validity and enforceability of the remaining provisions shall not in anyway be affected or impaired thereby.

11. The Goodwill Money (less the Security Deposit) shall be paid by the New Tenant in the form of a cashier’s order to the Present Tenant on the
    appointment date with HDB to complete the assignment of the Premises.

Page 1 of 2                                                                                                                          LEG-AG-01.01 25/06/08
12. The assignment herein is subject to the Present Tenant and the New Tenant receiving the official HDB approval for the assignment of the
    Premises. If the application for the assignment of the Premises is rejected by the HDB then this agreement shall become null and void and of no
    further effect whatsoever and the Present Tenant shall refund to the New Tenant all monies paid by the New Tenant to the present Tenant but
    without any interest compensation or deductions whatsoever and thereupon neither party shall then have any claim or demand against the other
    for costs, damages, compensation or otherwise.

13. Should the assignment of the Premises be rejected by the HDB through no fault of the Present Tenant or the New Tenant, the Present Tenant
    agrees to pay the Agency a service fee of Singapore Dollars __________________________________________________ ($                    )
    plus GST for services rendered. Such service fee is payable upon receipt of the official HDB rejection in writing.

14. The stamp fees of this agreement and its duplicates shall be borne by the New Tenant and paid forthwith.

15. The New Tenant shall pay all costs necessary and incidental to the application to HDB for approval for the signing of the fresh Tenancy
    Agreement and application for the change of use of the said premises.

16. This agreement shall be governed by and construed in accordance with the laws of the Republic of Singapore

     IN WITHNESS WHEREOF the parties hereto have hereunder set their hands the day and year first above written.

                             Commission Cheque shall be made payable to PROPNEX REALTY PTE LTD / PN REALTY PTE LTD.
                                   (A member firm of PropNex – Each member firm is independently owned and operated.)
                                             Company Official Receipt will be issued upon receipt of payment.

     SIGNED by the Present Tenant           _________________________________


     In the presence of: -                 Name:     __________________________                 Signature: ____________________

                                           NRIC No: _________________________



     SIGNED by the New Tenant              _________________________________


     In the presence of: -                 Name      __________________________                 Signature: ____________________

                                           NRIC No: _________________________




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