This is a template for Car Park Novation Agreement and is drafted in favour of the Landlord.
The purpose of the agreement is the change who rent the designated parking space and state the terms and conditions about rental and deposits regarding the transfer. Using this novation agreement, the original contract between the transferor and the landlord will be replaced by the new contractual obligation owed by the transferee to the landlord.
According to the terms and conditions of this contract, the transferee should pay rental and deposits reimbursements to the transferor and pay future rent to the landlord. When the transfer has completed, the transferee will officially become the new person renting the parking space.
The transferee, transferor, and the landlord should read this document carefully. They should ensure that the dates (e.g. when should the transferee pay reimbursements) are correct and the amount to be paid are accurate.
Both parties should sign and return a copy, and once signed, both parties should get a copy. To avoid any future disputes, both parties may wish to have their signatures witnessed.
If either party wishes to amend the agreement in the future, both parties should agree to do so, and the original agreement and amendments should be recorded in writing and signed by both parties.
The original car park space agreement should be attached as Appendix to the agreement.
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