THIS NOVATION AGREEMENT is entered into on 27 December 2024.
Between
(1) PARTY_1_NAME whose principal place of business is at PARTY_1_ADDRESS_SINGLE_LINE (the "Transferor").
(2) PARTY_2_NAME whose principal place of business is at PARTY_2_ADDRESS_SINGLE_LINE (the "Transferee").
(3) PARTY_3_NAME whose principal place of business is at PARTY_3_ADDRESS_SINGLE_LINE (the "Landlord").
Whereas
(A) Transferor and Landlord entered into a rental agreement for parking space dated ORIGINAL_DATE (the Agreement) in relation to parking space ADDRESS_PARKING.
(B) Transferor has agreed to transfer the Agreement to Transferee for the consideration of the parties incurring obligations and giving rights under this Novation Agreement and the Agreement and for other valuable consideration.
(C) Transferor wishes to be released and discharged from the Agreement and the parties have agreed to the novation of the Agreement and to the substitution of Transferee as a party to the Agreement in place of Transferor.
It is agreed
1. Novation
In consideration of the mutual undertakings contained in this Novation Agreement, and with effect from 27 December 2024 (the Novation Date):
(a) Transferor shall cease to be a party to the Agreement and Transferee shall become a party to it in place of Transferor;
(b) Transferee undertakes with Landlord to accept, observe, perform and discharge all the liabilities and obligations of Transferor under the Agreement (howsoever arising and whether arising on, before or after the Novation Date) in substitution for Transferor;
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