THIS Termination Agreement (“Amendment”) is entered into on 08 May 2024
Between
(1) PARTY_1_NAME whose principal place of business is at PARTY_1_ADDRESS_SINGLE_LINE (the "Buyer")
(2) PARTY_2_NAME whose principal place of business is at PARTY_2_ADDRESS_SINGLE_LINE (the "Seller")
Whereas
(A) The Buyer and the Seller entered into a Purchase of Property Agreement dated DATE (the "Agreement") in relation to the property located at ADDRESS(the “Property”).
(B) The Buyer and the Seller mutually desire to terminate the Agreement as per the terms and conditions set forth herein.
Agreed Terms
1. Termination The Purchase Agreement is hereby terminated in its entirety with effect from 08 May 2024 and shall be of no further force or effect.
2. Counterparts This Termination Agreement may be executed in any number of counterparts and by the parties to it on separate counterparts, each of which is an original but all of which together constitute one and the same instrument.
3. Release from Liability The Buyer and Seller hereby release and discharge each other and their respective successors in interest from any and all all claims, demands, rights, causes of action and obligations, known or unknown, arising out of the Agreement except as specifically provided in clause 4 herein below.
4. Deposit The Parties retain any and all rights they may have under the Agreement with respect to the Deposit, and specifically do not release each other from further obligations under the Agreement with respect to the Deposit.
Within 14 days from the effective date of termination as set out in clause 1 above, the Seller will return the Deposit and all interest accrued to the Buyer pursuant to the terms of the Agreement and neither the Seller nor the Buyer shall have any further obligations or responsibilities under the Agreement or liability of any nature or amount whatsoever to each other, excepting only those which under the terms of the Agreement expressly survive termination.
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