Document:

prime_8k-ex1002.htm

 

Exhibit 10.2

 

 

DATED THIS     DAY OF 8 July 2011

 

BETWEEN

 

PERSIARAN ABADI SDN. BHD.

 

(288151-M)

 

AND

 

VIRTUAL SETUP SDN. BHD.

 

(908553-K)

 

	 
	
  

SALE AND PURCHASE AGREEMENT 

 

(AGRICULTURAL LAND)

 

 

 

 

	
Vendor's Solicitors

Messrs Hong & Fong,

Advocates and Solicitors

Suite 5-1B, Block A,

Johbase City Square (J.C.S.),

Jalan Lambak,

86000 Kluang, Johor.

Tel: 07-7739188

Fax: 07-7723188

Ref: G/C/1 1/Yee

	
Purchaser's Solicitors

Messrs Ching, Tan & Associates

Advocates and Solicitors

Suite A-2-3, Level 4, Block A,

Menara Uncang Emas (ue3),

85, Jalan Loke Yew,

55200 Kuala Lumpur.

Tel: 03-92001380

Fax: 03-92001580

Ref: LJH(KL)/C/0310(11)/SPA

 

 

 

  

  

  

 

 

 

AN AGREEMENT made this                                                      day of 0 8 JUL 2011 2011.

 

Between

 

PERSIARAN ABADI SDN. BHD. (288151-M), a private limited company incorporated in Malaysia under the/Companies Act, 1965 with its registered office at No. 35, Ground Floor, Jalan 2, Taman Bersatu, 86000 'Chiang, Johor (hereinafter called "the Vendor") of the one part;

 

and

 

VIRTUAL SETUP SDN. BHD. (908553-K), a private limited company incorporated in Malaysia under the Companies Act, 1965 with its registered office at 37-2, Perdana 7, Taman Usahawan Kepong, Kepong Utama, 52100 Kuala Lumpur (hereinafter called "the Purchaser") of the other part;

 

WHEREAS:

 

	
(A)

	
The Vendor is the legal and beneficial owner of all that four (4) pieces of agricultural land together with buildings (if any) erected thereon described in th Schedule I hereto (hereinafter collectively called "the said Properties") and respectively identified and described therein as Properties Al, A2, A3 and A4. A copy each of the titles to the said Properties is attached hereto as Schedule II.

 

	
(B)

	
Save as Property Al which is presently charged to AMBANK (M) BERHAD (8515-D), with its business address at (hereinafter referred to as "the Present Chargee"), the said Properties are free from encumbrances.

 

	
(C)

	
The said Properties are freehold properties and are not subject to any restriction in interest.

 

	
(D)

	
 
Subject to the fulfillment of the conditions precedent set out in the Schedule III hereto the Vendor has agreed to sell and the Purchaser has agreed to purchase the said Properties free from encumbrances and any whatsoever caveats, with vacant possession for the prices and upont he terms and conditions hereinafter contained.

 

	
(E)

	
It has been agreed by the parties hereto that the Vendor shall sell and the Purchaser shall take and purchase:-

 

·      Property Al at the price of RM19,521,740,00;

 

·      Property A2 at the price of RM 1,971,060.00;

 

·      Property A3 at the price of RM 705,280.00;

·      Property A4 at the price of RM 2,227,560.00

·      Total                 RM24,425,640.00

 

 

	
(F)

	
The Vendor is represented by Messrs. Hong & Fong, Advocates and Solicitors, Suite 5-1, Block Am Johbase City Square, (J.C.S.), Jalan Lambak, 86000 Kluang, Johor (hereafter referred to as "the Vendor's Solicitor's Solicitors")>

 

 

 

  

1

  

 

 

	
(G)

	
The Purchaser is represented by Messrs. Ching, Tan & Associates, Advocates and Solicitors, Suite A-2-3, Level 4, Block A, Menara Uncang Emas (ue3), 85, Jalan Lake Yew, 55200 Kuala Lumpur (hereinafter referred to as "the Purchaser's Solicitors").

 

NOW IT IS HEREBY AGREED as follows:-

 

(GENERAL CONDITIONS)

 

	
1.

	
CONDITIONAL AGREEMENT AND PAYMENT OF DEPOSIT

 

In consideration of the sum of Ringgit Malaysia' Two Million Four Hundred Forty Two Thousand Five Hundred And Sixty Four (RM2,442,564.00) only [inclusive of Ringgit Malaysia Four Hundred Eighty Eight Thousand Five Hundred Twelve, and Sen Eighty (RM488,512.80) only already paid by the Purchaser to the Vendor's Solicitors, as stakeholders, to be released as part of the Deposit to the Vendor upon execution of this Agreement] which constitutes 10% of the Purchase Price (hereinafter referred to as "the Deposit") paid by the Purchaser to the Vendor on or to the. Vendor's Solicitors prior. to the execution of this Agreement by way of deposit and part payment towards the purchase price (the receipt of which sum the Vendor hereby acknowledges) and further subject to the fulfillment of the conditions precedent set out in the Schedule III hereto the Vendor shall sell and the Purchaser shall purchase the said Properties free from all charges and other encumbrances of any nature whatsoever with vacant possession but subject to all conditions of title whether express or implied and to the existing category of use and upon the terms and conditions hereinafter contained.

 

	
2. 

	
PURCHASE PRICE

 

The purchase price of the said Properties shall be Ringgit Malaysia Twenty Four Million Four Hundred Twenty Five Thousand Six Hundred And Forty (RM24,425,640.00) only (hereinafter referred to as "the Purchase Price").

 

	
3. 

	
BALANCE OF PURCHASE PRICE AND COMPLETION DATE

 

	 	
3.1

	
The Balance of Purchase Price in the sum of Ringgit Malaysia Twenty One Million Nine Hundred Eighty Three Thousand And Seventy Six (RM21,983,076.00) (which constitutes 90% of the Purchase Price and shall hereafter be referred to as "the Balance Purchase Price") shall be paid by the Purchaser to the Vendor's Solicitors, as stakeholders within three (3) months from the date of notification to and receipt by the Purchaser or the Purchaser's Solicitors of the original copies of all the necessary consents and approvals and the fulfillment of all the conditions precedent as required under Clause 1 of the Schedule HI (hereinafter referred to as "the Completion Period" and the day of payment herein shall hereinafter be referred to as "the Completion Date").

 

	 	
3.2

	
In the event that the Purchaser is unable to pay the Balance of Purchase Price within the time frame stipulated in Clause 3.1 above the Vendor shall automatically grant an extension of another one (1) month (hereinafter referred to as "the Extended Completion Period) commencing from the day immediately after expiry of the Completion Period to enable the Purchaser to pay the same subject to the payment of interest on the outstanding balance at the rate of 8% per annum calculated on a daily basis from the commencement date of the Extended Completion Period to the date of realization thereof which interest shall only be required to be paid at the same time of full settlement of the outstanding Balance Purchase Price.

 

	
4. 

	
PRIORITIES IN APPLICATION OF THE PURCHASE PRICE

 

After fulfillment of all the condition precedents, the Vendor and the Purchaser hereby mutually agree and authorise the Vendor's Solicitors to apply the Deposit and the Balance of Purchase Price received by the Vendor's Solicitors in the following priorities:-

 

 

  

2

  

 

 

	
  

	
(i)

	
Firstly, to pay the redemption sum (hereinafter called "the Redemption Sum") to the Present Chargee in respect of the Property Al of the said Properties for full and complete discharge or release of the said Properties free of all encumbrances from the Present Chargee;

 

	
  

	
(ii)

	
The balance thereof (if any) shall be dealt with in accordance with Clause 8 below.

 

(The Purchase Price less the Redemption Sum shall hereinafter be referred to as "the Remaining Sum".)

 

	
5.

	
EXECUTION OF DOCUMENTS

 

Within 14 days from the date of this Agreement the Vendor shall:-

 

	
  

	
(a)

	
Execute and deliver to the Purchaser's Solicitors four (4) copies of valid and registrable Memoranda of Transfer (Form 14A) in respect of the said Properties in favour of the Purchaser or its nominee (a Memoradum of Transfer for each Property) and the Purchaser's Solicitors may cause the same to be adjudicated at such time as the Purchaser's Solicitors shall deem proper and thereafter to hold the same as stakeholders until full payment of the Purchase Price due under this Agreement;

 

	 	
(b)

	
Deposit with the Purchaser's Solicitors all current quit rent and assessment receipts in respect of the said Properties;

 

	 	
(c) 

	
Deposit the original issue documents of titles for Properties A2, A3 and A4 with the Vendor'sSolicitors;

 

	 	
(d)

	
Execute and deliver to the Vendor's Solicitors an irrevocable letter of authority to empower the Vendor's Solicitors to redeem the said Properties from the Present Chargee;

 

	 	
(e)

	
The Vendor shall request the Present Chargee to issue a redemption statement addressed to the Purchaser together with the usual undertaking to deliver the original issue document of title for Property Al and the instrument of discharge of charge (F16N) and to refund the Redemption Sum in the event that the discharge of charge (F16N) cannot be registered for any reasons whatsoever (hereinafter referred to as "the Redemption Statement Cum Undertaking Letter").

 

Upon the payment of the Balance of Purchase Price to the Vendor's Solicitors pursuant to the terms of this Agreement the Vendor's Solicitors are hereby authorised by the parties hereto to redeem the said Properties and promptly upon receipt of the same to forward the original issue document of title to the said Properties, the duly executed discharge of the charge and the duplicate copy of the charge held by the Present Chargee or the Vendor's Solicitors to the Purchaser's Solicitors who shall present the Memoranda of Transfer (F14A) for registration at the relevant land registry.

 

	
6. 

	
PURCHASER'S DEFAULT

 

If the Purchaser shall fail neglect or refuse to complete the transfer for any reasons other than due to the Vendor's default and failure to comply with its obligations under this Agreement on the Completion Date or Extended Completion Date, the Vendor has the right to forthwith to terminate this Agreement thereupon all the Purchaser's rights under this Agreement shall cease and the forfeitable Deposit shall irrevocably be forfeited to the Vendor absolutely and shall be retained by and shall thenceforth belong to the Vendor and shall not be refunded to the Purchaser under any circumstances whatsoever but the Vendor shall refund to the Purchaser all other monies paid by the Purchaser towards account of the Purchase Price, if any, free of interest and the Vendor shall be at liberty to sell or otherwise deal with the said Properties at such price and in such manner and to such person or persons as the Vendor may think fit and shall not be accountable to the Purchaser for any profit on such sale. In such an event, it is hereby further agreed and declared that the said Memoranda of Transfer shall be treated as null and void and of no further effect of force whatsoever and the Purchaser shall not be entitled to make any claim and demand whatsoever against the Vendor or the said Solicitors for any loss or damage or whatsoever compensation which may have been incurred or suffered by the Purchaser on account thereof or arising therefrom or under these presents save and except for antecedent breach(es), if any.

 

 

  

3

  

 

 

	
7. 

	
VENDOR'S DEFAULT

 

In the event that the Vendor fails to comply with the provisions of this Agreement or shall refuse to complete the sale other than due to the Purchaser's default and failure to comply with its obligations under this Agreement the Purchaser shall be entitled to either:-

 

	 	
7.1 

	
the remedy at law for specific performance of this Agreement against the Vendor and all reasonable costs and expenses incurred by the Purchaser in connection therewith including costs on a solicitors and client's basis shall be borne and paid by the Vendor; or

 

	 	
7.2 

	
by written notice terminate of this Agreement whereupon the Vendor shall refund or cause the Vendor's Solicitors to refund the Deposit and such other sums paid by the Purchaser towards account of the Purchase Price, if any, and shall further pay a sum equivalent to the Deposit as liquidated damages due to the Purchaser in exchange for the Purchaser returning the Memoranda of Transfer (if the Purchaser does not require the same for application for a refund of stamp duty) and the issue document of title to the said Properties intact to the Vendor and returning possession of the said Properties and the Purchaser withdrawing any private caveat that the Purchaser might have lodged against the said Properties whereupon this Agreement shall be rendered null and void and the parties hereto shall have no claim whatsoever in respect of and arising out of this Agreement save and except for antecedent breach(es) if any.

 

	
8. 

	
RELEASE OF REMAINING PURCHASE PRICE TO VENDOR

 

The Vendor's Solicitors are hereby authorised by the parties hereto to release to the relevant parties the Remaining Sum as stipulated in Clause 4 hereof after seven (7) days from the date of presentation of the Memoranda of Transfer and the original issue document of title to the said Properties and other relevant documents for registration at the relevant land office/registry.

 

	
9. 

	
REAL PROPERTY GAINS TAX

 

	 	
(a)

	
The Vendor hereby declares and represents that it has purchased the Properties for more than five (5) years and as such no Real Property Gains Tax is payable with regard to the disposal of the said Properties in favour of the Purchaser in accordance with the terms and conditions herein and the Vendor undertakes to sign a form CKHT 1A and 3 and lodge the same with the Inland Revenue Department and forward the same to the Purchaser's Solicitors for the Purchaser to lodge in the CKHT 2A with the Inland Revenue Department..

 

	 	
(b)

	
Notwithstanding anything herein contained to the contrary the Vendor hereby irrevocably covenants and undertakes to indemnify and keep the Purchaser fully indemnified at all times against all taxes, claims, fines penalties, damages and other impositions of any nature whatsoever imposed by the Director General of Inland Revenue in respect of the disposition herein referred to.

 

 

 

  

4

  

 

	
10. 

	
STATE OF THE PROPERTIES

 

The Purchaser has inspected the said Properties and shall purchase and accept the same in the state and condition at it is at the date of the delivery of vacant possession of the said Properties to the Purchaser.

 

	
11. 

	
DELIVERY OF VACANT POSSESSION

 

	 	
11.1 

	
The Parties hereby expressly agree that vacant possession of the Properties shall be delivered to the Purchaser by the Vendor upon payment of the Balance Purchase Price with the Vendor's Solicitors, failing which the Vendor shall pay to the Purchaser interest at the rate of 8% per annum on the Purchase Price from the due date for delivery of the vacant possession to the date of actual delivery of the smile.

 

	 	
11.2 

	
The Properties shall be deemed to have been inspected by the Purchaser and the Purchaser shall be deemed to have purchased and accepted the same in the condition and state in which the same at the time of obtaining vacant possession thereof and the Purchaser shall not be entitled to rescind this Agreement or to make any claim for any compensation or reduction of the Purchase Price or claim for any damages in respect of the condition or state thereof

 

	 	
11.3 

	
In the event that non-completion of the sale and purchase of the Properties as provided herein in this Agreement for any reason whatsoever that Purchaser shall re-deliver vacant possession of the Properties to the Vendor in such condition as Clause 11.2 above (fair wear and tear excepted).

 

	
12. 

	
APPORTIONMENT OF OUTGOINGS

 

	 	
12.1 

	
All quit rent, rates, taxes, assessment and charges from Consortium Indah Water and other outgoings usually imposed and payable in respect of the Properties shall be borne by the Purchaser as at the date of delivery of vacant possession of the Properties to the Purchaser.

 

	 	
12.2 

	
The Vendor or the Purchaser as the case may be shall pay their apportionment to the other party who has paid such outgoings upon production by the other party of the relevant receipts or to the relevant authority if such outgoings have not been settled.

 

	 	
12.3 

	
For the avoidance of any doubt whatsoever, the Purchaser shall, as from the date of delivery of vacant possession of the Properties to the Purchaser, be fully liable to pay and settle promptly all such outgoings.

 

	 	
12.4 

	
Each party hereby expressly and irrevocably agrees to indemnify the other in respect of any loss or penalty imposed in respect of any late or non-payment by each party respectively of their share of any such aforesaid outgoings.

 

	
13. 

	
PRIVATE CAVEAT

 

The Purchaser may at its own cost and expense lodge a private caveat against the said Properties for the purpose of protecting the Purchaser's interest in the said Properties PROVIDED THAT the Purchaser hereby irrevocably and unconditionally agrees and undertakes with the Vendor that the Purchaser shall at its own cost and expense forthwith remove or cause to be removed the aforesaid private caveat within 7 days upon any lawful termination of this Agreement. In this connection, the Purchaser shall execute a withdrawal of its caveat and deposit the said duly executed withdrawal of the said caveat with the Purchaser's Solicitors who are authorised by the Purchaser to and shall present the said duly executed withdrawal of the said caveat for registration at the relevant land office or registry forthwith upon lawful termination of this Agreement.

 

 

  

5

  

 

 

	
14.

	
KNOWLEDGE AND ACQUIESCENCE NOT A WAIVER

 

Knowledge or acquiescence by either party hereto of or in any breach of any of the conditions or any of the conditions or covenants herein contained shall not operate as or be deemed to be waiver of such conditions or covenants or any of them and notwithstanding such knowledge or acquiescence each party hereto shall be entitled to exercise their respective rights under this Agreement and to require strict performance by the other of the terms and conditions herein.

 

	
15.

	
VENDOR'S WARRANTIES AND REPRESENTATION

 

	 	
15.1

	
TheVendor hereby represents and warrants with the Purchaser that as at the date of this Agreement:-

 

	 	
(a)

	
the Vendor has registrable title to the said Properties and the said Properties are free from all encumbrances except the subsisting charge in favour of the Present Chargee;

 

	 	
(b)

	
subject to the approvals and consents referred to in Schedule III hereto, the Vendor has capacity authority and right to sell the said Properties;

 

	 	
(c)

	
the Vendor has beneficial interest in the said Properties;

 

	 	
(d)

	
The said Properties or any part thereof is not subject to any acquisition by the relevant authorities;

 

	 	
(e)

	
there are no outstanding notices in respect of the said Properties served upon the Vendor;

 

	 	
(f)

	
all rates, taxes, assessments and other lawful out-goings in respect of the said Properties due to the relevant authorities from the Vendor have been duly paid and the Vendor shall not at any time hereafter do or suffer to be done or commit any act, matter or thing in respect of the said Properties which may render the said Properties or any part thereof liable to forfeiture or attachment;

 

	 	
(g)

	
there are no bankruptcy notice, bankruptcy proceedings, winding up petitions or creditor's petitions filed or outstanding against the Vendor or any of the Vendor's shareholders or Vendor's holding companies or ultimate holding companies and no receiver and/or manager has been appointed over any assets or undertakings of the Vendor or Vendor's shareholders or Vendor's holding companies or ultimate holding companies;

 

	 	
(h)

	
the execution delivery and performance of this Agreement and other instruments executed pursuant to this Agreement do not violate or contravene any law regulation, decree or court order; all necessary consents approvals authorisations exemptions orders of any ministry, agency, department, court, boards of directors or members resolution of the Vendor or the Vendor's shareholders, holding companies or ultimate holding companies or relevant authority which are required or advisable to be obtained in connection with the execution delivery performance legality or enforceability of this Agreement have been obtained or will be obtained on or before the Completion Date;

 

	 	
(j)

	
there are no outstanding notices, orders, requirements or scheme of any Federal State Local Authority or Statutory Board which will or may adversely affect the present or continued use and enjoyment by the Purchaser or its successors-in-title of the said Properties or which will or may subject the Purchaser to any onerous charge or liability;

 

 

  

6

  

 

 

	 	
(k)

	
there are no caveats, liens, charges, court orders or other encumbrances whatsoever affecting the said Properties, save as otherwise disclosed to the Purchaser and/or stated herein; and

 

	 	
(I)

	
save for the express conditions and restrictions endorsed on the issue document of title to the said Properties there are no other conditions, stipulations or restrictions affecting the said Properties

 

	 	
15.2

	
The Vendor's warranties, representations and undertakings herein contained (including but not limited to those in Clause 15.1 above) are deemed to have been repeated and made afresh in their entirety and wilt be true in all respects up to the date of registration of the Memoranda of Transfer in favour of the Purchaser.

 

	 	
15.3

	
The truth and correctness of all the matters stated in the representations, covenants, undertakings, warranties, conditions and obligations in this Agreement form the basis of the Purchaser's agreement to enter into this Agreement. Notwithstanding the completion of the sale and purchase of the said Properties, the covenants, undertakings, warranties, conditions and obligations contained in this Agreement sh01 be true and correct as at the date of this Agreement up to the date of registration of the Memoranda of Transfer in favour of the Purchaser, failing which the Purchaser shall have the right at its absolute discretion forthwith to rescind or terminate this Agreement and upon such termination to claim for damages against the Vendor.

 

	 	
15.4

	
Notwithstanding anything herein contained to the contrary the Vendor's representations, covenants, undertakings, warranties, conditions and obligations shall be deemed to have been repeated and made afresh if the title of the Purchaser is defeated pursuant to the provisions of Section 340 (2) and/or 340 (4) of the National Land Code as at the date of such challenge to the Purchaser's title is made.

 

	
16.

	
COMPULSORY GOVERNMENT LAND ACQUISITION

 

	 	
(i)

	
The Vendor hereby warrants and undertakes with the Purchaser that as at the date of this Agreement the Vendor has no notice or knowledge or is not aware of any impending acquisition or use of the said Properties or any part thereof or any notice in the Government Gazette of such intention pursuant to the provisions of the Land Acquisition Act 1960, Electricity Supply Act 1990 or any other relevant legislation.

 

	 	
(ii)

	
In the event of any governmental, statutory, urban, municipal or competent authority acquiring or exercising any rights or taking any steps under the Land Acquisition Act 1960, Electricity Supply Act 1960 and/or any other relevant legislation to acquire or use the said Properties or any part thereof for any purpose whatsoever between the date of this Agreement and the date of presentation for registration of the titles to the said Properties in favour of the Purchaser, the Purchaser shall have the following option to be exercised by the Purchaser within fourteen (14) days from the date of receipt of the written notification from the Vendor informing the Purchaser of such acquisition:-

 

	 	
(a)

	
the Purchaser may, by notice in writing, inform the Vendor that the Purchaser wish to continue with and complete this Agreement in which event the Purchaser shall not be entitled to any reduction of the Purchase Price PROVIDED that the Vendor shall immediately notify the relevant authority of the Purchaser's interest in the said Properties and the terms of this Agreement and thereupon the Vendor shall in all procedures relating to such acquisition act .on and in accordance with the instructions of the Purchaser and shall do all such acts and things at the cost of the Purchaser as may be reasonably required by the Purchaser for the purpose of securing the best compensation payable and such compensation shall, subject to the Purchaser having paid in full the Purchase Price to the Vendor under Clause 3.2 herein, belong to and be paid to the Purchaser absolutely; or alternatively

 

 

  

7

  

 

 

	 	
(b)

	
the Purchaser may, by notice in writing, terminate this Agreement whereupon allmonies paid to the Vendor or Vendor's Solicitors towards account of the Purchase Price by the Purchaser shall be refunded by the Vendor to the Purchaser within seven (7) days of the Vendor's receipt of the written notification of the termination given by the Purchaser to the Vendor) in 'exchange for the Purchaser returning the Memoranda of Transfer (if the Purchaser does not require the same for application for a refund of stamp duty) and the issue document of title to the said Properties intact to the Vendor (if already deposited with the Purchaser or the Purchaser's Solicitors) and returning possession of the said Properties in its condition then to the Vendor and the Purchaser withdrawing any private caveat that the Purchaser might have lodged against the said Properties whereupon this Agreement shall be rendered null and void and the parties hereto shall have no claim whatsoever in respect of and arising out of this Agreement save and except for antecedent breach(es) if any.

 

Provided that if the Purchaser shall fail, neglect or omit o notify the Vendor of its intention either to continue or to terminate this Agreement within the time referred to above, the Purchaser shall be deemed to have opted to terminate this Agreement whereupon sub-clause 16 (ii) (b) shall be deemed to be applicable and the consequences therein shall be deemed to ensue. Provided also that if any governmental, statutory, urban, municipal or competent authority acquiring or exercising any rights or taking any steps under the Land Acquisition Act 1960, Electricity Supply Act 1960 and/or any other relevant legislation to acquire or use the said Properties or any part thereof for any purpose whatsoever on or after date of the presentation for registration of the titles to the said Properties in favour of the Purchaser, the Purchaser shall not have the option to terminate this Agreement.

 

	
17. 

	
NON-REGISTRATION OF DOCUMENTS

 

In the event that the Memoranda of Transfer of the said Properties in favour of the Purchaser or its nominees cannot be registered for any reason whatsoever (and which is incapable of being remedied or rectified), it is hereby agreed that upon the Purchaser returning the Memoranda of Transfer (if the Purchaser does not require the same for application for a refund of stamp duty) and the issue documents of titles to the said Properties intact (if already released to the Purchaser or the Purchaser's Solicitors) to the Vendor and returning possession of the said Properties in its condition then to the Vendor and the Purchaser withdrawing any private caveat that the Purchaser might have lodged against the said Properties, the Vendor shall simultaneously refund to the Purchaser the Purchase Price or such part thereof paid by the Purchaser to the Vendor or its solicitors as the case may be under this Agreement and the Purchaser shall withdraw any private caveat that the Purchaser might have lodged against the said Properties whereupon this Agreement shall be rendered null and void and the parties hereto shall have no claim whatsoever in respect of and arising out of this Agreement save and except for antecedent breach(es) if any.

 

	
18. 

	
SERVICE OF NOTICE, ETC.

 

Any notice, request or demand required to be served by either party hereto to the other under this Agreement shall be in writing and shall be deemed to be sufficiently served -

 

	 	
(a) 

	
If it is sent by the party or his solicitors by registered post addressed to the other party'saddress hereinbefore mentioned and in such case it shall be deemed to have been received at the time when such registered letter would in the ordinary course be delivered; or

 

 

  

8

  

 

 

	 	
(b)

	
if it is given by the party or his solicitors by hand to the other party or his solicitors; or

 

	 	
(c)

	
.if it is sent by facsimile, on the next working day in the place to which it is sent.

 

Any change of address by either party shall be communicated to the other. The Vendor's Solicitors and the Purchaser's Solicitors are respectively authorised to receive and sent all communications and documents on behalf of the Vendor and the Purchaser respectively under or in connection with this Agreement.

 

	
19. 

	
LEGAL COSTS AND DISBURSEMENT

 

The Purchaser shall bear the stamp duty and land office registration fees for the transfer. The legal costs and disbursements for filing the Vendor's Real Property Gains Tax Returns and the discharge of charge shall be borne and payable by the Vendor. Each party shall bear its respective solicitors' costs.

 

	
20. 

	
LAW APPLICABLE

 

This Agreement shall be governed by the laws of Malaysia and its validity, construction and performance shall be interpreted in accordance with Malaysian Laws and that the Courts in Malaysia shall have the exclusive jurisdiction relating to all matters affecting or arising out of this Agreement and the parties hereto hereby submit to the exclusive jurisdiction of the Courts of Malaysia for this purpose and for the determination of all actions and proceedings arising out of this Agreement.

 

	
21.

	
TIME OF ESSENCE

 

Time wherever mentioned shall be of the essence of this Agreement.

 

	
22. 

	
MARGINAL NOTES ETC INSERTED FOR CONVENIENCE

 

Marginal Notes, coversheet or headings in this Agreement are inserted for convenience only and shall be ignored in construing this Agreement.

 

	
23. 

	
SPECIAL CONDITIONS AND SCHEDULES

 

The Plan, the Schedules I, II and III and the Special Conditions set out in the Schedule IV hereto shall be read and construed as an essential and integral part of this Agreement and be enforceable together with all the other terms and conditions set out herein and it there be any inconsistency ambiguity or conflict between the provisions of the General Conditions of this Agreement, the provisions set out in the Schedules hereto shall to the extent of the inconsistency or ambiguity prevail.

 

	
24. 

	
INTERPRETATIONS

 

	 	
(a)

	
The expression "the Vendor" and "the Purchaser" shall include the successors-in-title, personal representatives, executors, administrators, receivers, liquidators, nominees or permitted assigns of the Vendor and the Purchaser respectively and this Agreement shall be binding on each of them as the case may be and where two or more persons are included in either expression this agreement shall bind such persons jointly and severally.

 

	 	
(b)

	
words importing the masculine gender only include the feminine and neuter genders.

 

	 	
(c)

	
words importing the singular number only include the plural number and vice versa.

 

	 	
(d)

	
words applicable to natural persons include any company or corporation or body of persons.

 

 

 

****************************

 

  

9

  

 

 

IN WITNESS WHEREOF the parties have hereunto set their hands and seals the day and year first above written.

 

 

 

	 
THE COMMON SEAL of 

PERSIARAN ABADI SDN. BHD

 is hereby affixed in the presence of

	
)

)

)

)

	
 

/s/ Yee Ying San

Director

(YEE Ying San)

	
 /s/ Yee Wei Meng

Director/Secretary

(YEE WEI Meng)

 

 

	
THE COMMON SEAL of

VIRTUAL SETUP SDN. BHD.

is hereby affixed in the presence of

	
)

)

)

)

	
 

/s/ Wong Weng Kung

Director

Wong Weng Kung

	
 /s/ Chai Kok Wai

Director/Secretary

CHAI KOK WAI

 

 

 

  

10

  

 

 

SCHEDULE I

 

(which is to be taken read and construed as an essential part of this Agreement)

 

 

	
Property Al 

	
Title: Geran 10602, Lot 3694

Mukim of Teras, District of Raub

Provisional Area: 207.9 Hectares

Freehold

Charged to Ambank (M) Bhd (8515-D)

Category of Land Use: Nil Express Condition: Nil Restriction In Interest: Nil

 

	
Property A2 

	
Title: Geran 10603, Lot 3695 
Mukim of Teras, District of Raub

Provisional Area: 20.99 Hectares

Freehold

Encumbrance: Nil 
Category of Land Use: Nil

Express Condition: Nil

Restriction In Interest: Nil

 

 

	
Property A3 

	
Title: Geran 10604, Lot 3696 
Mukim of Teras, District of Raub

Provisional Area: 7.511 Hectares

Freehold

Encumbrance: Nil

Category of Land Use: Nil

Express Condition: Nil

Restriction In Interest: Nil

 

	
Property A4 

	
Title: Geran 7800, Lot 1552 
Mukim of Teras, Tempat Tras; District of Raub

Provisional Area: 23.7247 Hectares

Freehold

Encumbrance: Nil

Category of Land Use: Nil

Express Condition: Nil

Restriction In Interest: Nil

 

 

 

  

 

  

 

 

SCHEDULE II

 

  (which is to be taken read and construed as an essential part of this Agreement) 

 

A copy of the Title to the said Properties

 

 

 

 

 

 

 

 

 

 

 

 

  

 

  

 

 

SCHEDULE III

 

(which is to be taken and construed as an essential part of this Agreement)

 

CONDITIONS PRECEDENT

 

	
1.

	
The Vendor and the Purchaser hereby agree that this Agreement shall be subject to the fulfillment of the following conditions precedent by the Vendor:

 

	 	
(a)

	
the consent from the Economic Planning Unit (EPU) for the purchase of the said Properties by the Purchaser pursuant to this Agreement (if relevant);

 

	 	
(b)

	
the consent and the resolution of the shareholders and board of directors of the Vendor for the sale of the said Properties pursuant to ;this Agreement at an extraordinary general meeting and board meeting to be called by the Vendor;

 

	 	
(c)

	
the consent and the resolution of the shareholders and the directors of the ultimate holding companies of the Vendor for the sale of the said Properties pursuant to this Agreement at an extraordinary general meeting and board meeting to be called by the ultimate holding companies of the Vendor;

 

	 	
(d)

	
the consent of the Estate Land Board under Section 214 of the National Land Code, 1965 for the sale of the said Properties to the Purchaser, if necessary which consent shall be applied by both parties jointly;

 

	 	
(e)

	
the confirmation in writing by the Vendor's Company Secretary that the Vendor has not created any debenture over any of its assets including the Properties and if there shall be any such debenture, a letter of exclusion or disclaimer from the debenture holder to exclude or disclaim the Properties from the charge under the debenture.

 

	
2.

	
Thecosts and expenses incurred in obtaining the fulfilment of the Conditions Precedent shall be borne solely by the Vendor. And the parties undertake to provide, forward and execute such information and documents required by the other party for purposes of facilitating the fulfillment of the relevant conditions precedent within fourteen (14) days from the date of request for such information and/or documents. All applications for the approvals of the relevant authorities or persons referred to in Clause 1 of this Schedule III shall be applied for by the Vendor within 21 days from the date of this Agreement or such longer period as may be consented to in writing by both parties (which consent shall not be unreasonably withheld)

 

	
3.

	
For the avoidance of doubt, the parties hereto hereby agree and confirm that all the consents, approvals or resolutions required for the fulfillment of the conditions precedent stipulated in Clause 1 of this Schedule HI must be absolute and unconditional in nature.

 

	
4.

	
If any of the conditions precedent referred to in Clause 1 of this Schedule III is not fulfilled by the relevant parties within twelve (12) months from the date of this Agreement, the Parties hereby agree to have a further extension of twelve (12) (or such other extended period(s) as may be agreed to by the parties hereto mutually) to fulfil the conditions precedent, failing which, the Vendor or the Vendor's Solicitors shall promptly and in any event within 7 days refund all the monies paid towards account of the Purchase Price (including the Deposit) to the Purchaser and thereafter this Agreement shall lapse and be no further effect and none of the parties shall have any claim against the other for costs, damages, compensation or otherwise.

 

 

 

  

 

  

 

 

SCHEDULE IV

 

(which is to be taken read and construed as an essential part of this Agreement)

 

SPECIAL CONDITIONS

 

	
1.

	
The Purchase Price does not include any moveable asset. 

 

	
2.

	
All payments made to the Vendor's Solicit9rs or to the Present Chargee shall be deemed payments made to the Vendor.

 

	
3.

	
Upon the execution of this Agreement and Wore the Completion Date, the Parties hereby agree as follows:-

 

	 	
(a)

	
the Vendor shall let and the Purchaser shall take on let the said Properties (less the portion of the said Properties cultivated with rubber trees measuring approximately 80 acres and a bungalow house) (more particularly identified in the Plan annexed hereto and more particularly referred to as "the Oil Palm Land") in a tenancy agreement at the rental rate of RM40,000.00 per month with effect from 1'` July 2011 until completion of this Agreement or termination of this Agreement, as the case may be. Provided that there shall be a two-month security deposit upon commencement of the tenancy to be returned to the Purchaser upon completion or termination of this Agreement, as the case may be. Provided that any yields and produce from the Oil Palm Land during the subsistence of the tenancy agreement referred to herein in this sub-clause shall belong to the Purchaser and upon termination of this Agreement, the tenancy agreement shall be deemed to be terminated simultaneously whereupon vacant possession of the Oil Palm Land shall be redelivered to the Vendor in the state and condition as at the time of termination and all improvements made thereon shall belong to the Vendor without any compensation to the Purchaser.

 

	 	
(b)

	
the Vendor hereby grants to the Purchaser an irrevocable option to rent the portion of the said Properties cultivated with rubber trees and the bungalow house as referred to in sub-clause 11(b) above (more particularly identified in the Plan annexed hereto and more particularly referred to as "the Rubber Tree Land") at the rental rate of RM12,600.00 per month commencing from the expiry of 6 months from the date of this Agreement until the completion of this Agreement or termination thereof, as the case may be. Provided that there shall be a two-month security deposit upon commencement of the tenancy herein referred to in this sub-clause to be returned to the Purchaser upon completion or termination of this Agreement, as the case may be. Provided that any yields and produce from the Rubber Tree Land during the subsistence tenancy agreement referred to in this sub-clause shall belong to the Purchaser and upon termination of this Agreement, the tenancy agreement referred to in this sub-clause shall be deemed to be terminated simultaneously whereupon vacant possession of the Rubber Tree Land shall be redelivered to the Vendor in the state and condition as at the time of termination and all improvements made thereon shall belong to the Vendor without any compensation to the Purchaser.

 

	 	
(c) 

	
The Purchaser shall pay the Vendor the rental for the Oil Palm Land and the Rubber Tree Land quarterly (i.e. every three months) in advance on or before the 71h day of each quarter, which shall be as follows:-

 

	 	
(i)

	
RINGGIT MALAYSIA ONE HUNDRED TWENTY THOUSAND (RM120,000-00) only for the Oil Palm Land;

 

	 	
(ii)

	
RINGGIT MALAYSIA THIRTY SEVEN THOUSAND AND EIGHT HUNDRED (RM37,800-00) only for the Rubber Tree Land.

 

 

  

 

  

 

 

	
4.

	
Both Parties hereby declare and confirm that the successful completion of the purchase of the said Properties by the Purchaser is subject to the successful simultaneous completion of the sale and purchase of the Property Al, A2, A3 and A4, the detail" of which are more particularly annexed hereto in Schedule I. In the event that any action or omission of either party results in the unsuccessful simultaneous completion of the sale and purchase of the said Properties, both parties hereby irrevocably agree and undertake that the following consequences shall ensue:-

 

	 	
(i)

	
If the unsuccessful simultaneous completion is due to the default of the Purchaser, the Vendor shall be entitled to forfeit the Deposit and any other monies paid by the Purchaser to the Vendor shall be refunded to the Purchaser free of interest and the consequences provided in Clause 6 of this Agreement shall ensue.

 

	 	
(ii)

	
If the unsuccessful simultaneous completion is due to the default of the Vendor, the Vendor shall immediately refund the Deposit and all monies paid by the Purchaser towards account of the Purchase Price together with a further payment equivalent to the Deposit as liquidated damages to the Purchaser and the consequences provided in Clause 7 of this Agreement shall ensue.

 

	 	
(iii)

	
If the unsuccessful simultaneous completion isdue to no fault of either party, the Vendor shall immediately refund the Deposit and all =lilies paid by the Purchaser towards account of the Purchase Price and the consequences provided in Clause 17 of this Agreement shall ensue.

 

 

 

 

*************************prime_8k-ex1003.htm

 

 

DATED THIS 01 JUL 2011 DAY OF

 

 

BETWEEN

 

 

PERSIARAN ABADI SDN. BHD.

(288151-M)

[THE LANDLORD]

 

 

AND

 

 

VIRTUAL SETUP SDN. BHD.

(908553-K),

[THE TENANT]

 

 

 

AGREEMENT FOR RENTAL OF OIL PALM LAND 

 

  

  

  

 

AGREEMENT

 

AN AGREEMENT made the day and year as stated in Section 1 of the First Schedule hereto between the party whose name, description and address are as stated in Section 2 of the First Schedule hereto (hereinafter refer to as "the Landlord") of the one part and the party whose name, description and address are as stated in Section 3 of the First Schedule hereto (hereinafter refer to as "the Tenant") of the other part.

WHEREAS the Landlord is at present the registered proprietor of the agricultural land which is more particularly described in Section 4 of the First Schedule hereto (hereinafter refer to as "the Land").

AND WHEREAS the Landlord has authorised the Tenant to harvest and sell oil palm Fresh Fruit Bunch (hereinafter refer to as "F.F.B.") and receive the proceeds of the same on the Land for the duration specified in Section 5 of the First Schedule hereto at the consideration and on the terms conditions covenants and stipulations hereinafter contained.

WHEREBY IT IS AGREED as follows:-

	
1.

	
The Landlord hereby authorised and the Tenant hereby takes the Land for the duration specified in Section 5 of the First schedule hereto at the consideration specified in Section 6 of the First Schedule hereto payable in advance without demand on or before the date stated in Section 7 of the First Schedule hereto and subject to the terms condition covenants and stipulations hereinafter contained.

	
2. 

	
The Tenant shall immediately upon the execution of this Agreement pay to the Landlord the sum specified inSection 8 of the First Schedule hereto (hereinafter refer to as "the Deposit") for the due observance and performance by the Tenant of all the terms conditions covenants and stipulation herein contained and so long as the Tenant shall duly observe and perform the said terms conditions covenants and stipulations the Landlord shall at the expiration of the duration of the Agreement hereby granted or the renewed term thereof as the case may be after the Tenant has vacated the Land refund the Deposit to the Tenant without any interest thereon.

	
3. 

	
The Landlord hereby covenants with the Tenant as follows:-

	 	
(a)

	
To bear pay and discharge all quit rents rates taxes assessments and other outgoings which are or may hereafter be charged or imposed upon the Land and payable by the Landlord;

	 	
(b)

	
That the Tenant paying the consideration and observing and performing the covenants herein contained and on the part of the Tenant to be observed and performed shall peaceably hold and enjoy the Land throughout the duration of the Agreement hereby granted without any interruption or disturbance from or by the Landlord or any person rightfully claiming under or in trust for the Landlord.

 

	
4.

	
The Tenant hereby covenants with the Landlord as follows:-

	 	
(a) 

	
To harvest only ripe F.F.B.;

 

	 	
(b) 

	
To remove all access fronds leaving only two fronds below the lowest bunch;

 

	 	
(c) 

	
To arrange the removed fronds to be stacked at the stacking row as shown by the Landlord;

 

	 	
(d) 

	
To cut the bunch stalk as close as possible to the bunch base without removing any fruit lot;

 

 

  

  

  

 

	 	
(e)

	
The Tenant shall prune the leaves of the oil palm trees during the works of harvesting oil palm F.F.B.

 

	 	
(f)

	
To indemnify the Landlord against all losses and damages in the event that the oil palm trees are substantially damaged spoiled ruined or destroyed by the Tenant or his workers;

 

	 	
(g)

	
To weed and remove the grasses and bushes or other plants in the Land up to the satisfaction of the Landlord;

 

	 	
(h)

	
To keep the Land in a tidy and clean condition up to the satisfaction of the Landlord;

 

	 	
(i) 

	
To submit monthly tonnage under AKTA LEMBAGA MINYAK SAWIT MALAYSIA 1998 and PERATURAN-PERATURAN LEMBAGA MINYAK SAWIT MALAYSIA (PELESENAN) 2005 to the Landlord at each sale of Fresh Fruit Bunches (F.F.B.) in order to allow the Landlord to submit monthly report to LEMBAGA MINYAK SAWIT MALAYSIA.

 

	 	
(j)

	
Not to engage any illegal foreign workers to carry out the work of oil palm harvesting on the Land;

 

	 	
(k)

	
Not to bring in any foreign workers to work on thel Land without consent of the Landlord and the work permit of the foreign workers must be under the Tenant's name. All foreign workers photocopied passport and valid work permit must be provided by the Tenant to the Landlord for safe custody;

 

	 	
(1) 

	
To provide a valid medical and accident insurance policy for all foreign workers and a valid public liability insurance against all risk on the Land;

 

	 	
(m)

	
Not to use or permit or suffer the hostel of the foreign workers on the Land or any part thereof to be used for any illegal unlawful or immoral purposes;

 

	 	
(n)

	
To pay consideration at the time and in the manner as stipulated in Clause 1;

 

	 	
(o)

	
To indemnify the Landlord against all claims damages losses or compensation by the workers, contractors or any persons employed by the Tenant on the Land;

 

	 	
(p)

	
To permit the Landlord and its duly authorized agents with or without workmen and others at all reasonable times to enter upon and examine the state of repairs of the Land and within two months after the Landlord or its duly authorized agents shall have given to the Tenant a notice in writing of any defect decays or want of reparation found thereupon in accordance with the covenants hereinbefore contained well and substantially to repair and make good the same;

 

	 	
(q)

	
To use the Land solely for the purpose referred to in Section 9 of the First Schedule hereto;

 

	 	
(r)

	
Not to make any structural alteration or addition whatsoever to the Land without the prior written consent of the Landlord and the approval or permission of the relevant authorities concerned which approval or permission shall be obtained at the costs and expenses of the Tenant. In the event of any permitted alteration or addition being made by the Tenant to the Land, such alteration or addition which is attached or fastened to the Land shall belong to the Landlord upon vacation of the Land by the Tenant without claiming any compensation or reimbursement whatsoever from the Landlord in any circumstance whatsoever;

 

	 	
(s)

	
Not to underlet sublet demise assign share or part with the possession of the Land or any part thereof without the prior written consent of the Landlord;

 

 

  

  

  

 

	 	
(t)

	
Not to use or permit or suffer the Land or any part thereof to be used for any illegal unlawful or immoral purposes;

	 	
(u)

	
Not to remove, extract, take away or sell any stone, sand, minerals or earth from the Land;

 

	 	
(v)

	
Notwithstanding anything stated herein, the Tenant expressly agrees and confirms that any construction of buildings, road, path, ‘Ines or any acts done by the Tenant which may improve or enhance the value of the Land shall not create any equity rights or interests over the Land in favour of the Tenant.

 

	 	
(w)

	
To be liable for any claim for compensation loss damage or injury occurring within in under above or on the Land including occupier's liability during the term of this Agreement;

 

	 	
(x)

	
To comply with all laws, rules, regulations and bye-laws made by the government, the municipal or local council or any other competent authority affecting the Land or the foreign workers of the Tenant and shall indemnify the Landlord against any claim loss or liability rising from the breach of this clause;

 

	 	
(y)

	
To indemnify and keep indemnified the Landlord3igainst any summons action proceedings claims and demands cost damages and expenses which may be levied brought or made against him or which he may pay sustain or incur by reason of any act or omission of the Tenant or use of the Land by the Tenant;

 

	 	
(z)

	
All cost including any legal fees and expenses incurred by the Landlord for commencing any action claims or proceedings against the Tenant for any breach of covenants of this Agreement or otherwise shall be borne and paid by the Tenant;

 

	 	
(aa) 

	
Not to do or suffer to be done on the Land or any part thereof any act matter or thing whatsoever which may be or tend to be annoyance nuisance damage disturbance or inconvenience of the Landlord or the owners tenants lessees or occupiers of any adjoining or neighboring property;

 

	 	
(bb) 

	
Not to store or being upon the Land any articles of a specially combustible inflammable or dangerous nature other than those of daily living needs and not to do or permit or suffer to be done any thing by reason whereof any insurance effected on the Land may be rendered void or voidable or whereby the rate of premium thereon may be increased and to comply with all recommendations of the insurers as to fire precaution relation relating to the Land;

	
5. 

	
PROVIDED ALWAYS and it is hereby expressly agreed between the parties hereto as follows:-

	 	
(a)

	
The Landlord is not responsible to provide power supplies, labour supplies, labour medical and accident insurance, public liability insurance to the Land, transportation, maintenance or other tapping and harvesting tools but not limited to the above for the Tenant;

 

	 	
(b)

	
The Landlord shall not be responsible for any claims, suits, damages, losses, expenses or other costs that arises on the Land at the fault, act or omission of the Tenant or his workmen, labour or employees;

 

	 	
(c)

	
If the said consideration or any part thereof shall be unpaid for seven (7) days after becoming payable (whether formally demanded or not) or if any of the foregoing terms conditions covenants and stipulations herein contained on the part of the Tenant to complied with shall not be performed or observed or if the Tenant (being an individual) commits an Act of Bankruptcy or if the Tenant (being a company) shall enter into liquidation whether compulsory or voluntary (save for the purpose of amalgamation or reconstruction of a solvent company) or suffers any distress to be levied on his goods or suffers his goods to be attached under any order for execution or enters into any arrangement or composition for the benefit of the Tenant's creditors then and in any such instance it shall be lawful for the Landlord at any time thereafter to forfeit the Deposit and all the balance consideration calculated on daily basis and to determine the Agreement hereby granted by serving on the Tenant a one month notice to quit and upon the expiration of such notice this Agreement shall be deemed to have ken determined absolutely but without prejudice to the right of action by the Landlord against the Tenant for any antecedent breach of the Tenant's covenants herein contained;

 

 

  

  

  

 

	 	
(d)

	
No relaxation delay indulgence neglect or forebearance on the part of the Landlord in endeavouring to obtain payment of any consideration when the same become due and payable or to enforce performance or observance or any terms conditions covenants and stipulations herein contained on the part of the Tenant to be complied with or acceptance of consideration after the requisite notice to terminate the Agreement has been served on the Tenant or any time which may be given by the Landlord to the Tenant shall prejudice affect restrict minimize release exonerate or in any way be constructed as a waiver of any breach or continuing breach;

	 	
(e)

	
If the Land shall at any time during the Agreement be disposed of by the Landlord or damaged by fire or by any other cause (not attributable to the a6t or default of the Tenant) so as to be unfit for the Agreement purpose the Agreement shall be treated as frustrated or terminated absolutely without further recourse whereby the parties herein shall be released from all the obligations herein contained and the Deposit together with any upfront rental paid in advance for the unexpired tenancy period, if any, shall be refunded to the Tenant without interest by the Landlord and all the unused post dated cheques issued in favour of the Landlord for payment of future rentals shall be returned to the Tenant;

	 	
(f)

	
The Landlord retains the right to demand the Tenant to rectify all unsatisfactory or incomplete work failing which The Landlord may give two (2) months' notice in writing to the Tenant to terminate the Agreement in the event of the Tenant does not perform the work to the satisfaction of the Landlord or in the event that the Tenant willfully or purposely neglect his work;

 

	 	
(g)

	
The Deposit shall not be used by the Tenant for the payment of any arrears of consideration or part thereof or as payment of any future consideration or part thereof and shall only be treated as security for the due observance and performance of the terms conditions covenants and stipulations herein contained on the part of the Tenant;

 

	 	
(h)

	
The Deposit less such sums that might be outstanding to the Landlord shall be refunded to the Tenant in the event that this Agreement is terminated by both Parties. In such event any upfront rental paid in advance for the unexpired tenancy period, if any, shall be refunded to the Tenant without interest by the Landlord and all the unused post dated cheques issued in favour of the Landlord for payment of future rentals shall be returned to the Tenant;

	 	
(i) 

	
Unless otherwise provided and subject to the provisions herein contained, the Tenant shall be entitled to an option to renew the Agreement granted herein, The Tenant shall exercise the option to renew Agreement by giving a notice in writing at least two (2) calendar months before the expiration of the duration hereby created and if there shall not at the time of such request be any existing breach or non-observance by the Tenant of any of the terms conditions covenants and stipulations herein contained the Landlord shall grant to the Tenant a further term of a period specified in Section 10 of the First Schedule hereto from the expiration of the duration of the Agreement hereby created at the consideration specified in Section 11 of the First Schedule hereto upon the same terms and conditions herein contained (with the exception of this right of renewal);

 

	 	
(j)

	
In the event of frustration whether caused by Act of God, war or acquisition of the Land by the Governmental actions beyond the control of the Landl9rd then this Agreement shall automatically become terminated and of no further effect and in such a case neither party hereto shall have any claim against the other but without prejudice to the right of either parties in respect of any antecedent breach of any covenant or condition herein contained;

 

 

  

  

  

 

	 	
(k)

	
If any dispute or difference shall arise, between the Landlord and the Tenant touching any clause or matter or thing whatsoever herein contained of the operation or construction thereof or any matter or rights duties or liabilities of either party under in any way connected with this Agreement, then and in every such case the dispute of difference shall be referred to a single arbitrator in case the parties agree upon one or otherwise to two arbitrators one to be appointed by each party and in either case in accordance with or subject to the provisions of the Arbitration Act, 1952 or any statutory modification or re-enactment thereof for the time being in force;

 

	 	
(1)

	
If any one or more of the provisions contained in this Agreement shall be invalid or unenforceable in any respect the legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired;

 

	 	
(m) 

	
sufficiently served if sent to the Tenant by registered post at the Tenant's last known address and Any notice under this Agreement shall be in writing. Any notice to the Tenant shall be any notice to the Landlord shall be sufficiently served is sent by registered post to the Landlord at the address given herein or to his last known address.

 

	
6.

	
In the Agreement where the context so requires words importing the singular number or the masculine gender include the plural number or feminine/neuter gender and words importing persons include and body or persons firm or partnership or corporate or unincorporated.

 

	
7.

	
Time whenever mentioned shall be of the essence of this Agreement.

 

	
8.

	
This Agreement shall be binding on the heirs personal representatives successors and assigns of the parties hereto.

 

	
9.

	
The Special Conditions hereinafter stipulated (if any) shall form part of this Agreement and in the event of any inconsistency or repugnant terms, the provisions contained in the Special Conditions shall prevail.

 

[The rest of this page is intentionally left blank]

 

  

  

  

 

SPECIAL CONDITIONS

	
1.

	
The disbursements incurred in the preparation of this Agreement shall be borne by the Tenant. Each party shall bear its own solicitors' fees.

 

	
2.

	
This Agreement is subject to Sales and Purchase Agreement of the land dated between the Landlord and Virtual Setup Sdn 13hd (908553). In the event that the Sale and Purchase Agreement is terminated for any reason whatsoever, this Agreement shall be terminated at the same time without further recourse.

 

	
3.

	
The Parties hereby agree that the rental of the Land shall be paid in the manner of each quarterly by the Tenant to the Landlord, which amount to RINGGIT MALAYSIA ONE HUNDRED AND TWENTY THOUSAND (RM120,000-00) only. Further, upon the execution of this Agreement, the Tenant shall pay the Landlord the Deposit and the Payment Consideration in the following manner:-

 

	 	
(a)

	
RINGGIT MALAYSIA EIGHTY THOUSAND (RM80,000-00) only, being the Deposit;

 

	 	
(b)

	
RINGGIT MALAYSIA ONE HUNDRED AND TWENTY THOUSAND (RM120,000-00) only, being the first quarter rental payment for the eriod between 1st July 2011 to 30th September 2011;

 

	 	
(c)

	
a post dated cheque dated 30th September 2011, which shall amount to RINGGIT MALAYSIA ONE HUNDRED AND TWENTY THOUSAND (RM120,000-00) only, being the second quarter rental payment between 1st October 2011 to 31st December 2011;

 

	 	
(d)

	
a post dated cheque dated 31st December 2011, which shall amount to RINGGIT MALAYSIA ONE HUNDRED AND TWENTY THOUSAND (RM120,000-00) only, being the third quarter rental payment between 1st January 2012 to 31st March 2012; and      

 

	 	
(e)

	
a post dated cheque dated 31st March 2012, which shall amount to RINGGIT MALAYSIA ONE HUNDRED AND TWENTY THOUSAND (RM120,000-00) only, being the fourth quarter rental payment between 1st April 2012 to 30th June 2012.

 

[The rest of this page is intentionally left blank]

 

 

  

  

  

 

THE FIRST SCHEDULE

 

 

	
SECTION NO

	
ITEM

	
PARTICULARS

 

	
I

	
Date of Agreement

	
01 JUL 2011

 

	
2

	
Particulars of The Landlord

	
PERSIARAN ABADI SUN. BHD.(288151-M) incorporated in Malaysia under Company Act 1965 and having its business address at Bangunan Fontern, No. 6, Jalan Pulai, 1 1/2 Miles Jalan Mersing, 86000 Kluang, Johor.

 

	
3

	
Particulars of The Tenant

	
VIRTUAL SETUP SDN. BHD. (908553-K), a private limited company incorporated in Malaysia under the Companies Act, 1965 with its registered office at 37-2, Perdana 7, Taman Usahawan Kepong, Kepong Utama, 52100 Kuala Lumpur

 

	
4

	
Particulars of Land

	
All those pieces of agriculture lands planted with oil palm trees held under Geran 7800 Lot 1552, Geran 10602 Lot 3694, Geran 10603 Lot 3695 and Geran 10604 Lot 3696 Daerah Raub, Negeri Pahang. (except the 73 acres of agriculture land planted with mature rubber trees(1982) held under Geran 10602 Lot 3694 Mukim Tras Daerah Raub and a unit of bungalow house erected under Geran 10604 Lot 3696 Mukim Teras, Daerah Raub, Negeri Pahang)

 

	
5

	
Duration of Agreement

	
One (1) year from 1st July 2011 to 30th June 2012

 

	
6

	
Consideration (Monthly Rental)

	
Ringgit Malaysia Forty Thousand Only (RM40,000-00) per month.

 

	
7

	
Payment of Consideration

	
Refer to Special Conditions.

 

	
8

	
Deposit

	
Ringgit Malaysia Eighty Thousand Only (RM80,000-00).

 

	
9

	
Purpose of Agreement

	
To harvest and sell F.F.B. and receive the proceeds of the same.

 

	
10

	
Option to renew agreement

	
One (1) year

 

	
11

	
Consideration for renewed Agreement

	
To be agreed upon by both parties at the prevailing market value.

 

 

 

 

  

  

  

 

 

IN WITNESS WHEREOF the parties hereto have hereunto set their hands and seals the day and year first above written.

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