Addendum to earlier agreement

ADDENDUM TO EARLIER AGREEMENT

THIS AGREEMENT is made the day of Two Thousand and One BETWEEN xxxxxxxxx of P.O. Box ,,,,,,,, Nairobi (hereinafter referred to as “the Purchaser”) and RRRRRRRRRR LIMITED (Under Managers) a Limited Liability Company incorporated in the Republic of Kenya and whose address for service in the Republic of Kenya is care of RRRRRR Management Trustees Limited (In formation) of Post Office Box Number ,,,,,,,,,, Nairobi (hereinafter referred to as “the Company”).

AND WHEREAS the Company entered into an Agreement for Sale (hereinafter referred to as “the Previous Agreement”) with the Purchaser whereby it was agreed that the Company would sell to the Purchaser all that Townhouse known as Villa No.,,,,,, 1 erected on L.R. NO. 209/……/,,,,, (hereinafter referred to as “the Property”)

 AND WHEREAS GGGGGG Insurance Company Limited, NNNNN Banking Corporation Limited and MMMMl Commercial Bank Limited have in their capacity as Mortgagees over the Property agreed to the variation of the Previous Agreement to provide that the payment of the purchase price for the said Villa No. ,,,, as follows:

1.            Payment of Kenya Shillings Two Million Seven Hundred and Fifty Thousand (Kshs. 2,750,000.00) upon the execution of these presents;

2.            Thereafter the monthly payments of Kenya Shillings Two Hundred and Fifty Thousand (Kshs. 250,000.00);

3.            Upon the registration of the Lease, the Purchaser shall finalise the Loan application with GGGGGG Insurance Company Limited and make payment of the Loan proceeds; and

4.            All payments made pursuant to this Agreement shall be by way of Bankers Order made payable to RRRRRR Limited (Under Managers) Account No. ,,,,, ,,,,,,,  maintained in CCCCCCCC Banking Corporation Limited.

PROVIDED THAT in the event that the Purchaser fails to make payment as aforesaid the Company shall be entitled to rescind both this Agreement and the Previous Agreement and the Purchaser shall forfeit the sum of Kenya Shillings Five Hundred Thousand (Kshs. 500,000.00) as agreed liquidated damages in accordance with the terms of the Previous Agreement AND PROVIDED FURTHER THAT all the terms and conditions of the Previous Agreement shall be deemed to be incorporated Mutatis Mutandis into this Agreement in so far as the same have not been amended by the provisions of this Agreement.

IN WITNESS WHEREOF this Agreement has been executed the day and Year first hereinbefore written

SEALED  with the Common Seal         )

of the COMPANY in the presence       )

of :-                                                    )

                                                          )

DIRECTOR                                        )

                                                          )

DIRECTOR/SECRETARY                  )

SIGNED by the  PURCHASER            )

in the presence of :-                   

                                                          )

ADVOCATE                                       )

DRAWN BY:

XXXX and Company

Advocates

Nairobi

CONSENT

We hereby consent to this addendum to the Previous Agreement.

For and on behalf of

GGGGGGGGGG CORPORATION LIMITED

SIGNED………………………………………………………………………………………

For and on behalf of

FFFFFFFFFFFF INSURANCE COMPANY LIMITED

SIGNED………………………………………………………………………………………

For and on behalf of

CCCCCCCCCC BANK LIMITED

SIGNED………………………………………………………………………………………