Addendum To Lease Agreement

This is to confirm that the Tenant, ……………………… CC with registration number …./……/.. has formally been converted into a private company in terms of the Companies Act of the Republic of South Africa with effect from ………………. 20…

The Tenants are now ……………………… (PTY) LTD trading as  …………………… with registration number …./……/…

……………………. (PTY) LTD trading as ………………………….. with registration number /…./……/.. hereby takes over all rights and obligations of the Tenant in terms of the lease agreement initially concluded between …………………….. (Pty) Ltd and ……………………….CC in respect of the commercial premises at ………………………………….., commencing on ………………………. 20.. and terminating on …………………………. 20…

The parties also agree that ……………………. shall stand as surety and co-principal debtor for any obligations between the Landlord and the Tenant, the one paying the other to be absolved.

In order to comply with section 6 of the General Law Amendment Act, A……………………………is required to sign the attached suretyship agreement.

 

 

 

 

 

 

 

 

 

SIGNED at                                          on this              day of                                      201..

AS WITNESSES:

2.                                                                                                                                                                          for the LANDLORD who warrants he

is duly authorised

 

 

 

Signed at                                             on this              day of                                      20..

 

AS WITNESSES:

1. __________________________
2.                      _________________________________

for the TENANT who warrants he

is duly authorised

 

 

SURETYSHIP

I, the undersigned ……………………………………….., hereby bind myself as Surety and Co-Principal Debtor to ………………………………… (Pty) hereinafter referred to as the LANDLORD, for the due and proper fulfilment of all the obligations of ………………….. (PTY) LTD trading as …………………………. with registration number …./……/.. hereinafter referred to as the TENANT, its successors in title, or assigns, arising from or out of or in terms of a lease or any renewal, amendment, breach or cancellation of the lease between the LANDLORD and TENANT as regulated by the Agreement of Lease and General Conditions of Lease, hereinafter referred to as “The Lease”, to which this Suretyship is annexed.

I agree and declare that

1. No act of indulgence, relaxation or grace granted by the LANDLORD to the TENANT including any act of accepting payment after due date or in accepting the terms of the Lease or any renewal, amendment, breach or cancellation thereof have been duly and properly fulfilled.
2. I renounce the benefits of excussion, division and cession of action, the full meaning and effect whereof I know and understand.
3. The LANDLORD shall be entitled at its option to institute any legal proceedings which may arise out of or in connection with this Suretyship in any Magistrate’s Court having jurisdiction in respect of the Surety’s person, notwithstanding the fact that the claim or value of the matter in dispute might exceed the jurisdiction of such Magistrate’s Court in respect of the cause of action.
4. In the event of the TENANT becoming insolvent, or if the TENANT is to be a Company or Close Corporation, in the event of it being wound up either voluntarily or by the Court and the Trustee or the Liquidator as the case may be terminating the aforementioned Lease or any renewal thereof, this Suretyship shall extend to and cover all loss which may be sustained by the LANDLORD by reason of the non-performance of the terms of such Lease and I shall be liable jointly and severally to the LANDLORD as Surety and Co-Principal Debtor for the due payment in full of all such loss.
5. Without derogating from the generality of any of the provisions of this Suretyship or the ambit of the obligations embraced, my liability shall cover all claims for compensation or damages which the LANDLORD may at any time have as a result of the cancellation or termination of any contract between the TENANT and the LANDLORD howsoever arising, including without limitation the termination of any lease between the TENANT and the LANDLORD or the LANDLORD’s predecessor in title which takes place by virtue of the provisions of the Companies Act, No 61 of 1973, as amended, or pursuant to any corresponding legislation.
6. It is agreed and declared that all admissions and acknowledgements of indebtedness by the Debtor shall be binding on me.
7. Particulars of Surety and domicilium citandi et executandi*:

 

Full Names                  ………………………………………………..

Marital Status              Married in / out of Community of Property                 Unmarried

ID Number                  ____________________________________________________________

Address*                      (H)_________________________________________________________

____________________________________________________________

Address                       (W)_________________________________________________________

____________________________________________________________

 

 

 

 

SIGNED at                                          on this              day of                                      2013

 

 

AS WITNESSES:

 

1. _______________________________

 

2. _______________________________         _______________________________                                                                                                              SURETY