Lease Deed
This Lease Deed (hereinafter the "Deed") is made on the
Between
having residence at (hereinafter referred to as "Lessor" which expression shall, unless it be repugnant to the context or meaning thereof, means and includes its heirs, executors, administrators, legal representatives/ the partners or partner for the time being of the firm the survivors or survivor of them and the heirs, executors, administrators of the last surviving partner and his or her assigns/ its successors and assigns of the ONE PART.
And
having residence at (hereinafter referred to as "Lessee" which expression shall, unless it be repugnant to the context or meaning thereof, means and includes its heirs, executors, administrators, legal representatives/ the partners or partner for the time being of the firm the survivors or survivor of them and the heirs, executors, administrators of the last surviving partner and his or her assigns/ its successors and assigns of the OTHER PART.
WHEREAS, The Lessor and Lessee are hereinafter individually referred to as 'Party' and collectively as 'Parties'
WHEREAS:
A. The Lessor is the owner and in physical possession of the property located at:
(hereinafter called the "Leased Premises") along with the existing fixtures and fittings in Annexure 1 to this Deed.
B. Lessee had approached the Lessor for grant of lease in respect of the Leased Premises and the Lessor has agreed to lease out the same to the Lessee.
C. The Lessor and the Lessee are now desirous of executing this Lease Deed to record the terms and conditions governing lease of the Leased Premises as set forth hereinafter.
NOW THIS DEED WITNESSETH AS UNDER:
1. Grant of Lease:
The Lessor hereby grants to the Lessee, the right to enter into, use and remina in the Leased Premises along with the existing fixture and fittings listed in Annexure 1 to this Deed and that the Lessee shall be entitled to peacefully possess, and enjoy possession of the Leased premises, and other rights granted herein.
2. Purpose:
2.1
The Lessee shall use the Leased premises only for the following purpose:
2.2
The Leased Premises shall be exclusively used by the Lessee. The Leased Premises shall not be used for any purposes other than as specified above. The Lessee shall not use the Leased Premises for any unlawful purposes and shall forthwith notify the Lessor if it becomes aware of any illegal activities being conducted on the Leased Premises. The Lessee will not store or allow to be stored on the Leased Premises any objectionable items prohibited by any law in force during the Lease Period.
3. Rent for Leased Property:
3.1
The Lessee has hereby agreed to pay the rent of INR on or before day of each calendar month through:
ChequeRTGS/NEFTCash - Upon payment of cash, the Lessor shall provide a cash receipt or rent receipt to the Lessee
3.2
The Lessee agrees that in the event of a delay in payment of rent, an interest at the rate of % per month shall be payable on the entire outstanding amount from the due date till the actual date of payment.
3.3
Both parties mutually agree that, in the event the Lessee has defaulted in payment for more than a month, the Lessor shall be entitled , in addition to other rights and remedies available to the Lessor under this Deed and applicable laws, at its sole discretion to terminate the lease granted under this Deed and to take possession of the Leased Premises as full and absolute owner thereof without regards to the time elapsed.
3.4
A Notice in writing shall be given by the Lessor to the Lessee of this intention to terminate the lease and to take possession of the Leased premises. In the event the Lessee pays the arrears of rent within a period days from issue of the notice by the Lessor, the Lessor shall not be entitled to terminate the lease of the Leased premises. However, if the arrears of the rent are not paid by the Lessee, within a period of days from the issue of the notice by the Lessor, the lease shall stand automatically terminated with no further acts required on part of the Lessor.
4. Terms of the Lease
This lease of the Leased Premises shall commence on and shall continue for a period of months (hereinafter "Lease Period") unless terminated earlier in accordance with the terms hereof. Upon expiry of the Lease Period, the lease shall be renewable on the same terms and conditions provided a request for renewal is made by the Lessee _ months before expiry of the Lease Period. If no notice of renewal is issued by the Lessee, the lease shall terminate upon expiry of the Lease Period.
5. Security Deposit:
5.1
The Lessee has paid to the Lessor an amount of INR _ as an interest-free refundable security deposit. The Lessor acknowledges receiving the receipt of the Security deposit.
5.2
The security deposit shall be refunded without any interest simultaneously with the delivery of possession of the Leased premises by the Lessor to the Lessee upon expiry of the Lease period or earlier termination of this Deed in accordance with the terms hereof subject to there being no outstanding dues by the Lessee. The Lessor shall be entitled to adjust any outstanding amounts of rent, interest or other charges due from the Lessee and any amounts spent on repairing damages caused to the Leased Premises by the Lessee against the security deposit prior to refunding the same to the Lessee. In the event the amount of security deposit is not sufficient to cover the outstanding amounts due to the Lessor, the Lessee shall be liable to pay all such outstanding amounts within a period of 15 days from receipt of a written demand from the Lessor.
5.3
In the event the Lessor sells the Leased premises or assigns all rights under this lease Deed to a third party (hereinafter "New Lessor"), the security deposit shall also be transferred to the New Lessor and the Lessor shall thereafter not have any liability towards the return of the security deposit to the Lessee.
6. Lock In Period:
The Lessor shall not be entitled to terminate this lease during the period of: from the (hereinafter the "Lock - In Period") for any reason whatsoever.
7.Amenities and Other Utilities:
7.1
The Lessee shall pay the maintenance charges for amenities and service provided by the building, as applicable. Aat present, the maintenance charges to be paid are INR
7.2
The Lessee agrees that in the event of any increase in maintenance charges as specified above, the same shall be borne by the Lessee diligently.
7.3
The Lessee shall pay the electricity, water charges and charges for any other utilities directly to the authorities concerned. The relevant meter readings as of the date of this Deed are attached as Annexure 2 hereto.
7.4
The Lessee shall have the right to apply for, obtain and install a telephone, internet and /or cable lines in the Leased premises in their own name and at their own cost. The Lessee shall remove the telephone, internet and/or cable lines obtained and installed by them, as well as pay all dues on the expiry/termination of the lease.
8. Structural Modifications:
8.1
the Lessee shall not carry out any structural modifications, or alterations to the leased premises without the prior written consent of the Lessor. If the Lessor approves the additions, modification or alterations to the Leased Premises in writing, and the Lessee intends to use a contractor to carry out the same, such contract must also be approved in writing by the Lessor prior to commencement of the work.
8.2
The Lessee may instal and remove its own fittings and fixtures, provided this is done without causing any damage to the Leased premises. Any such fixtures and fittings may be required to be removed by the Lessor, at its sole discretion, upon vacation of the Leased Premises by the Lessee.
9. Compliance with rules:
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10. Possession
10.1
Lessee shall be handed over possession of the Leased Premises simultaneously with the execution of this Deed provided an amount equivalent to the security deposit and first month's lease rent has been delivered to the Lessor.
10.2
In the event the Lessor is unable to hand over possession of the leased premises to the Lessee on the date as specified above, due to any unforeseen circumstances, lessor shall not be liable for any damages but lessee will not be liable to pay rent until possession is given.
11. Repairs:
The Parties agree that day to day repairs such as fuse blow out, replacement of light bulbs/tubes, leakage of water taps, maintenance of the water pump and other minor repairs, etc. shall be carried out by the Lessee at its own cost, and any major repairs either structural or to the electrical connections, plumbing leaks, water seepage, shall be attended to by the Lessor. In the event of the Lessor failing to carry out the repairs on receiving notice from the Lessee, the Lessee shall undertake the necessary repairs and the Lessor will be liable to reimburse costs incurred by the Lessee within a period of days. If the Lessee is responsible for the major damages mentioned above, then it shall be paid by the Lessee or shall be charged from the refundable deposit provided to the Lessor.
12.Inspection:
The Lessor and/or its authorised personnel shall have the right to enter upon and inspect the Leased premises or any part thereof with prior written notice of at any time during the following hours:
Provided, however, in case of an emergency, no prior notice shall be required to be given.
13. Taxes
14. Obligations of Lessee:
14.1
The Lessee shall use the Leased Premises along with its fixtures and fittings in a careful and responsible manner and shall handover the premises to the Lessor in the same conditions (reasonable wear and tear is expected)
14.2
The Lessee agrees that it shall not damage the Leased Premises and shall be responsible for any damages sustained to the Leased Premises as a result of any activity on the part of the Lessee's invitees, licenses and/or guests.
14.3
The Lessee shall comply with all obligations imposed upon lessees by applicable provisions of law and building associations
14.4
The Lessee shall use and operate all electrical, plumbing, sanitary, ventilating, air-conditioning and other facilities and appliances, including elevators(as applicable) in a reasonable manner
14.5
The Lessee shall not destroy, deface, damage, impair or remove any part of the Leased Premises or property therein belonging to the Lessor nor permit any person to do so;
14.6
Lessee shall conduct himself or herself, and require other persons on the Leased Premises with his or her consent to conduct themselves, in a manner that does not unreasonably disturb the Lessee's neighbours or cause nuisance.
15. Obligations of Lessor:
15.1
The Lessor shall comply with applicable laws and pay the municipal taxes in respect of the Leased premises in a timely manner.
15.2
The Lessor shall ensure that any major repairs ( respect to the natural order of things and not due to negligence or any other criteria of the lessess) which may be required for the leased premises shall be carried out in a timely manner.
16. Representation and Warranties of Lessor:
16.1. Title to the Leased Premises
The Lessor has a clear and marketable title to the Leased Premises and has a right, power and authority to grant to the Lessee the lease of the leased Premises.
16.2. Taxes and Outgoings:
The Lessor has paid and shall pay all existing and future municipal rates, taxes, levies and similar outgoing in respect of the Leased Premises.
16.3 Peaceful Possession:
The Lessee, on paying rent and other charges payable as per mentioned within this lease deed and stated by law regularly and on duly observing the terms and conditions hereof, shall be entitled to quiet and peaceful enjoyment of the Leased Premises during the subsistence of the term hereof, without any obstruction, interruptions or disturbance by the Lessor or any person or persons lawfully claiming through or under the Lessor.
16.4
Except as specified above, the Lessor makes no representations and warranties including but not limited to any express or implied warranties with regard to the condition of the Leased Premises and the Lessee is taking the Leased Premises as per their own wishes.
17. Representations and Warranties of the Lessee:
The Lessee hereby covenants, warrants and represents the Lessor as follows:
17.1
The Lessee agrees and is binding on this lease deed to pay the rent on or before the due dates and in the manner specified in this Lease Deed and to observe and abide by all the terms and conditions as set out in this Lease Deed.
17.2
The Lessee agrees to hand over the vacant possession of the Leased premises to the Lessor immediately upon expiry of the terms of the Lease and/or on earlier termination of this Lease Deed. The Lessee shall be liable to remove all the fitting and fixtures installed by them in the Leased Premises and reinstate the Leased Premises subject to wear and tear.
17.3
The Lessee agrees to keep the Leased Premises good and in tenantable conditions at all times.
18. Insurance
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19. Default:
The Lessee agrees that the breach of any of the terms of this lease which is not cured within a period of : from receipt of notice from the Lessor shall be considered a default under this Deed. Breaches may include but are not limited to, failure to pay the lease rent, engaging in any unlawful activity, damaging or otherwise destroying Leased premises or any common areas therein, or violation of any part or sub part of this lease.
20. Termination:
20.1
The Lessor shall also be entitled to terminate the lease without any notice in the event of a default committed by the Lessee which is not cured within a period of , from the date of receipt of a written notice in that regard from the Lessor.
20.2
The Lessor shall be entitled to terminate this Lease Deed by giving written notice of: to the Lessee of its intention to terminate.
20.3
The Lessee shall be entitled to terminate this lease Deed by giving written notice of to the Lessor of its intention to terminate.
20.4
Upon any termination of the Lease for any reason whatsoever, the Lessee shall hand over physical vacant possession of the Schedule Property to the lessor simultaneous with the lessor refunding to the Lessee the Security deposit after adjusting all monetary funds due and payable by the lessee in terms of this Lease Deed.
20.5
On termination of the lease, either by efflux of time or otherwise, the Lessee will quietly and peacefully deliver vacant possession of the Schedule property to the Lessor in good conditions subject to normal wear and tear simultaneous with the Lessor refunding the Security Deposit after adjusting all monetary funds due and payable by the lessee in terms of this lease deed.
21. Indemnity
Each party shall defend, indemnify and hold harmless the other Party from and against any claim, liability, demand, loss, damage, judgement or other obligation or right of action, which may arise as a result of the breach by such party of this lease deed or any misrepresentation herein.
22. Governing Law
This deed of lease shall be governed by the respective internal laws of India.
23. Assignment by Lessor
The Lessor shall be entitled to sell, assign, convey or transfer in any manner his interest in the leased premises or his rights and obligations under this lease Deed to any third party without the written consent of the Lessee, provided that he ensures that the prospective purchasers/assignee agrees to be bound by the terms of this lease deed.
24. Amendment
The terms of this lease deed shall not be altered or added to nor shall anything be omitted therfrom except by means of a Supplementary Deed in writing duly signed by both the parties hereto.
25. Dispute Resolution
25.1
Except as otherwise specifically provided in this Lease Deed, the following provisions apply if any dispute and difference arise between the parties, arising out of or in relating to/connection with this lease deed (The ' Dispute)
25.2
The Dispute will be deemed to arise when one Party serves on the other Party a notice stating the nature of the Dispute (a 'Notice of Dispute')
25.3
The Parties hereto agree that upon serving a Notice of Dispute, they will use all reasonable efforts to resolve the Dispute between themselves through negotiations.
25.4
Subject to the foregoing, the court in Karnataka shall have exclusive jurisdiction over any dispute, different to claims arising out of this Lease deed.
26. Right to Mortgage
The Lessor reserves the right to mortgage or otherwise place a lien on the leased Premises and Lessee agrees to accept the Leased Premises subject and subordinate to any such mortgage or lien. In the event that the Lessor has already mortgaged the Leased Premises, it shall ensure that it obtains the consent of the mortgagor if required for the lease of the Leased Premises.
27. Special Conditions
The Lessee agrees that it shall not without prior written permission of the Lessor carry out the following activities in the Leased Premises:
28. Notices:
Any notices or other information/document required or authorized by this Deed to be given shall be given in writing, in English and by delivering by hand, through nationally recognized courier to the relevant parties at the addresses specified in the deed or to the altered address they currently reside in(if any change has occurred)
29. Severability
If at any time, any provisions of this lease deed shall become or be held illegal, invalid or unenforceable in any respect under any law, then the legality, validity or enforceability of the remaining provisions shall not in any way be thereby affected or impaired.
Notwithstanding anything contained herein, in case of breach it is hereby agreed that whenever such an interpretation would be required to give the fullest possible scope and effect to any contract or covenants herein before used shall also include their respective heirs, legal representatives, successors and assigns.
Schedule
ALL THAT piece and parcel of , i.e;
East by:
West by:
North by:
South by:
IN WITNESSETH WHEREOF THE PARTIES HERETO HAVE HEREUNTO SET AND SUBSCRIBE THEIR RESPECTIVE HANDS AND SEAL ON THE DAY AND YEAR FIRST HEREIN ABOVE WRITTEN
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Signed, Sealed and Delivered by Leasor |
Signature |
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Signed, Sealed and Delivered by Lessee |
Signature |
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In the presence of witnesses…….
[1] [2]
Signature : Signature:
Name: Name:
Address: Address:
Annexure 1 - Fitting and Furnishings
Annexure 2- Meter Readings