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THIS DEED OF LEASE RENT AGREEMENT is made and executed on this the __
day of ________ at Bangalore by and between:-
AND
WHEREAS the LESSOR, is desirous of letting out the total constructed area
comprising of Ground Floor + First Floor + Second Floor + Terrace of
the commercial space so built on the Schedule Property on long term lease rent
agreement basis.
WHEREAS the LESSOR has agreed to let out on lease rent basis the _______
Sq.Ft of Commercial Space built on the Schedule Property along with Terrace
and the LESSEE has agreed to take on lease rent basis the Commercial Space
built on the schedule property on the following terms and conditions
NOW THEREFORE THIS LEASE RENT DEED WITNESSETH AS FOLLOWS:-
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lease, the Schedule Property bearing municipal
No._______________________and more particularly and fully described in the
Schedule hereunder and to HOLD the same unto the LESSEE for a period of 20
(Twenty) (Need to finalize the most efficient way of doing this) years with
minimum locking period of 24 (Twenty Four) months from the date of handing
over possession of the Schedule Property.
3.
4. It is agreed by and between the LESSOR and the LESSEE that the following
recitals shall form part of this Lease Rent Agreement
(ii) The LESSEE shall pay the monthly rent as in (a) (i) above in advance for
every calendar month.
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(b) Lease period – Commencement / Lock in period
(i) The lease period shall be 20 (Twenty) years.
(iii) The minimum lock in period for this lease is two years – ie., upto
_________. That is during this lock in period, if the LESSEE wants to
terminate this lease, the LESSEE shall pay to the LESSOR lease rent at
the applicable rate for the unexpired lease lock in period.
(iv) The 09(nine) years lease period will be extended further on such
terms and conditions mutually agreed between the parties hereto.
(f) The lessor shall also refund the security deposit paid by the lessee to the
electricity department for getting the electricity load and so also the
Transformer, at the time of vacating lease premises.
(a) The LESSEE has handed over the Schedule Property to the LESSOR
on _________ for enabling the LESSEE to carry out and complete the
interior works by ______________.
(c) The Schedule Property shall be provided with ___ KVA of power and the
LESSEE shall meet / provide any additional requirement at their cost. This
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shall be completed before the expiry of the “Fit out Period”. If for any reason
the lessor fails to provide the required electricity connection, in such
circumstances the lease period which is being commenced from 08-09-2009 will
be mutually extended.
(d) The Schedule Property shall be provided with power back up with ____ KVA
generator/s and the LESSEE shall meet / provide any upgrade at their cost.
This shall be completed before the expiry of the “Fit out Period”.
(e) To retain the right in respect of Terrace Floor for use / development by the
LESSOR for any purpose / utilization as deemed fit duly ensuring the privacy
and security of the LESSEE.
(f) Upon the LESSEE handing over back the vacant possession of the Schedule
Property to the LESSOR, refund the interest free Security Deposit amount of
Rs.______________/- (Rupees ____________ only) after effecting recoveries as
provided in clause 5(e) above.
(g) In the event of LESSOR at a later date, legally constructing any additional
covered area on the Terrace, offer the same to the LESSEE for their use /
occupation on terms and conditions to be mutually discussed and accepted.
(Need to change this appropriately. Construction must happen only if LESSEE
wants to expand and asks for expansion. No construction otherwise.
(h) No other lease deed or deeds has been executed by the lessor in favour of
any third party/parties, except the present deed.
(b) To pay the lease rent/s due under this Lease Rent Agreement, for every
month of the lease period by the 5th of the next month and without any necessity
for the LESSOR to remind or follow up for such payments.
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(c) To occupy / use only an area of ________ SFT of Schedule Property and
also the Terrace area.
(d) To upgrade at their cost the power requirement in excess of 100 KVA
provided by the LESSOR at his cost.
(e) To upgrade at their cost the back up power requirement in excess of 100
KVA generator facility provided by the LESSOR at his cost.
(f) To pay and meet all expenses / liabilities towards consumption of water and
power as per demand / bills received from the concerned agencies viz.,
BESCOM / BWSS&B.
(g) To pay and meet all expenses relating to the operation and maintenance of
the Generator/s.
(h) To pay and meet all expenses relating to the operation and maintenance of
the Lift/s.
(i) To use the basement floor of the Schedule Property only for the purposes of
parking of vehicles of LESSEE and not for any other purpose / use that is not
legally permitted / permitted under this Lease Rent Agreement.
(j) Not to use the leased premises of the Scheduled Property in a manner which
would diminish the value of the leased premises; not to use the leased premises
for any illegal activity / business / storage of any goods or materials which are
hazardous, combustible or considered objectionable by any authority or
dangerous or excessively heavy so as to affect or damage the structure of the
building and/or not to use the leased premises in any manner which would cause
nuisance, health hazard or disturbance or annoyance to buildings in the vicinity
or neighborhood.
(k) To pay for and maintain in good condition the leased premises including all
the fixtures / fittings / transformer(s) / generator(s) etc provided by the LESSEE
in the Schedule Property.
(l) To install at their cost such furniture and electric fittings and to carry out at
their cost such interior works, if any, with out damaging the schedule property
leased herein.
(m) Not to sub-lease the leased Schedule Property to any other person/s; body
Corporate / Firm / agency with out prior consent of the LESSOR. The Lessee is
permitted to sub-lease the premises in full or in part to their other related
concerns, firms, companies.
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(n) To handover back to the LESSOR the vacant possession of the Scheduled
Property leased herein in good / usable conditions.
(o) To remove from the Schedule Property, at the time of vacating the
premises, only the moveable furniture and other fittings without
damaging the property.
(a) Inspection of the leased Schedule Property during any week day after giving
prior notice to the LESSEE
(b) Providing appropriate Flooring / 100 KVA power connection / 100 KVA
generator
(c) Offering to the LESSEE the use of any covered area legally constructed on
the Terrace under terms and conditions to be mutually discussed and agreed
upon between the LESSOR and the LESSEE.
(b) Pay the lease rent(s) and the applicable taxes as provided herein.
(c) Use / occupy the entire building the constructed commercial area of
the Schedule Property (including Terrace)
(d) Use / occupy the leased premises of the Schedule Property only for their
business purposes and related concerns, firms, companies
(e) Use / occupy the basement area only for the parking of their vehicles.
(f) Not to sub-lease / permit occupation of the leased premises of the Schedule
Property to other individual / body corporate / firm with out the prior written
consent of the LESSOR. See above
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(g) Upgrade / install at their cost any facility / furniture / fittings with out
damaging in any way / manner the leased premises of the Scheduled Property.
(h) Take on lease rent the additional covered area that might be legally
constructed by the LESSOR on the Terrace on such terms and conditions as
may be mutually agreed.
(i) Peaceful enjoyment of the leased premises of the Scheduled Property with out
any interference by the LESSOR.
(k) Handing over of the vacant possession of the leased premises of the
Schedule Property in good / useable condition in which it was handed over to the
LESSEE by the LESSOR.
10. OTHERS
(a) In the event of default on the part of the LESSEE to pay monthly rents for 3
(Three) consecutive months, the LESSOR shall issue a notice of one calendar
month to be served on the LESSEE to cure such breach. The LESSEE shall on
receipt of the said notice pay the delayed rent together with interest at the rate
of 18 % per annum. In the event such breach remains non-curable by LESSEE
on expiry of notice period of one month, this Deed shall stand terminated.
(b) In the event of any breach by either parties of any of the terms and
conditions of this Lease Rent Agreement, the aggrieved party shall give notice to
the other party for due fulfillment of the obligations with in a period of 30 (thirty)
days and if the other party fails to fulfill the obligations within such specified
time, the aggrieved party shall have the right to insist on the specific
performance and also the right to terminate this Lease Rent Agreement.
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(e) No amendment / variation of this Agreement will be binding on either party
unless such amendment / variation is incorporated by way of addendum to this
Lease Rent Agreement and signed by the parties herein.
(f) The parties agree that the jurisdiction and venue of any action with respect to
this Lease Rent Agreement will be instituted in a Court of competent jurisdiction
in Bangalore Urban District alone and each of the parties hereby agree to submit
themselves to the exclusive jurisdiction of such Court for the purpose of the said
action.
(g) In the event of LESSOR at a later date, legally construction any additional
covered area on the Terrace and the LESSOR making the first offer of such
additional constructed area to the LESSEE for their occupation / use on certain
terms and conditions and the LESSEE shall have the first right of refusal of such
offer. The LESSOR shall make the offer to the LESSEE in writing (duly detailing
the terms and conditions of the offer) and the LESSEE shall communicate their
acceptance in writing with in Seven working days from the date of making the
offer. The offer and acceptance shall be through E Mails and followed by
confirmation by post. Additional construction only if the LESSEE needs and ask
for it.
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SCHEDULE PROPERTY
All that piece and parcel of building bearing Municipal
No._____________________________ (PID No.__________) comprising of
Ground; First and Second Floor and bound by:-
East by
West by
North by
South by
WITNESSES:
1. LESSOR
___________________________
2. LESSEE
___________________________