LEASE AGREEMENT
This Lease
Agreement (hereinafter referred to as the “Lease Agreement“) is made at (City) on
this (date)
BETWEEN
(NAME
AND PARENTAGE) NIC
No._________________________, R/o House No.___________________________________
(Hereinafter referred to as the “Lessor”, which expression shall, wherever
the context so permits, means and include his legal heirs, successors, legal
representatives administrators and assigns) OF THE FIRST PART.
AND
(Name of person
or institution) (Hereinafter referred to as “Lessee”, which expression shall, wherever the context so permits,
mean and include its successors and assigns) represented by its authorized
officers _____________________________ OF THE SECOND PART.
Whereas;
a)
The
Lessor represents that he is the lawful, sole, exclusive and absolute owner in
possession of plot of land together with building comprising of basement,
ground floor, 1st floor in the front and residential house behind
thereto, measuring __________________________property No.______________________,
situated at __________________________________________________.
b)
The
Lessor has agreed to lease out to the Lease and the Lessee has agreed to take
on Lease the_____________________________________________________________________said
building, (hereinafter referred to as “Demised Premises”). The Demised Premises are more clearly described in the schedule
hereunder, which schedule shall from integral part of this lease Agreement.
Now Therefore the parties hereto have agreed to the terms and conditions
of the lease as under;
1. THE LESSOR HEREBY CONVENANTS WITH THE
LESSEE AS FOLLOWS;
(i) The Lessor hereby assures the lessee
that he has a valid, subsisting and complete ownership title to the Demised
Premises and Demised Premises have been duly commercialized by the competent
authorities and the Lessor has full power and legal authority to rent out the
same to the Lessee as herein agreed. The Lessor shall indemnify the lessee in
case of any defect or dispute with agreed to his title.
(ii) The monthly rent of the Demised
Premises shall be Rs.______________________________( IN WORDS) inclusive of all present and future taxes and
levies on the Demised Premises.
(iii) The Lessee paying the rent hereby
reserved and observing and performing the conditions herein contained, the
Lessor shall ensure to the Lessee quiet and peaceful possession of Demised
Premises during the period of Lease originally agreed or extended without any
let and/or hindrance, eviction or intrusion of disturbance by the Lessor of an
person claiming under or in trust for the Lessor.
(iv) The Lessor shall be responsible for
and shall promptly and punctually pay directly to the concerned authorities all
existing and future property taxes, conservancy charges, rates taxes, cesses
and other levies on the Demised Premises. If the Lessor defaults in paying any
such taxes, the Lessee, after service of due notice to the Lessor, shall have
the option without being bound to do so, to pay the same to the concerned
authorities and the amounts thereof shall be recovered by the Lessee from the
Lessor either as debt or by adjustment against further rent.
(v) The Lessee shall pay directly to the
concerned authorities bills pertaining to telephone, gas, water and electricity
connection (s) installed in the same of and consumed by the Lessee at the
Demised Premises.
(vi) The Lessor will provide at his own
cost connections of water, electricity (3 phase meter) and gas for use by the
Lessee.
(vii) The Lessor hereby authorities the
Lessee to obtain telephone, Fax, and additional electricity connections in the
Demised Premises or for completing any legal formalities relating to utility
services.
(viii) If the Lessor during the Lease period
wishes to sell the Demised Premises to a third party then any such sale shall
be subject to Lessee’s tenancy rights and this Lease Agreement shall become an
integral part of any such sale agreement.
2. THE LESSEE HEREBY CONVANTS WITH THE
LESSOR AS FOLLOWS:-
(ix) The Lessor shall pay the monthly rent
of Rs.___________________ (________________________________ only) to the
Lessor, Payment of Rent will be paid in advance for next three month @ ____________________/-
per month, which will be adjusted coming three months. The rent shall be
inclusive of all present and future taxes levies dues and cesses etc., on the
Leased Premises. The lessee will deduct withholding tax at source at applicable
rates from time in force from all rental amounts and advancing amounts payable
to the Lessor.
(x) The Lessee shall use the Demised
Premises for commercial/banking purposes, including the functioning of a
branches/office of the Bank only and shall carry out such work as may be
necessary to render the Demised Premises can be used for commercial/banking
purposes. The Lessor shall ensure that the Demised Premises can be used for
commercial/banking purposes and in this regard all, approvals and formalities
etc, if any, shall be obtained by the Lessor at his own expense.
(xi) That the Lessor will allow the Lessee
uninterrupted and exclusive access to the basement, ground floor and 1st
floor through stair ways and corridors in the building, as the case may be, and
will not create any hindrance in any manner, whatsoever, for smooth and trouble
free occupation of the Lessee during the tenancy period.
3. IT IS HEREBY MUTUALLY AGREED AS
FOLLOWS;
(xii) That the lease period will be for
three (3) Months extendable with the mutual consent of the parties (hereinafter
referred to as the “Lease Period”) commencing from the date expiry of earlier agreement.
(xiii) The Lessee is hereby authorized by
the Lessor to carry out improvements in the elevation of the building to suit
its business requirements and to fix its logo/name plate and neon sign on the
face/side of the Demised Premises and to make internal partition, changes and renovations
etc; according to its business and office requirements and shall be at liberty
to get installed telephone, telex and fax etc. connections in the Demised
Premises and maintain the same at its own cost and expense. The Lessee on
vacating and handing over vacant possession of the Demised Premises to the
Lessor shall be entitled to remove and take away any or all such additions,
installations, partitions, counters, telephones, exchange lined, computers/PCs
cabling and all other office and business machines, fixtures and fittings
installed by the Lessee.
(xiv) In case the Lessee vacates the
Demised Premises at its discretion or by being forced to do so by any Local,
Semi-Government, Government or other competent authority the lease will stand
determined and the Lessor shall refund to the Lessee the advance rent paid for
the period beyond the determination of the lease.
(xv) That in the event of the Demised
Premises being wholly or partially damage by earthquake, storm or floods or any
other force major cause or Act of God or otherwise and in the sole opinion of
the Lessee, the Leased Premises are rendered unfit/unsuitable for its use and
occupation, the Lessee shall have the option either to terminate the lease
forthwith whereupon the remaining advance rent shall be promptly refunded by
the Lessor to the Lessee may call upon the Lessor to repair at Lessor’s own
cost the Demised Premises within a reasonable time to be fixed by the Lessee
and also to the satisfaction of the Lessee.
(xvi) That the Lessor has agreed with the
Lessee to carry out, at his own cost, all structural and major repairs etc. of
the demised building as per requirement and to the entire satisfaction of the
Lessee within a reasonable time. However, the subsequent routine repairs and
maintenance of the demised Premises will be the responsibility of the Lessee.
(xvii) The Lessor hereby authorizes the
Lessee to put up communication towers and/or Satelite Dish on the roof top of
the building in which the Demised Premises are situated without any let or
hindrance, without payment of additional rent and without any formal approval
from the lessor.
(xviii) The Lessor hereby agrees that the
Lessee shall be authorized without any let and hindrance and without any formal
approval from the Lessor to put up at its own risk the stand by Generator at
any suitable location, including roof top of the Demised Premises.
(xix) That on the expiry or sooner
termination of the Lease Period originally agreed herein before and /or
subsequently extended, the Lessee shall deliver up vacant possession of the
Demised Premises to the Lessor in good and tenantable condition in which the
same were taken subject to normal wear and tear and damage caused by the
effects of weather, harsh climate, disturbance, civil unrest, riot, war or
force majeure and natural calamities all of which are expected.
(xx) The Lease term hereunder may be
terminated at the sole option of the Lessee (but not of the Lessor) at any time
during the lease period by the Lessee giving one month written notice to the
Lessor. Upon such termination, the Lessor shall promptly refund to the Lessee
the unadjusted advance rent for the remaining period.
(xxi) Any notice required to be given by
either party to the other party under this Lease Agreement shall be deemed to
have been served if delivered at or sent by registered post at the addresses of
the parties stated hereinabove. The changes in addresses shall be notified in
writing by the parties to each other.
(xxii) That this Lease Agreement will
supersede all arrangements/ agreements, which the Lessor may have entered into
or agreed with any other persons prior to this agreement with the Lessee, all
of which are now rendered null and void by virtue of this agreement with the
Lessee.
(xxiii) This Lease Agreement shall be
executed in duplicate. The original shall be retained by the Lessee and the
duplicate by the Lessor for their record.
(xxiv) The Lessor, shall whenever required
by the lessee, execute and register in favour of the Lessee a Lease Deed
incorporating therein the terms and conditions stated herein above.
SCHEDULE
( COMPLTE
DESCRIPTION OF THE PROPERTY)
. The Demised Premises are bounded as
follows;
1
North; ________________ SIDE
2
South; Plot No________________
3
East; Plot No._________________
4
West; Plot No.__________________ OPEN SPACE
In Witness Whereof the parties have set and subscribed
their respective hands and seal below on the day, month and year first above
written.
FIRST PARTY
(Lessor)
____________________________________________________________________
( Name and parentage)
SECOND PARTY
(LESSEE)
____________________________________________________________________
Witnesses:
1. ________________________________
2.
________________________________
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