Commercial Lease / Lease for Office Premises - Form Pro · IN-law
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LEASE DEED
This lease deed ("Deed") is made at ________, ________ on ________ by and between:
________, ________, aged about ________ years, holding PAN ________ and Aadhaar No. ________, residing at ________ (hereinafter referred to as the "Lessor", which expression shall, unless repugnant to the context or meaning thereof, mean and include its legal heirs, successors, executors, administrators and permitted assigns) of the FIRST PART;
AND
________, ________, aged about ________ years, holding PAN ________ and Aadhaar No. ________, residing at ________ (hereinafter referred to as the "Lessee", which expression shall, unless repugnant to the context or meaning thereof, mean and include its legal heirs, successors, executors, administrators and permitted assigns) of the SECOND PART.
(The Lessor and the Lessee are hereinafter individually referred to as a 'Party' and collectively as the 'Parties'.)
WHEREAS:
A. The Lessor represents that the Lessor is the absolute owner and is in lawful physical possession of the property more particularly described in the Schedule hereunder and located at:
________ (hereinafter called the "Leased Premises"), together with the existing fixtures and fittings.
B. The Lessee approached the Lessor for a grant of lease in respect of the Leased Premises, and the Lessor has agreed to lease the same to the Lessee.
C. The Parties are now desirous of executing this Lease Deed to record the terms and conditions governing the lease of the Leased Premises as set forth hereinafter.
NOW THEREFORE THIS DEED WITNESSETH AND IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS:
1. DEFINITIONS AND INTERPRETATION
1.1. In this Deed, unless the context otherwise requires, the following rules of interpretation shall apply:
1.1.1. Words referring to one gender include every other gender.
1.1.2. Words in the singular include the plural and vice versa.
1.1.3. Words referring to a person or persons include companies, firms, corporations and other bodies, and vice versa.
1.1.4. Headings and titles are included for convenience only and shall not affect the interpretation of this Deed.
1.1.5. Each Party shall, at its own expense, take all reasonable steps and do all that is reasonably necessary to give full effect to this Deed.
1.1.6. Any obligation on a Party not to do something includes an obligation not to allow that thing to be done.
1.1.7. References to any statute or statutory provision include references to such statute or provision as amended, modified or re-enacted from time to time.
2. GRANT OF LEASE
The Lessor hereby grants to the Lessee the right to enter upon, use and remain in the Leased Premises together with the existing fixtures and fittings, and the Lessee shall, subject to the due observance of the terms hereof, be entitled to peacefully and quietly possess and enjoy the Leased Premises and the other rights granted herein during the Lease Period.
3. PURPOSE
3.1. The Lessee shall use the Leased Premises only for the following purpose:
________
4. LEASE RENT
4.1. The Lessee has agreed to pay a monthly rent of Rs. ________ (________) in advance, on or before the ________ day of each calendar month, by account payee cheque or electronic bank transfer to the account designated by the Lessor.
4.2. In the event of any delay in payment of rent, interest at the rate of ________% per annum shall be payable on the entire outstanding amount from the due date until the actual date of payment.
4.3. The Lessee shall make all statutory deductions, including tax deducted at source under the Income-tax Act, 1961, as applicable, and shall furnish the relevant certificates to the Lessor.
4.4. It is hereby agreed that if default is made in the payment of rent by the Lessee for ________ (________) consecutive months, the Lessor shall be entitled, in addition to other rights and remedies available under this Deed and applicable law, at its sole discretion to terminate the lease and resume possession of the Leased Premises, subject to Clause 4.5.
4.5. Provided that a notice in writing shall first be given by the Lessor to the Lessee of its intention to terminate and resume possession. If the Lessee pays the arrears within 7 (seven) days from the issue of such notice, the Lessor shall not be entitled to terminate. If the arrears are not paid within the said period, the lease shall stand terminated in accordance with the terms hereof.
5. TERM OF THE LEASE
5.1. The lease shall commence on ________ and shall continue for a period of ________ (________) months ("Lease Period") unless terminated earlier in accordance with the terms hereof.
5.2. Upon expiry of the Lease Period, the lease may be renewed on mutually agreed terms, provided a request for renewal is made by the Lessee at least 2 (two) months before the expiry of the Lease Period. If no notice of renewal is issued, the lease shall terminate upon expiry of the Lease Period.
6. SUBLEASE AND ASSIGNMENT
6.1. The Lessee shall not sublet, assign, license or otherwise part with possession of the Leased Premises, either in whole or in part, without the prior written consent of the Lessor, save and except in favour of the following permitted third parties: ________.
6.2. Any assignment, sub-lease or licence except as permitted above, without the prior written approval of the Lessor, shall be null and void, and in such event the Lessor shall be entitled to terminate the lease at its sole discretion.
6.3. In the event of any permitted subletting, the sub-tenant shall comply with all the terms and conditions of this Deed, and the Lessee shall remain liable for the full performance of this Deed, including payment of rent.
7. SECURITY DEPOSIT
7.1. The Lessee has paid to the Lessor an amount of Rs. ________ (________) as an interest-free refundable security deposit, the receipt whereof the Lessor hereby acknowledges.
7.3. In the event the Lessor sells the Leased Premises or assigns its rights under this Deed to a third party ("New Lessor"), the security deposit shall be transferred to the New Lessor, and the Lessor shall thereafter have no liability towards return of the security deposit.
8. LOCK-IN
Neither Party shall be entitled to terminate this lease during the period of ________ commencing from ________ (the "Lock-In Period") for any reason whatsoever, save for an uncured Event of Default.
9. WATER, ELECTRICITY AND OTHER UTILITIES
9.1. The Lessee shall pay the electricity, water charges and charges for all other utilities at actuals directly to the authorities concerned. The relevant meter readings as on the date of this Deed are as follows:
________
10. TELEPHONE, FAX AND INTERNET
The Lessee shall be entitled to apply for, obtain and install telephone, fax, internet and/or cable connections in the Leased Premises in its own name and at its own cost, and shall remove the same and pay all dues thereon upon expiry or termination of this Deed.
11. STRUCTURAL ADDITIONS
11.1. The Lessee shall not carry out any structural additions, modifications or alterations to the Leased Premises without the prior written consent of the Lessor. Where such work is approved and the Lessee proposes to engage a contractor, such contractor shall also be approved in writing by the Lessor prior to commencement.
11.2. The Lessee may install and remove its own fittings and fixtures, provided this is done without causing damage to the Leased Premises. The Lessor may, at its sole discretion, require any such fixtures and fittings to be removed upon vacation of the Leased Premises.
12. COMPLIANCE WITH RULES
The Lessee shall comply with all applicable laws, rules and regulations of the local and statutory authorities in relation to the Leased Premises, and shall also comply with the rules and regulations of the building association where the Leased Premises is situated.
13. POSSESSION
13.1. The Lessee shall be handed over possession of the Leased Premises simultaneously with the execution of this Deed.
13.2. If the Lessor is unable to hand over possession on the date specified due to any unforeseen circumstances, the Lessor shall not be liable for any damages, but the Lessee shall not be liable to pay rent until possession is delivered.
14. REPAIRS
The Parties agree that day-to-day minor repairs (such as fuse blowouts, replacement of bulbs/tubes, leaking taps and maintenance of the water pump) shall be carried out by the ________ at its own cost, and major repairs, whether structural or to the electrical or water connections, plumbing leaks or water seepage, shall be attended to by the Lessor. If the Lessor fails to carry out major repairs after receiving notice from the Lessee, the Lessee may undertake the necessary repairs and the Lessor shall reimburse the reasonable costs within 7 (seven) days.
15. INSPECTION
The Lessor and/or its authorised personnel shall have the right to enter upon and inspect the Leased Premises with prior written notice of 24 (twenty-four) hours during the following hours: ________. Provided that in case of an emergency, no prior notice shall be required.
16. TAXES, STAMP DUTY AND REGISTRATION
16.1. The Lessor shall be responsible for payment of property tax and all municipal taxes pertaining to the Leased Premises during the Lease Period.
16.2. The stamp duty payable on this Deed under the Indian Stamp Act, 1899 (as applicable), and the registration charges payable under the Registration Act, 1908, shall be borne by ________.
16.3. Goods and Services Tax, if and as payable on the rent, shall be borne by ________.
16.4. The Parties acknowledge that, where the lease term exceeds eleven months, this Deed is compulsorily registrable, and the Parties shall cause the same to be registered before the jurisdictional Sub-Registrar of Assurances.
17. OBLIGATIONS OF THE LESSEE
17.1. The Lessee shall use the Leased Premises in a careful and responsible manner and shall hand over the premises to the Lessor in the same condition, reasonable wear and tear excepted.
17.2. The Lessee shall use and maintain the following fittings and fixtures handed over with the Leased Premises and shall return them without damage other than normal wear and tear:
________
17.3. The Lessee shall be responsible for any damage to the Leased Premises caused by the Lessee or its invitees, licensees and guests.
17.4. The Lessee shall comply with all obligations imposed upon lessees by applicable law and by the building association.
17.5. The Lessee shall operate all electrical, plumbing, sanitary, ventilating, air-conditioning and other facilities, including elevators (as applicable), in a reasonable manner.
17.6. 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.
17.7. The Lessee shall conduct itself, and require persons on the Leased Premises with its consent to conduct themselves, in a manner that does not unreasonably disturb neighbours or cause nuisance.
18. OBLIGATIONS OF THE LESSOR
18.1. The Lessor hereby covenants, warrants and represents to the Lessee as follows:
18.1.1. That the Lessor is the absolute and lawful owner of the Leased Premises and has full right, power and authority to grant this lease on the terms herein contained.
18.1.2. That the Lessee, on paying the rent and observing the terms and conditions herein, shall peacefully and quietly hold, possess and enjoy the Leased Premises during the Lease Period without interruption or disturbance by the Lessor or any person claiming through or under the Lessor.
18.1.3. That there are no encumbrances, charges, litigation or claims affecting the Leased Premises that would prevent the grant of this lease, save as disclosed in writing to the Lessee.
19. FORCE MAJEURE
19.1. Neither Party shall be liable for any failure or delay in performing its obligations under this Deed if such failure or delay is caused by circumstances beyond its reasonable control, including acts of God, fire, flood, earthquake, epidemic, pandemic, war, riot, civil commotion, strikes, lockouts, or any order, restriction or prohibition imposed by any government or statutory authority ("Force Majeure Event").
19.2. The affected Party shall promptly notify the other Party in writing of the occurrence of such event and the obligations affected.
19.3. Performance of the affected obligations shall be suspended for the duration of the Force Majeure Event and the time for performance extended accordingly.
19.4. If the Force Majeure Event continues for a continuous period exceeding 60 (sixty) days, either Party may terminate this Deed by written notice to the other.
20. REPRESENTATIONS AND WARRANTIES OF THE LESSEE
20.1. The Lessee hereby covenants, warrants and represents to the Lessor as follows:
20.1.1. To pay the rent on the due dates and in the manner specified, and to observe all the terms and conditions of this Deed.
20.1.2. To hand over vacant possession of the Leased Premises to the Lessor immediately upon expiry or earlier termination of this Deed, removing all fittings and fixtures installed by the Lessee and reinstating the Leased Premises to its original condition, subject to normal wear and tear.
20.2. To keep the Leased Premises at all times in good and tenantable condition.
21. INSURANCE
The ________ shall be responsible for insuring the Leased Premises against fire and other usual risks.
22. DEFAULT
A breach of any term of this Deed by the Lessee which is not cured within 15 (fifteen) days from receipt of notice from the Lessor shall constitute an Event of Default. Such breaches may include, without limitation, failure to pay rent, engaging in any unlawful activity, damaging or destroying the Leased Premises or common areas, or any other violation of this Deed.
23. TERMINATION
23.1. The Lessor shall be entitled to terminate this lease in the event of an Event of Default committed by the Lessee which is not cured within ________ from the date of receipt of a written notice in that regard from the Lessor.
23.2. After the expiry of the Lock-In Period, the Lessor may terminate this Deed by giving written notice of ________ (________) days to the Lessee.
23.3. After the expiry of the Lock-In Period, the Lessee may terminate this Deed by giving written notice of ________ (________) days to the Lessor.
23.4. Upon any termination, the Lessee shall hand over vacant physical possession of the Leased Premises to the Lessor simultaneously with the Lessor refunding the security deposit after adjusting all monies due and payable by the Lessee under this Deed.
24. INDEMNITY
Each Party shall defend, indemnify and hold harmless the other Party from and against any claim, liability, demand, loss, damage, judgment or other obligation arising as a result of the breach by such Party of this Deed or any misrepresentation made herein.
25. GOVERNING LAW
This Deed shall be governed by and construed in accordance with the laws of India, including the Transfer of Property Act, 1882 and the Indian Contract Act, 1872, and the laws applicable in ________, ________ shall apply.
26. ASSIGNMENT BY LESSOR
The Lessor shall be entitled to sell, assign, convey or transfer its interest in the Leased Premises or its rights and obligations under this Deed to any third party without the written consent of the Lessee, provided that the Lessor ensures that the prospective purchaser/assignee agrees to be bound by the terms of this Deed.
27. AMENDMENT
No alteration, addition or omission to this Deed shall be valid except by means of a supplementary deed in writing duly executed by both Parties.
28. DISPUTE RESOLUTION
28.1. Except as otherwise specifically provided herein, the following provisions apply to any dispute, difference or claim arising out of or in connection with this Deed (the "Dispute").
28.2. A Dispute shall be deemed to arise when one Party serves on the other a written notice stating the nature of the Dispute (a "Notice of Dispute").
28.3. The Parties shall use all reasonable efforts to amicably resolve the Dispute through negotiations within 30 (thirty) days of the Notice of Dispute.
28.4. Failing amicable resolution, the Dispute shall be referred to and finally resolved by arbitration by a sole arbitrator to be appointed mutually by the Parties, in accordance with the Arbitration and Conciliation Act, 1996. The seat and venue of arbitration shall be ________, and the language of the arbitration shall be English.
28.5. Subject to the foregoing, the courts at ________, ________ shall have exclusive jurisdiction over any matter arising out of this Deed.
29. RIGHT TO MORTGAGE
The Lessor reserves the right to mortgage or otherwise place a lien on the Leased Premises, and the Lessee agrees to hold the Leased Premises subject and subordinate to any such mortgage or lien. Where the Leased Premises is already mortgaged, the Lessor shall obtain the consent of the mortgagee, if required, for this lease.
30. NOTICES
30.1. Any notice or other document required or authorised to be given under this Deed shall be in writing, in English, and given by:
30.1.1. delivery by hand against a written acknowledgement of receipt; or
30.1.2. nationally recognised courier or registered post with acknowledgement due, to the addresses specified in the recital above; or
30.1.3. electronic mail to the addresses notified by the Parties.
30.2. The email addresses of the Parties for service of notices are: Lessor – ________; Lessee – ________.
31. SEVERABILITY
If any provision of this Deed becomes or is held illegal, invalid or unenforceable under any law, the legality, validity and enforceability of the remaining provisions shall not in any way be affected or impaired.
32. WAIVER
No failure or delay by either Party in exercising any right under this Deed shall operate as a waiver thereof, nor shall any single or partial exercise preclude any further exercise of that or any other right. The remedies herein are cumulative and not exclusive of any remedies provided by law.
33. COUNTERPARTS
This Deed may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.
SCHEDULE — DESCRIPTION OF THE LEASED PREMISES
All that piece and parcel of property situated at ________, admeasuring ________, and bounded as follows: North – ________; South – ________; East – ________; West – ________.
IN WITNESS WHEREOF, the Parties hereto have set and subscribed their respective hands to this Deed on the day, month and year first hereinabove written.
___________________________
________ (LESSOR)
___________________________
________ (LESSEE)
WITNESSES:
1. ___________________________
Name: ________
Address: ________
2. ___________________________
Name: ________
Address: ________
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