Storage Space Agreement - Template, Sample Form Online Pro · IN-law
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STORAGE SPACE LEASE AGREEMENT
This Storage Space Lease Agreement ("Agreement") is made and executed at ________, ________ on this ________.
BY AND BETWEEN
________, son/daughter/wife of ________, aged about ________ years, holding PAN ________ and Aadhaar ________, residing at the following address: ________ (hereinafter referred to as the "Lessor", which expression shall, unless repugnant to the context or meaning thereof, mean and include its legal heirs, executors, administrators, successors and permitted assigns) of the FIRST PART;
AND
________, son/daughter/wife of ________, aged about ________ years, holding PAN ________ and Aadhaar/GSTIN ________, residing at/having its principal place of business at the following address: ________ (hereinafter referred to as the "Lessee", which expression shall, unless repugnant to the context or meaning thereof, mean and include its legal heirs, executors, administrators, successors 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 is the lawful and absolute owner of, and is otherwise lawfully entitled to grant the lease of, the storage space described hereinbelow (hereinafter called the "Storage Space"):
________
B. The Storage Space is of the following type: ________.
C. A layout plan of the Storage Space allotted to the Lessee is annexed to this Agreement as Annexure - A and forms an integral part hereof.
D. The Lessee approached the Lessor to take the Storage Space on lease, and the Lessor has agreed to grant the lease of the same to the Lessee.
E. The Parties are now desirous of executing this Agreement to record the terms and conditions governing the lease of the Storage Space as set forth hereinafter.
NOW THEREFORE THIS AGREEMENT WITNESSETH AND IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES HERETO AS UNDER:
1. INTERPRETATION
In this Agreement, unless the context otherwise requires, the following rules of interpretation shall apply:
2. GRANT OF STORAGE SPACE
The Lessor hereby grants to the Lessee the right to use and occupy the Storage Space on lease for the term and upon the terms and conditions hereinafter contained, and the Lessee shall be entitled to peacefully use and enjoy the Storage Space, subject to due performance of its obligations under this Agreement.
3. PURPOSE
3.1. The Lessee shall use the Storage Space only for the lawful storage of goods in good condition.
3.2. The following types of goods are not permitted to be stored in the Storage Space:
________
3.3. The Storage Space shall be used exclusively by the Lessee and shall not be used for any purpose other than the storage of goods in accordance with this Agreement. The Lessee shall not use the Storage Space for any unlawful purpose and shall forthwith notify the Lessor if it becomes aware of any illegal activity being conducted in the Storage Space.
4. SPECIFICATIONS OF STORAGE SPACE
4.1. Specifications of the Storage Space:
(a) Total area: ________.
(b) Height: ________.
(c) Flooring: ________.
(d) Accessibility:
________
(e) Security features:
________
5. RENT
5.1. The Lessee shall pay to the Lessor monthly rent of Rs. ________ (Rupees ________), in advance, on or before the ________ day of each calendar month.
5.2. The rent shall be paid by electronic transfer (NEFT/RTGS/IMPS) to the following bank account of the Lessor:
________
5.3. In the event of any delay in the payment of rent by the Lessee, interest at the rate of ________% (________ percent) per annum shall be payable on the entire outstanding amount from the due date until the date of actual payment.
5.4. 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 all other rights and remedies available under this Agreement and applicable law, at its sole discretion to terminate the lease granted under this Agreement and to resume possession of the Storage Space.
5.5. Provided, however, that a notice in writing shall first be given by the Lessor to the Lessee of its intention to terminate the Agreement and to resume possession of the Storage Space. If the Lessee pays the arrears of rent within a period of ________ (________) days from the issue of such notice, the Lessor shall not be entitled to terminate the lease. If the arrears are not paid within the said period, the Agreement shall stand automatically terminated without any further act required on the part of the Lessor.
6. SECURITY DEPOSIT
6.1. The Lessee has paid to the Lessor a sum of Rs. ________ (Rupees ________) as an interest-free refundable security deposit, the receipt of which the Lessor hereby acknowledges.
6.3. In the event the Lessor sells the Storage Space or assigns its rights under this Agreement 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 the return of the security deposit to the Lessee.
7. TERM
The lease of the Storage Space shall commence on ________ and shall continue for a period of ________ (________) months ("Agreement Period") unless terminated earlier in accordance with the terms hereof. Upon expiry of the Agreement Period, the Agreement may be renewed on mutually agreed terms, provided a request for renewal is made by the Lessee at least ________ before the expiry of the Agreement Period. If no notice of renewal is issued by the Lessee, the Agreement shall terminate upon the expiry of the Agreement Period.
8. SUB-LETTING AND ASSIGNMENT
The Lessee shall not sub-let, assign or otherwise part with possession of the Storage Space, either in part or in full, without the prior written consent of the Lessor. Any assignment, sub-letting or licence 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 Agreement at its sole discretion.
9. POSSESSION
9.1. The Lessee shall be handed over possession of the Storage Space simultaneously with the execution of this Agreement, subject to payment of an amount equivalent to the first month's rent and the security deposit.
9.2. In the event the Lessor is unable to hand over possession of the Storage Space on the date specified above 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.
10. TAXES AND STAMP DUTY
10.1. The Lessor shall be responsible for the payment of all taxes pertaining to the Storage Space, including land and property tax, during the Agreement Period.
10.2. Goods and services tax payable on the rent, if applicable under the Central Goods and Services Tax Act, 2017 and allied legislation, shall be borne by ________.
10.3. The Parties agree that the stamp duty payable on this Agreement under the applicable State stamp legislation and the registration charges, if any, under the Registration Act, 1908, shall be borne by ________.
11. OBLIGATIONS OF LESSEE
11.1. The Lessee shall use the Storage Space in a careful and responsible manner.
11.2. The Lessee shall keep the Storage Space clean and in good condition and shall not make any alterations thereto without the prior written consent of the Lessor.
11.3. The Lessee shall not store any prohibited items in the Storage Space, including but not limited to hazardous materials, explosives, firearms, perishable goods, or any item that violates any local, State or central law.
11.4. The Lessee shall be responsible for securing its stored property and shall ensure that the Storage Space is locked at all times when not in use.
11.5. The Lessee shall not damage the Storage Space and shall be responsible for any damage caused as a result of any act of the Lessee or its invitees, licensees and/or guests.
11.6. The Lessee shall comply with all applicable laws and regulations relating to the storage and use of the Storage Space.
11.7. The Lessee shall provide a list of all items to be stored in the Storage Space and shall not store any additional items without the Lessor's consent.
11.8. The Lessee shall promptly notify the Lessor of any damage to the Storage Space or the Lessor's property and shall take all reasonable measures to prevent further damage.
11.9. The Lessee shall not allow any unauthorised person to enter the Storage Space or the premises.
11.10. The Lessee shall be responsible for any pest infestation caused by its stored property and shall take all necessary steps to prevent or remedy such infestation.
11.11. The Lessee shall be responsible for obtaining any permits or licences necessary for its use of the Storage Space.
11.12. The Lessee shall not use the Storage Space as a residence or for any overnight stay.
11.13. The Lessee shall be responsible for disposing of any trash or debris resulting from its use of the Storage Space.
11.14. The Lessee shall comply with any security measures or procedures implemented by the Lessor, including the use of security cameras or access codes.
11.15. The Lessee shall not use the Storage Space for any political, religious or discriminatory activity or purpose.
11.16. The Lessee shall conduct itself, and require other persons in the Storage Space with its consent to conduct themselves, in a manner that does not unreasonably disturb neighbours or cause a nuisance.
12. OBLIGATIONS OF LESSOR
12.1. The Lessor shall comply with applicable laws and pay the municipal taxes in respect of the Storage Space in a timely manner.
12.2. The Lessor shall provide the Lessee with access to the Storage Space during the agreed hours of operation unless otherwise specified in this Agreement.
12.3. The Lessor shall maintain the Storage Space in a safe and secure condition, including the provision of adequate lighting, surveillance and security measures.
12.4. The Lessor shall notify the Lessee in writing of any changes to the terms of this Agreement, including any increase in rent or fees, at least 30 (thirty) business days prior to the effective date of such changes.
12.5. The Lessor shall not interfere with the Lessee's use of the Storage Space, except as necessary to enforce the terms of this Agreement or to comply with applicable laws or regulations.
12.6. The Lessor shall not disclose any confidential information provided by the Lessee, except as required by law or with the Lessee's prior written consent, and shall handle any personal data in accordance with the Digital Personal Data Protection Act, 2023.
12.7. The Lessor shall not be responsible for any loss or damage to the Lessee's property stored in the Storage Space, except to the extent caused by the Lessor's negligence or breach of this Agreement.
12.8. The Lessor shall provide the Lessee with a copy of any notice or correspondence received from any government agency or regulatory body regarding the Storage Space.
12.9. The Lessor shall ensure that any major repairs required for the Storage Space are carried out promptly.
13. REPRESENTATIONS AND WARRANTIES OF LESSOR
13.1. Title: The Lessor has clear and marketable title to the Storage Space and has the right, power and authority to grant the lease of the Storage Space to the Lessee.
13.2. Taxes & Outgoings: The Lessor has paid and shall pay all existing and future municipal rates, taxes, levies and similar outgoings in respect of the Storage Space.
13.3. Peaceful Possession: The Lessee, on paying rent and other charges regularly and duly observing the terms and conditions hereof, shall be entitled to peaceful enjoyment of the Storage Space during the subsistence of the term hereof, without any obstruction, interruption or disturbance by the Lessor or any person claiming through or under the Lessor.
13.4. Except as expressly specified above, the Lessor makes no representation or warranty, express or implied, with regard to the condition of the Storage Space, and the Lessee is taking the Storage Space on an as-is-where-is basis.
14. REPRESENTATIONS AND WARRANTIES OF LESSEE
14.1. Authority: The Lessee has the right and authority to enter into this Agreement and to store its property in the Storage Space.
14.2. Rent: The Lessee shall pay the rent on the due dates and in the manner specified in this Agreement and shall observe and abide by all the terms and conditions set out herein.
14.3. Handover of vacant possession: The Lessee shall hand over vacant possession of the Storage Space to the Lessor immediately upon expiry or earlier termination of this Agreement, and shall remove its goods and other property from the Storage Space without undue delay.
14.4. Good and leasable condition: The Lessee shall at all times keep the Storage Space in good and leasable condition.
15. SPECIAL CONDITIONS
The Lessee agrees that it shall not, without the prior written permission of the Lessor, carry out the following activities in the Storage Space:
________
16. INSURANCE
The Lessor does not provide insurance coverage to protect the Lessee's property against loss or damage arising from fire, theft or any other casualty. It is agreed between the Parties that it shall be the sole responsibility of the Lessee to secure insurance coverage protecting its property against all perils of whatever nature, in an amount at least equal to the total value of all stored property.
17. DEFAULT
A breach of any of the terms of this Agreement by either Party which is not cured within the period of ________ from receipt of notice from the other Party shall be considered a default under this Agreement. Breaches may include, but are not limited to, failure to pay rent, engaging in any unlawful activity, damaging or destroying the Storage Space, or violation of any part or sub-part of this Agreement.
18. TERMINATION
18.1. The Lessor shall be entitled to terminate this Agreement 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.
18.2. The Lessor shall be entitled to terminate this Agreement by giving written notice of ________ to the Lessee of its intention to terminate.
18.3. The Lessee shall be entitled to terminate this Agreement by giving written notice of ________ to the Lessor of its intention to terminate.
18.4. Upon termination of this Agreement, the Lessee shall remove all property stored in the Storage Space and shall leave the Storage Space in a clean and undamaged condition. Failure to do so may result in additional charges or fees.
18.5. If the Lessee fails to vacate the Storage Space upon termination, the Lessor may, in accordance with applicable law, take necessary measures to remove the Lessee's property and dispose of it, and the Lessee shall be responsible for any costs or expenses incurred by the Lessor in connection with such removal and disposal.
18.6. Termination of this Agreement shall not relieve the Lessee of any obligations or liabilities incurred prior to termination, including any unpaid rent or charges.
18.7. Upon termination, the Lessor shall refund to the Lessee the security deposit after adjusting all monies due and payable by the Lessee under this Agreement.
19. FORCE MAJEURE
19.1. Neither Party shall be liable for any failure or delay in the performance of its obligations under this Agreement to the extent such failure or delay is caused by an event beyond its reasonable control, including but not limited to acts of God, fire, flood, earthquake, storm, epidemic, pandemic, war, riot, civil commotion, strike, lockout, governmental action or any other event of force majeure ("Force Majeure Event").
19.2. The Party affected by a Force Majeure Event shall promptly notify the other Party in writing of its occurrence and shall use all reasonable efforts to mitigate its effects and to resume performance as soon as reasonably practicable. If the Force Majeure Event continues for a period exceeding ________, either Party shall be entitled to terminate this Agreement by giving written notice to the other Party, without incurring any liability.
20. ASSIGNMENT BY LESSOR
The Lessor shall be entitled to sell, assign, convey or transfer in any manner its interest in the Storage Space or its rights and obligations under this Agreement to any third party without the written consent of the Lessee, provided that it ensures that the prospective purchaser/assignee agrees to be bound by the terms of this Agreement.
21. AMENDMENT
The terms of this Agreement shall not be altered or added to, nor shall anything be omitted therefrom, except by means of a supplementary deed in writing duly signed by both Parties hereto.
22. RIGHT TO MORTGAGE
The Lessor reserves the right to mortgage or otherwise create a lien on the Storage Space, and the Lessee agrees to accept the Storage Space subject and subordinate to any such mortgage or lien. In the event the Lessor has already mortgaged the Storage Space, it shall ensure that it obtains the consent of the mortgagee, if required, for the lease of the Storage Space.
23. NOTICES
Any notice or other information/document required or authorised by this Agreement shall be given in writing, in English, and by:
(a) delivering it by hand (a written acknowledgement of receipt thereof shall be sufficient evidence that the notice has been duly given); or
(b) sending it by registered post acknowledgement due or by nationally recognised courier; or
(c) sending it by email to the email addresses notified by the Parties,
to the relevant Party at the address specified in the name clause of this Agreement above, or to such other address as may be notified in writing from time to time.
24. SEVERABILITY
If at any time any provision of this Agreement becomes or is held illegal, invalid or unenforceable in any respect under any law, the legality, validity or enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
25. WAIVER
No failure on the part of either Party to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right preclude any other or future exercise thereof or the exercise of any other right. The remedies herein are cumulative and not exclusive of any remedies provided by law.
26. DISPUTE RESOLUTION
26.1. Except as otherwise specifically provided in this Agreement, the following provisions apply if any dispute, difference or claim arises between the Parties out of or in relation to or in connection with this Agreement ("Dispute").
26.2. A Dispute shall be deemed to arise when one Party serves on the other Party a notice stating the nature of the Dispute ("Notice of Dispute").
26.3. Upon serving a Notice of Dispute, the Parties shall use all reasonable efforts to resolve the Dispute amicably through negotiation within 30 (thirty) days.
26.4. If the Dispute is not resolved within the said period, the same shall be referred to and finally resolved by arbitration by a sole arbitrator to be mutually appointed by the Parties, in accordance with the Arbitration and Conciliation Act, 1996, as amended from time to time. The seat and venue of arbitration shall be ________, and the proceedings shall be conducted in the English language.
26.5. Subject to the foregoing, the courts at ________ shall have exclusive jurisdiction over any dispute, difference or claim arising out of this Agreement.
27. GOVERNING LAW
This Agreement shall be governed by and construed in accordance with the laws of India.
28. COUNTERPARTS AND ELECTRONIC EXECUTION
28.1. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
28.2. A signature transmitted by electronic means, or an electronic signature affixed in accordance with the Information Technology Act, 2000, shall be deemed to be an original signature for all purposes and shall have the same force and effect as an original signature.
IN WITNESS WHEREOF, the Parties hereto have set their respective hands to this Agreement on the day, month and year first hereinabove written.
___________________________
LESSOR: ________
___________________________
LESSEE: ________
WITNESSES:
1. Name: ________, Address: ________, Signature: ___________________________
2. Name: ________, Address: ________, Signature: ___________________________
Annexure - A - Storage Layout Plan
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