Commercial Property Lease Agreement Delhi Basement

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LEASE DEED

I. Parties to the Agreement

THIS LEASE DEED is made and executed at Delhi on [Date of Execution].

The Lessor (First Part)

Smt. Sudarshan Kaur W/o Sh. Paramjit Singh R/o H. No. M-170, Greater Kailash-II, New Delhi, hereinafter referred to as the LESSOR, which expression shall, unless excluded or repugnant to the context, be deemed to include legal heirs (i.e., Mr. Paramjit Singh, Husband of the Lessor herein), successors, executors, administrators, representatives, and assigns of the FIRST PART.

The Lessee (Second Part)

M/s. Dave Thomson Associates (India) Pvt. Ltd., having its registered office at Satyug-Villa 1st Floor, 5, Gurunanak Nagar off Shankarshet Road, Pune, acting through their Director, Mr. H. R. Srinivas (duly authorized to enter into these presents), hereinafter referred to as the LESSEE, which expression shall, unless excluded or repugnant to the context, include and mean successors, successors in interest, and assigns of the SECOND PART.

II. Recitals

  1. WHEREAS the Lessor has represented to the Lessee that she is the owner/landlady of the Basement portion of the construction at M-170, Greater Kailash-II, New Delhi, admeasuring 760 Sq. ft. (approximate covered area) in the said premises, and is desirous of letting out the same, hereinafter referred to as the Demised Premises.
  2. AND WHEREAS the Lessee has offered to take the Demised Premises on Lease and the Lessor has agreed to let out the same on the terms and conditions hereinafter specified.

III. Operative Clauses and Covenants

NOW THIS AGREEMENT WITNESSETH AS UNDER:

  1. That the Lessor hereby conveys to the Lessee the basement portion of the said premises admeasuring 760 Sq. ft. (approximate) for a period of 24 months with effect from 1st Sept. 1993 at a monthly rent of Rs. 4,000/- (Rupees Four Thousand only), exclusive of Electricity, water charges, and actual bills/rental charges of Telephone/Fax whenever installed in the Demised Premises.
  2. That the Lease will be for an initial period of 24 months with effect from [Date of Commencement]. The rent will be increased by 10% of the rent payable per annum immediately after the expiry of every 12 months.
  3. That both the Lessor and the Lessee have the right to terminate the Lease even before the expiry of the Lease period, by giving 3 months written notice.
  4. That the Lessor shall have the option to renew the Lease for a further period of 2 years at the terms and conditions as laid out by the Lessor.
  5. That on the date of execution of this Lease Deed, the Lessee had paid a sum of Rs. 36,000/- (Rupees Thirty Six Thousand only) vide pay order No. [Number] dated [Date] drawn on [Bank Name] as security deposit, which will be kept by the Lessor for the due performance of the terms and conditions of this Lease, free of interest.
    • On termination of the Lease, the Lessor shall refund the security deposit/unadjusted advance rent, if any.
    • In case the Lessor fails to refund the security Deposit/balance advance rent, the Lessee shall be entitled to charge interest at the rate of 21% per annum from the date of termination of Lease till the date of refund.
    • Additionally, the Lessee shall be entitled to hold possession of the property till the refund of security deposit/unadjusted advance rent along with interest, if any, is made without payment of rent/Lease money.
    • This will be applicable only on production of documentary proof by the Lessee to the Lessor that all dues pertaining to electricity and any other charges payable by the Lessee have been cleared up to date.

6. Lessee's Covenants with the Lessor

  1. That the Lessee agrees to pay a monthly rent of Rs. 4,000/- (Rupees Four Thousand only) mentioned above on or before the 7th day of every month.
  2. That the Lessee agrees to carry out minor repairs or replacement of broken parts in electrical and sanitary installations and glasses himself, but major repairs pertaining to the structure of the house will have to be done by the Lessor, as and when considered necessary by him. However, the Lessee shall hand over the vacant physical possession to the Lessor on termination of this Lease in the same condition as it has been handed over to him.
  3. That the Lessee shall give vacant possession of the premises to the Lessor after the expiry of the Lease period.
  4. That the Lessee shall duly comply with all the rules and regulations of local authorities with regard to the use of the premises.
  5. That the Lessee shall pay the electricity charges in accordance with the bills at rates determined by DESU and in accordance with bills/demands received from DESU, NDMC, including meter rents, etc. The meter readings on the date of possession will be duly recorded.
  6. That the Demised Premises have been let out to the Lessee for authorized use only.
  7. That the Lessee shall permit the Lessor or his duly authorized agents during reasonable hours in the daytime to enter upon the Demised Premises for inspection of the Lessor’s fixtures and fittings therein, and the premises as may be deemed fit by the Lessor.
  8. That the Lessee at the expiry of this Lease shall deliver peaceful and vacant possession of the Demised Premises to the Lessor together with the fittings and fixtures installed in good condition as the same are at present, reasonable wear and tear and damage by fire, earthquake, civil commotion, Act of God excepted, including lightning damage to fittings, etc., but excluding telephones, fax machines, computers, and air conditioners. No fixtures, woodwork, etc., carried out by the Lessee shall be removed/damaged at the time of handing over vacant possession of the Demised Premises.
  9. That the Lessee shall not make any alteration of a permanent nature within the premises as well as in the open space, without the written consent of the Lessor.
  10. That the Lessee shall keep the premises in good tenantable condition and shall not cause any loss/damage to it, subject to normal wear and tear of the premises.
  11. The Lessee shall observe and perform at all times during the continuance of the terms hereby created all the terms and conditions herein contained.
  12. That the Lessee will not park any motor car or any other vehicle in the outer driveway of the premises at any time, both inside and outside the main gate.

7. Lessor's Covenants with the Lessee

  1. That the Lessor has good right and full power and absolute authority to Lease the Demised Premises to the Lessee in the manner herein contained.
  2. That the Lessor shall not interfere with the peaceful enjoyment of the property by the Lessee, whether directly or indirectly.
  3. That the Lessor shall observe and perform at all times during the continuance of this deed, all the terms and conditions contained in the Lease deed by virtue of which the Lessor is holding the said premises and shall keep the Lessee indemnified against any breach or consequences thereof.
  4. That the Lessor shall pay the taxes, whether Municipal or otherwise, and failing to pay any such amount when the same shall fall due for payment, the Lessee shall be entitled to pay the same on behalf of the Lessor and to deduct the amount so paid from the rent payable by the Lessee to the Lessor hereunder.
  5. That the Lessor shall comply with, at his own cost, all requirements and regulations of the Municipal or other lawful authority concerning the Demised Premises to be observed by the owner/landlady.

8. Mutual Agreements and Declarations

  1. In the event of the Demised Premises or any part thereof being destroyed or damaged by fire, earthquake, flood, war, air raid, civil commotion, riots, or any Act of God or irresistible force during the period of the Lease, this Lease shall, at the option of the Lessee, be terminated.

    And in the event of the Lessee being desirous of the Lessor repairing the damage or reinstating the same, the Lessee shall deliver possession of the affected part thereof (as the case may be) to enable the Lessor to carry out such repairs or reinstatement. The rents hereby reserved shall remain suspended till the Demised Premises or any part thereof (as the case may be) is reinstated or restored to its former state and possession is delivered over to the Lessee for the remaining part of this Lease, if any.

  2. That in the event of any dispute or difference arising out of this deed, the matter will be referred to the Arbitrator to be appointed by consent of both the parties, and his decision will be binding on both the parties.
  3. That the parties to the agreement have specifically agreed that considering the location, accommodation, and condition of the said property, the Lease rent is fair rent and in consonance with the property market rates.
  4. That the terms and conditions of this agreement as stated above shall be binding on both the parties.
  5. That the Lease shall automatically come to an end on the expiry of the Lease period. The peaceful and vacant possession of the Demised Premises will be deemed to have been handed over by the Lessee to the Lessor.
  6. The cost of preparation of the original Lease and duplicate thereof, and stamps and registration fee in connection with the same, shall be borne and paid by the Lessee.
  7. The Lessor shall retain the original of the Lease deed and the Lessee the duplicate thereof.

IV. Execution and Witness

IN WITNESS WHEREOF, these presents have been executed by the parties hereto on the day, month, and year first mentioned herein above in presence of witness:

LESSOR

LESSEE

Witnesses:

  1. [Witness 1 Name/Signature]
  2. [Witness 2 Name/Signature]
Note on Legal Compliance

Read Section 105 to Section 111 of the Transfer of Property Act, 1882.

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Greater Kailash-II Termination Clause Property Law Rent Escalation Lessee Lease Deed Security Deposit Commercial Property India Property Covenants Lessor Delhi Real Estate Rental Agreement