Deed of Lease
This Deed of Lease is made and entered into at_____________, this______ day of_________ , 20___, between ABC, and adult Indian, aged about________ years, Occ:-___________, r/o______________________ (hereinafter for the sake of brevity referred to as the ‘Lessor’ which expression, unless it be repugnant to the context and meaning thereof, include his legal heirs, successors, executors, administrators and assigns) and M/s. XYZ Ltd, a company incorporated under the Companies Act, 1956, having its registered office at______________________, through its duly appointed Constituted Attorney_______ (hereinafter referred to as the ‘Lessee”, which expression, unless it be repugnant to the context and meaning thereof, include its successors, legal representatives, receivers, administrators, liquidators and official assignees).
WHEREAS, the ‘Lessor’ is absolutely seized and possessed of a tract of land admeasuring about___________, being and situate at C.S/C.S.N/CTS No_____ of the revenue village________, Tehsil_______, District_________, the ownership and occupational rights whereof having been acquired by the ‘Lessor’ by virtue of inheritance and self-acquisition (hereinafter for the sake of brevity referred to as the ‘said land’).
AND WHEREAS, the ‘said land’ has been assessed to the Non-Agricultural use vide an order bearing No._________, dated________ passed by the District Collector___________.
AND WHEREAS, the ‘Lessor’ desired to exploit the development potential of the ‘said land’ for a housing project, the ‘Lessee’ herein approached him with a proposal for obtaining the lease of the ‘said land’.
AND WHEREAS, after several rounds of negotiations the parties hereto arrived at certain terms & conditions for the lease of the ‘said land’ which they desire to reduce to writing as hereunder.
NOW THIS DEED OF LEASE WITNESSETH AS UNDER:-
1] The ‘Lessor’ hereby demise and lease unto the ‘Lessee’ the ‘said land’ as more particularly described in the Schedule appended hereto for a period of 99 years, which period shall commence on the execution of these presents and the ‘Lessee’ on its part signifies its assent thereto.
2] The ‘Lessee’ shall build and erect on the ‘said land’ in all 4 buildings, to be known as Olympus I, II, III & IV, each building comprising ground+ 11 storeys with 37 flats of varying areas as stipulated in the building plans and other building layouts approved by the ‘Lessor’, a copy whereof having been annexed to the said Deed.
3] The ‘Lessee’ shall obtain all requisite building permissions and other approvals from the_______________ Municipal Corporation/Council on the strength of the above referred building plans and layout plans as expeditiously possible and strive to complete the construction and building work within a period of________ months from the date of execution of these presents. If owing to any exigency of situation or the requisitions/directions on the part of Government/Semi-Government authorities, any changes and/or modifications to the above building plans and layout plans become necessary, prior intimation thereof in writing shall be given to the ‘Lessor’.
4] The ‘Lessee’ in lieu and consideration of the said demise shall pay to the ‘Lessor’ a yearly rent of Rs__________/- on or before the 31st day of March every year without any default for the first nine years of the lease term and on the completion of initial nine years term and each succeeding nine years term, the amount of yearly rent shall be increased by ___% and the ‘Lessee’ on its part agrees to pay such rent/increased rent without any demur. The Schedule of yearly rent (inclusive of yearly increment) is as set out in the Table below:-
|From Year to Year||Amount of Yearly Rent|
5] The ‘Lessee’ hereby agrees to pay to the ‘Lessor’ herein a penal interest @ 10% p.a for any arrears of yearly rent, which interest shall be calculated on the period commencing from the 1st day of April every year. The ‘Lessee’ has deposited with the ‘Lessor’ a sum of Rs________/- (Rs______________/-only) towards security deposit to ensure regular payment of the yearly rent/s and/or to reimburse any other loss, expenses or damages suffered by him on account of the contravention of any of the covenants contained herein on the part of the ‘Lessee’ and after allowing such deductions/set-offs the balance amount shall be refunded to the ‘Lessee’ without any interest.
6] Failure on the part of the ‘Lessee’ to pay the yearly lease rent within the stipulated period shall be a ground for the eviction of the ‘Lessee’ from the ‘said land’ as well as the buildings/structures erected thereon. On the formation and registration of co-operative housing society/company or any other like legal entity of the flat owners, the responsibility to pay the yearly rent shall transmit to the co-operative society/company or such other legal entity and on the default of yearly rent the ‘Lessor’ shall be entitled to take back the possession of the ‘said land’ along with all the buildings and structures standing thereon after giving 15 days’ demand notice to the ‘Lessee’. In the event of arrears of rent being cleared, the eviction notice shall stand withdrawn and the lease shall continue from year to year.
7] During the subsistence of the lease, the ‘Lessee’ or its successor-in-interest shall maintain all the buildings and structures erected upon the ‘said land’ in good tenantable repairs. Where any building or structure collapses or its demolition becomes imperative owing to its dilapidated condition, the ‘Lessee’ or the successor-in-interest as mentioned in the preceding paragraph shall be liable to pay to the ‘Lessor’ an additional amount at the rate of Rs_______/- per sq. ft. of the net usable carpet area comprised in the building to be erected. However, such newly constructed building/structure shall be governed by the conditions of these presents and the term thereof shall be co-terminus with the term of the instant lease.
8] The ‘Lessor’ has paid all the taxes, rates, cess and other duties payable in respect of the said land and from the date of the demise, the ‘Lessee’ shall be liable to pay all such dues as claimed by the Government/Semi-Government authorities. On the formation of co-operative housing society, company or such other entity of the flat owners, the liability in that regard shall shift to such society, company or entity.
9] On the expiry of the lease term, unless renewed prior thereto, the ‘Lessor’ shall be entitled to take back the possession of the ‘said land’ along with all the buildings and structures standing thereon and in such event the ‘Lessee’ or its successor-in-interest shall be liable to hand over the peaceful & vacant possession of the ‘said land’ to the ‘Lessor’ and the continuance of the ‘Lessee’ or its successors-in-interest in the demised land and the structures/buildings thereon beyond the period of the lease shall be treated as an act of trespass for which the ‘Lessee’ or their successors-in-interest shall be held liable.
10] On the expiry of the lease term, the ‘Lessor’ and the ‘Lessee’ or the successors-in-interest shall have the option of renewing the lease term for a further period of_________ years, provided both the parties expressly agree to such renewal and record their mutual consent in the form of written instrument. In the event of such renewal, save and except the covenants concerning the payment of yearly rent and security deposit, all the terms and conditions set out herein shall apply as though they formed part of the Instrument of renewal.
11] On the expiry of the lease term by efflux of time or by termination, the ‘said land’ and all the structures/buildings erected thereon shall vest in and become the absolute property of the ‘Lessor’.
12] The ‘Lessor’ or his duly authorised agent shall be entitled at all reasonable times to visit the ‘said land’ and/or the buildings and/or structures erected thereon for the purposes of inspection and the ‘Lessee’ hereby covenants that it and/or its successor-in-interest shall afford all reasonable co-operation to facilitate such inspection.
13] The ‘Lessee’ or its successor-in-interest shall not allow the flat and shop owners to use their respective premises for any purpose other than residence, convenience shopping and for the plying of any lawful profession within the reasonable limits imposed by the Development Control Regulations and/or any other Act or rules for the time being in force.
SCHEDULE OF THE PROPERTY
All that piece and parcel of land admeasuring _____________ , being and situate and C.S/C.S.N/C.T.S No________ in the revenue village_________, Tehsil_________, City/District__________, within the limits of _________________ Municipal Corporation/Council/Nagar Panchayat, known as_____________________, adjacent to the landmark_________________, and bounded on four sides as follows:-
IN WITNESS WHEREOF the parties hereto have set and subscribed their respective hands to this writing the day, month and year first hereinabove mentioned.
Signed, sealed and delivered
by ABC, the withinnamed Lessor
In the presence of witness
Signed, sealed and delivered
by M/s.XYZ Ltd, the withinnamed
Lessee in the presence of
M/s. XYZ Ltd.