LEASE AGREEMENT
This
Lease Agreement made the ____ day of _________________, 2023, by and between
_____________________________________ [name of lessor], of
________________________________________________ [street address], State of
________________, hereinafter referred to as "Lessor", and
_____________________________________ [name of lessee], of
________________________________________________
[street address], State of ________________, hereinafter referred to as
"Lessee", collectively referred to herein as the “Parties”, agree as
follows:
1. DESCRIPTION
OF LEASED PREMISES: The Lessor agrees to lease to the Lessee the following
described _________ square feet (SF) of _____________ [type of space] located
at ______________________________
___________________________
[street address], State of ________________.
Additional
Description: ______________________________________________
Hereinafter
known as the “Premises”.
2. USE
OF LEASED PREMISES: The Lessor is leasing the Premises to the Lessee and
the Lessee is hereby agreeing to lease the Premises for the following use and purpose:
__________________________________________
________________________________________________________________
Any
change in use or purpose the Premises other than as described above shall be
upon prior written consent of Lessor only.
3. TERM
OF LEASE: The term of this Lease shall be for a period of ____ year(s) ____
month(s) commencing on the ____ day of _________________, 2023, and expiring at
Midnight on the ____ day of _________________, 20____. (“Initial Term”)
4. BASE
RENT: The net monthly payment
shall be __________________ INR (Rs._______________), payable monthly with the
first payment due upon the commencement of the Lease and each monthly
installment payable thereafter on the ____ day of each month. Said net monthly
payment is-hereafter referred to as the "Base Rent". Rent for any
period during the term hereon, which is for less than 1 month shall be a
pro-rata portion of the monthly rent.
5. OPTION
TO RENEW: (Check One)
Rent for each option period shall:
(Check One)
6. EXPENSES:
[Check and Initial whether this Lease is Gross, Modified Gross,
or Triple Net (NNN)]
It
is the intention of the Parties that this Lease be considered a “Gross Lease”
and as such, the Base Rent is the entirety of the monthly rent. Therefore, the
Lessee is not obligated to pay any additional expenses which includes
utilities, real estate taxes, insurance (other than on the Lessee’s personal
property), charges or expenses of any nature whatsoever in connection with the
ownership and operation of the Premises. The Lessor shall be obligated to
maintain the general exterior structure of the Premises, in addition, shall
maintain all major systems such as the heating, plumbing, and electrical. The
parking area shall be maintained by the Lessor including the removal of any
snow or environmental hazards as well as the grounds and lands surrounding the
Premises. The Lessor shall maintain at their expense casualty insurance for the
Premises against loss by fire which may or may not include any extended
coverage. The Lessee will provide and maintain personal liability and property
damage insurance as a lessee, at least to the limits of One Million INRs
($1,000,000.00), that will designate the Lessor as an "also named
insured", and shall provide the Lessor with a copy of such insurance
certification or policy prior to the effective date of this Lease.
☐. MODIFIED
GROSS. Tenant’s Initials _____ Landlord’s Initials _____
It
is the intention of the Parties that this Lease shall be considered a “Modified
Gross Lease”.
In
addition to the Base Rent, the Lessee shall be obligated to pay the following
monthly expenses:
________________________________________________________________________________________________________________________________________________________________________________________________
Lessor
shall pay the following monthly expenses:
________________________________________________________________
________________________________________________________________________________________________________________________________
It
is the intention of the Parties that this Lease shall be considered a “Triple
Net Lease”.
I. Operating Expenses. The Lessor shall have no
obligation to provide any services, perform any acts, or pay expenses, charges,
obligations or costs of any kind whatsoever with respect to the Premises. The
Lessee hereby agrees to pay one-hundred percent (100%) of any and all Operating
Expenses as hereafter defined for the entire term of the Lease and any
extensions thereof in accordance with specific provisions hereinafter set
forth. The term “Operating Expenses” shall include all costs to the Lessor of
operating and maintaining the Premises, and shall include, without limitation,
real estate and personal property taxes and assessments, management fee(s),
heating, air conditioning, HVAC, electricity, water, waste disposal, sewage,
operating materials and supplies, service agreements and charges, lawn care,
snow removal, restriping, repairs, repaving, cleaning and custodial, security,
insurance, the cost of contesting the validity or applicability of any
governmental acts which may affect operating expenses, and all other direct
operating costs of operating and maintaining the Premises and related parking
areas, unless expressly excluded from operating expenses.
II. Taxes. Lessee shall pay, during
the term of this Lease, the real estate taxes including any special taxes or
assessments (collectively, the "taxes") attributable to the Premises
and accruing during such term. Lessee, at Lessor’s option, shall pay to Lessor
said taxes on a monthly basis, based on one-twelfth (1/12) of the estimated
annual amount for taxes. Taxes for any fractional calendar year during the term
hereof shall be prorated. In the event the Lessee does not make any tax payment
required hereunder, Lessee shall be in default of this Lease.
III. Insurance. Lessee shall maintain, at
all times during the Term of this Lease, comprehensive general liability
insurance in an insurance company licensed to do business in the State in which
the Premises are located and that is satisfactory to Lessor, properly
protecting and indemnifying Lessor with single limit coverage of not less than
______________________ INRs (Rs.__________________) for injury to or
______________________ INRs (Rs.__________________) death of persons and
______________________ INRs (Rs.__________________) for property damage. During
the Term of this Lease, Lessee shall furnish the Lessor with certificate(s) of
insurance, in a form acceptable to Lessor, covering such insurance so
maintained by Lessee and naming Lessor and Lessor's mortgagees, if any, as
additional insured.
7. SECURITY
DEPOSIT: In addition to the above, a deposit in the amount of
______________________ INRs (Rs.__________________), shall be due and payable
in advance or at the signing of this Lease, hereinafter referred to as the
“Security Deposit”, and shall be held in escrow by the Lessor in a separate,
interest-bearing savings account as security for the faithful performance of the
terms and conditions of the Lease. The Security Deposit may not be used to pay
the last month’s rent unless written permission is granted by the Lessor.
8. LEASEHOLD
IMPROVEMENTS: The Lessee agrees that no leasehold improvements, alterations
or changes of any nature, (except for those listed on any attached addenda)
shall be made to the leasehold premises or the exterior of the building without
first obtaining the consent of the Lessor in writing, which consent shall not
be unreasonably withheld, and thereafter, any and all leasehold improvements
made to the Premises which become affixed or attached to the leasehold Premises
shall remain the property of the Lessor at the expiration or termination of
this Lease Agreement. Furthermore, any leasehold improvements shall be made
only in accordance with applicable Government, state or local codes, ordinances
or regulations, having due regard for the type of construction of the building
housing the subject leasehold Premises. If the Lessee makes any improvements to
the Premises the Lessee shall be responsible payment, except the following
_____________________________________________________.
Nothing
in the Lease shall be construed to authorize the Lessee or any other person
acting for the Lessee to encumber the rents of the Premises or the interest of
the Lessee in the Premises or any person under and through whom the Lessee has
acquired its interest in the Premises with a mechanic’s lien or any other type
of encumbrance. Under no circumstance shall the Lessee be construed to be the
agent, employee or representative of Lessor. In the event a lien is placed
against the Premises, through actions of the Lessee, Lessee will promptly pay
the same or bond against the same and take steps immediately to have such lien removed.
If the Lessee fails to have the Lien removed, the Lessor shall take steps to
remove the lien and the Lessee shall pay Lessor for all expenses related to the
Lien and removal thereof and shall be in default of this Lease.
9. LICENSES
AND PERMITS: A copy of any and all local, state or Government permits
acquired by the Lessee which are required for the use of the Premises shall be
kept on site at all times and shall be readily accessible and produced to the
Lessor and/or their agents or any local, state, or Government officials upon
demand.
10. OBLIGATIONS
OF LESSEE: The Lessee shall be primarily responsible whenever needed for
the maintenance and general pickup of the entranceway leading into the
Premises, so that this is kept in a neat, safe and presentable condition. The
Lessee shall also be responsible for all minor repairs and maintenance of the
leasehold Premises, particularly those items which need immediate attention and
which the Lessees, or their employees, can do and perform on their own,
including but not limited to, the replacement of light bulbs, as well as the
normal repair and cleaning of windows, cleaning and clearing of toilets, etc.,
and the Lessee shall properly maintain the Premises in a good, safe, and clean
condition. The Lessee shall properly and promptly remove all rubbish and
hazardous wastes and see that the same are properly disposed of according to
all local, state laws, rules regulations or ordinances.
In
the event the structure of the Premises is damaged as a result of any neglect
or negligence of Lessee, their employees, agents, business invitees, or any
independent contractors serving the Lessee or in any way as a result of
Lessee’s use and occupancy of the Premises, then the Lessee shall be primarily
responsible for seeing that the proper claims are placed with the Lessee’s
insurance company, or the damaging party's insurance company, and shall
furthermore be responsible for seeing that the building is safeguarded with
respect to said damage and that all proper notices with respect to said damage,
are made in a timely fashion, including notice to the Lessor, and the party or
parties causing said damage. Any damage that is not covered by an insurance
company will be the liability of the Lessee.
The
Lessee shall, during the term of this Lease, and in the renewal thereof, at its
sole expense, keep the interior of the Premises in as good a condition and
repair as it is at the date of this Lease, reasonable wear and use excepted.
This obligation would include the obligation to replace any plate glass damaged
as a result of the neglect or acts of Lessee or her guests or invitees.
Furthermore, the Lessee shall not knowingly commit nor permit to be committed
any act or thing contrary to the rules and regulations prescribed from time to
time by any Government, state or local authorities and shall expressly not be
allowed to keep or maintain any hazardous waste materials or contaminates on
the Premises. Lessee shall also be responsible for the cost, if any, which
would be incurred to bring her contemplated operation and business activity
into compliance with any law or regulation of a Government, state or local
authority.
11. INSURANCE:
In the event the Lessee shall fail to obtain insurance required hereunder and
fails to maintain the same in force continuously during the term, Lessor may,
but shall not be required to, obtain the same and charge the Lessee for same as
additional rent. Furthermore, Lessee agrees not to keep upon the Premises any
articles or goods which may be prohibited by the standard form of fire
insurance policy, and in the event the insurance rates applicable to fire and
extended coverage covering the Premises shall be increased by reason of any use
of the Premises made by Lessee, then Lessee shall pay to Lessor, upon demand,
such increase in insurance premium as shall be caused by said use or Lessee’s
proportionate share of any such increase.
12. SUBLET/ASSIGNMENT:
The Lessee may not transfer or assign this Lease, or any right or interest
hereunder or sublet said leased Premises or any part thereof without first
obtaining the prior written consent and approval of the Lessor.
13. DAMAGE
TO LEASED PREMISES: In the event the building housing the Premises shall be
destroyed or damaged as a result of any fire or other casualty which is not the
result of the intentional acts or neglect of Lessee and which precludes or
adversely affects the Lessee’s occupancy of the Premises, then in every such
cause, the rent herein set forth shall be abated or adjusted according to the
extent to which the leased Premises have been rendered unfit for use and
occupation by the Lessee and until the demised Premises have been put in a
condition at the expense of the Lessor, at least to the extent of the value and
as nearly as possible to the condition of the Premises existing immediately
prior to such damage. It is understood, however, in the event of total or
substantial destruction to the Premises that in no event shall the Lessor's
obligation to restore, replace or rebuild exceed an amount equal to the sum of
the insurance proceeds available for reconstruction with respect to said
damage.
14. DEFAULT
AND POSSESSION: In the event that the Lessee shall fail to pay said rent,
and expenses as set forth herein, or any part thereof, when the same are due
and payable, or shall otherwise be in default of any other terms of said Lease
for a period of more than 15 days, after receiving notice of said default, then
the parties hereto expressly agree and covenant that the Lessor may declare the
Lease terminated and may immediately re-enter said Premises and take possession
of the same together with any of Lessee’s personal property, equipment or
fixtures left on the Premises which items may be held by the Lessor as security
for the Lessee’s eventual payment and/or satisfaction of rental defaults or
other defaults of Lessee under the Lease. It is further agreed, that if the
Lessee is in default, that the Lessor shall be entitled to take any and all
action to protect its interest in the personal property and equipment, to
prevent the unauthorized removal of said property or equipment which threatened
action would be deemed to constitute irreparable harm and injury to the Lessor
in violation of its security interest in said items of personal property.
Furthermore, in the event of default, the Lessor may expressly undertake all
reasonable preparations and efforts to release the Premises including, but not
limited to, the removal of all inventory, equipment or leasehold improvements
of the Lessee’s, at the Lessee’s expense, without the need to first procure an
order of any court to do so, although obligated in the interim to undertake reasonable
steps and procedures to safeguard the value of Lessee’s property, including the
storage of the same, under reasonable terms and conditions at Lessee’s expense,
and, in addition, it is understood that the Lessor may sue the Lessee for any
damages or past rents due and owing and may undertake all and additional legal
remedies then available.
In
the event any legal action has to be instituted to enforce any terms or
provisions under this Lease, then the prevailing party in said action shall be
entitled to recover a reasonable attorney's fee in addition to all costs of
said action.
Rent
which is in default for more than _____ days after due date shall accrue a
payment penalty of one of the following:
(Choose One)
In
this regard, all delinquent rental payments made shall be applied first toward
interest due and the remaining toward delinquent rental payments.
15. INDEMNIFICATION:
The Lessee hereby covenants and agrees to indemnify, defend and hold the Lessor
harmless from any and all claims or liabilities which may arise from any cause
whatsoever as a result of Lessee’s use and occupancy of the Premises, and
further shall indemnify the Lessor for any losses which the Lessor may suffer
in connection with the Lessee’s use and occupancy or care, custody and control
of the Premises. The Lessee also hereby covenants and agrees to indemnify and
hold harmless the Lessor from any and all claims or liabilities which may arise
from any latent defects in the subject Premises that the Lessor is not aware of
at the signing of the lease or at any time during the lease term.
16. BANKRUPTCY
- INSOLVENCY: The Lessee agrees that in the event all or a substantial
portion of the Lessee’s assets are placed in the hands of a receiver or a
Trustee, and such status continues for a period of 30 days, or should the
Lessee make an assignment for the benefit of creditors or be adjudicated
bankrupt; or should the Lessee institute any proceedings under the bankruptcy
act or any amendment thereto, then such Lease or interest in and to the leased
Premises shall not become an asset in any such proceedings and, in such event,
and in addition to any and all other remedies of the Lessor hereunder or by law
provided, it shall be lawful for the Lessor to declare the term hereof ended
and to re-enter the leased land and take possession thereof and all
improvements thereon and to remove all persons therefrom and the Lessee shall
have no further claim thereon.
17. SUBORDINATION
AND ATTORNMENT: Upon request of the Lessor, Lessee will subordinate its
rights hereunder to the lien of any mortgage now or hereafter in force against
the property or any portion thereof, and to all advances made or hereafter to
be made upon the security thereof, and to any ground or underlying lease of the
property provided, however, that in such case the holder of such mortgage, or
the Lessor under such Lease shall agree that this Lease shall not be divested
or in any way affected by foreclosure, or other default proceedings under said
mortgage, obligation secured thereby, or Lease, so long as the Lessee shall not
be in default under the terms of this Lease. Lessee agrees that this Lease
shall remain in full force and effect notwithstanding any such default
proceedings under said mortgage or obligation secured thereby.
Lessee
shall, in the event of the sale or assignment of Lessor's interest in the
building of which the Premises form a part, or in the event of any proceedings
brought for the foreclosure of, or in the event of exercise of the power of
sale under any mortgage made by Lessor covering the Premises, attorn to the
purchaser and recognize such purchaser as Lessor under this Lease.
18. MISCELLANEOUS
TERMS:
I. Usage by Lessee: Lessee
shall comply with all rules, regulations and laws of any governmental authority
with respect to use and occupancy. Lessee shall not conduct or permit to be
conducted upon the Premises any business or permit any act which is contrary to
or in violation of any law, rules or regulations and requirements that may be
imposed by any authority or any insurance company with which the Premises is
insured, nor will the Lessee allow the Premises to be used in any way which
will invalidate or be in conflict with any insurance policies applicable to the
building. In no event shall explosives or extra hazardous materials be taken
onto or retained on the Premises. Furthermore, Lessee shall not install or use
any equipment that will cause undue interference with the peaceable and quiet
enjoyment of the Premises by other tenants of the building.
II. Signs: Lessee shall not
place on any exterior door, wall or window of the Premises any sign or
advertising matter without Lessor’s prior written consent and the approval of
the _________________________________ [Municipality]. Thereafter, Lessee agrees
to maintain such sign or advertising matter as first approved by Lessor in good
condition and repair. Furthermore,
Lessee shall conform to any uniform reasonable sign plan or policy that the
Lessor may introduce with respect to the building. Upon vacating the Premises,
Lessee agrees to remove all signs and to repair all damages caused or resulting
from such removal.
III.
Pets:
Unless otherwise stated in this Lease Agreement, the only pets that shall be
allowed on the Premises are those needed legally due to a disability or
handicap.
IV. Condition of
Premises/Inspection by Lessee: The Lessee has had the opportunity to inspect
the Premises and acknowledges with its signature on this lease that the
Premises are in good condition and comply in all respects with the requirements
of this Lease. Furthermore, the Lessor makes no representation or warranty with
respect to the condition of the Premises or its fitness or availability for any
particular use, and the Lessor shall not be liable for any latent or patent
defect therein. Furthermore, the Lessee represents that Lessee has inspected
the Premises and is leasing and will take possession of the Premises with all
current fixtures present in their “as is” condition as of the date hereof.
V. Right of Entry: It is
agreed and understood that the Lessor and its agents shall have the complete
and unencumbered right of entry to the Premises at any time or times for
purposes of inspecting or showing the Premises and for the purpose of making
any necessary repairs to the building or equipment as may be required of the
Lessor under the terms of this Lease or as may be deemed necessary with respect
to the inspection, maintenance or repair of the building.
19. ESTOPPEL
CERTIFICATE: Lessee at any time and from time to time, upon at least ten
(10) days prior notice by Lessor, shall execute, acknowledge and deliver to
Lessor, and/or to any other person, firm or corporation specified by Lessor, a
statement certifying that the Lease is unmodified and in full force and effect,
or if the Lease has been modified, then that the same is in full force and
effect except as modified and stating the modifications, stating the dates to
which the fixed rent and additional rent have been paid, and stating whether or
not there exists any default by Lessor under this Lease and, if so, specifying
each such default.
20. HOLDOVER:
Should Lessee remain in possession of the Premises after the cancellation,
expiration or sooner termination of the Lease, or any renewal thereof, without
the execution of a new Lease or addendum, such holding over in the absence of a
written agreement to the contrary shall be deemed, if Lessor so elects, to have
created and be construed to be a tenancy from month to month, terminable upon
thirty (30) days’ notice by either party.
21. WAIVER:
Waiver by Lessor of a default under this Lease shall not constitute a waiver of
a subsequent default of any nature.
22. GOVERNING
LAW: This Lease shall be governed by the laws of the Republic Union of
India.
23. NOTICES:
Payments and notices shall be addressed to the following:
Lessor
________________________________________________________________
________________________________________________________________
________________________________________________________________
Lessee
________________________________________________________________
________________________________________________________________
________________________________________________________________
24.
AMENDMENT:
No amendment of this Lease shall be effective unless reduced to writing and
subscribed by the parties with all the formality of the original.
25. BINDING
EFFECT: This Lease and any amendments thereto shall be binding upon the
Lessor and the Lessees and/or their respective successors, heirs, assigns,
executors and administrators.
IN
WITNESS WHEREOF, the parties hereto set their hands and seal this ____ day of
_________________, 2023.
Lessee’s Signature Printed Name
________________________ ________________________
Lessor’s Signature Printed Name
________________________ ________________________
Witnesses;
1.
2.
Drafted and prepared by me,
Rabindra Nath Das,
Advocate
Alipore Judges’ Court
Mobile : 9874989824
Email : dasrabi0501@gmail.com
THIS LEASE AGREEMENT MADE ON THIS
______THE DAY OF __________2023, AT KOLKATA
BY AND BETWEEN
______________________
______LESSOR
-
AND
–
_______________________
______LESSEE
LEASE AGREEMENT
Rabindra
Nath Das,
Advocate
Alipore
Judges’ Court
Mobile
: 9874989824
Email
: dasrabi0501@gmail.com
