Deed Of Lease
Deed Of Lease Deed Format
This deed of lease is made this …………… day of …………… 2000 between AB and MN residing at …………… (hereinafter called the LESSORs which term shall include their heirs, successors, executors, administrators and assign) of the one part and CD residing at ……………… (hereinafter called the LESSEE which term shall include his successors, heirs, administrators and executors) of the second part.
And whereas the LESSEE has agreed to take a lease of the said land from the LESSORs for a period of …………… years upon terms and conditions hereinafter mentioned and has further undertaken to build a cinema hall to be named as …………………… according to the plan annexed hereto and to the specifications attached therewith.
Now this lease witnesseth as follows:
1. In consideration of a monthly rent of Rs. …………… and the LESSEE’s covenants hereinafter mentioned and contained the LESSORs hereby demise and lease unto the LESSEE and the LESSEE hereby takes on rent the plot of land measuring ………………… or thereabout and comprised in …………… for a period of …………… years from the date hereof.
2. Immediately on the execution of these presents or as soon thereafter as possible, the LESSEE shall commence and complete with all possible expedition a suitable building or buildings and other structures on the land hereby demised according to and in conformity with the map or plans hereto annexed which have already been sanctioned by the Municipal Committee of …………… so that such buildings and structures are completed and are ready for use for the purposes hereinafter mentioned within a period of one year from the date hereof. It is hereby declared that such buildings and structures shall at all times remain the property of the LESSEE during the term of the tenancy hereby created but immediately on the expiry of such term or on sooner determination thereof and in any event on the expiry of …………… years from the date hereof the same shall vest in and become the absolute property of the LESSORs who shall then be entitled to enter upon and to take possession of the same and shall in the meantime have and possess a vested interest therein, it being agreed that during the continuance of the tenancy hereby created the LESSEE shall not sell or mortgage or otherwise alienate the buildings and/or the structures or the materials thereof.
3. All taxes which are now payable by the LESSORs, such as land revenue, property tax as well as all insurance premia on the buildings to be constructed on the land hereby demised, shall be paid by the LESSORs but all other taxes which may hereafter be levied by any authority whatsoever as payable in respect of the said land or buildings thereon by the LESSORs or by the lessee or the occupier thereof shall be paid by the lessee.
4. The rent payable hereunder shall be paid in advance every month by the LESSEE to the LESSORs on or before the 10th day of each calendar month and the receipt of any one of the lessors shall be a complete discharge in respect of the same on behalf of all the LESSORs.
5. If default is made in the payment of the rent for any three months, then on each such default it shall be lawful for the LESSORs, in addition to or in the alternative to any other remedy that may be available to them at their discretion, to eject the lessee from the land hereby demised and from the buildings and structures that may have been erected thereon and to take possession thereof as full and absolute owner thereof provided that a notice in writing shall be given by the LESSORs to the LESSEE of their intention to take possession of the same but if the arrears of the rent are paid within seven days from the service of such notice then the LESSORs shall not be entitled to take possession of the said land and buildings.
Provided further that if the LESSORs nevertheless exercise their right to take possession of the said land and buildings as provided herein then the LESSEE shall not be liable to pay to the LESSORs the full rent hereby agreed to be paid for the whole of the remaining term of the tenancy hereby granted, subject, however, to the right of the LESSEE to claim refund of the rent, if any, that the LESSOR may recover during such remaining term from the LESSEE.
6. The LESSORs shall whitewash the buildings erected on the said land once every year and shall renew the oil-painting thereof every three years and in the event of their failure to do so the LESSEE shall be entitled to do the same after a week’s notice in writing to the LESSORs of his intention to do so and to deduct the expenses incurred by him in that behalf from the rent hereunder payable by him to the LESSORs.
7. The LESSORs (the LESSEE) shall insure and shall at all times during the continuance of this lease keep insured all the buildings that may be erected on the said demised land against loss or damages by fire with an insurance company approved in writing by the LESSEE (the LESSORs) for an amount which shall not be less than Rs. …………………… unless otherwise agreed to in writing between the parties.
8. In the event of loss by fire of the aforesaid buildings or part thereof, the insurance money received from the insurance company shall be applied in rebuilding or restoring the buildings as in their previous condition unless otherwise agreed to in writing between the LESSORs and the LESSEE and till the completion of such rebuilding or restoration, the rent hereby agreed or a proportionate part thereof shall remain suspended unless the fire was intentionally or wilfully caused by the LESSEE or his servants or agent and the period of the lease hereby granted shall be extended by the time occupied in such rebuilding or restoration. In the event of the insurance company refusing to pay the claim arising out of the loss aforesaid on the ground that the fire was intentionally or wilfully caused by the LESSEE or his servants or agent, the LESSEE shall be liable for and compensate the LESSORs on account of the loss or damage caused to the said buildings.
9. The LESSEE will be liable to keep the building or buildings and the structures erected on the said demised land in a good state of repair and wind and watertight condition and shall repair any damage or injury caused thereto except such damage as may be caused by ordinary and reasonable wear and tear.
10. The LESSEE shall permit the LESSORs or their duly authorised agent or agents to enter the premises at all convenient times for periodical ins-pection of the same except when any show or function is being held therein.
11. The LESSEE shall not, except with the permission of the LESSORs in writing first had and obtained, use the premises for any purpose other than the following, namely, the exhibition of motion pictures, theatrical performances, concerts, public lectures, skating-rinks, refreshment rooms and other purposes subsidiary or connected therewith. In case of a breach of this condition the tenancy shall be deemed to have been terminated with all the consequences hereinbefore mentioned.
12. Subject to fulfilment of the terms and conditions of these presents, the LESSEE will have the option to extend the lease of the said land and buildings and structures erected thereon for a further period of 10 years on the expiry of the lease hereby granted provided he gives a notice to the effect in writing by registered post to the LESSORs of his intention to do so at least three calendar months before the termination of the present lease.
Provided also that with such notice the LESSEE shall deposit with the LESSORs the sum of Rs. ……………… as security for the regular payment by him of the rent during such extended term as hereinafter mentioned and for the due performance of the terms of the tenancy.
Provided further that the rent payable by the LESSEE to the LESSORs during the extended term of the lease shall be Rs. …………… per month which will include the rent of the land hereby demised as well as of the buildings constructed thereon which, on the expiry of the tenancy created hereby, shall vest in and be the absolute property of the LESSORs as hereinbefore mentioned. After the expiry of the said fresh term of 10 years the LESSEE shall not be entitled to exercise a further option of renewal of the tenancy and shall hand over and deliver the land and the buildings and structures to the LESSORs in a good condition as hereinbefore provided.
13. The LESSEE shall be entitled to proceed with the construction of the buildings and/or structures on the land hereby demised immediately after the registration hereof and the LESSORs shall allow the LESSEE all facilities in that behalf and on their failure to do so pay to the LESSEE compensation at the rate of Rs. 25 (Rupees twenty-five only) per day for such period as the LESSEE is unable to commence the construction owing to the fault of the LESSOR.
14. The LESSEE has deposited a sum of Rs. ……………… with the LESSORs as security for the due performance of the conditions hereof; this amount the LESSORs shall return without interest to the LESSEE on the termination of the tenancy created hereby subject, however, to any lawful deductions that they may be entitled to make hereunder.
Schedule of the property
1. WITNESSES: Signature of LESSORs
Signature of LESSEE
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