LEGAL ASPECTS

OF BUSINESS
ASSIGNMENT

INSTRUCTOR: DR. AAYUSHI TOMAR

Vishnu Goyenka
URN: 2352277
SECTION-C
MBA BATCH: 2023-2025
 LEASE AGREEMENT

This LEASE AGREEMENT is executed at (Haryana) on 02 dec2023 by and between:

(Charnlal Bisnoi),

(B-50 Block A, Gurugram)

(hereinafter jointly and severally called the “LESSOR”, which expression shall include their
heirs, legal representatives, successors, and assigns) of the ONE PART:

And, in Favor of:

(Veda Kumari),

(D-8 City Centre Square Indore)

having a permanent address at the Complete Permanent Address of the LESSEE

(hereinafter called the “LESSEE”, which expression shall include its legal representatives,
successors, and assigns) of the OTHER PART.

WHEREAS the LESSOR is the absolute LESSOR of the property situated at (C-410/Block A
Gurugram) as detailed in Annexure-I, hereinafter referred to as "Demised Premises".

WHEREAS the LESSEE has requested the LESSOR to grant a Lease concerning the Schedule
Premises and the LESSOR has agreed to lease out to the LESSEE the Property with two-wheeler
and four-wheeler parking space on the ground floor for residential purposes only, on the
following terms and conditions:

NOW THIS DEED WITNESSETH AS FOLLOWS:

1. The Term of Lease shall be for a fixed period of 12 Months which shall commence from the
effective date. Thereafter, the same may be extended further on mutual consent of both parties.
2. That the LESSEE shall pay to the LESSOR a monthly lease of Rs. (50000), excluding
electricity and water bills. The lease shall be paid on or before the 7th day of each month without
fail.

4. That the LESSEE shall pay for the running cost of the elevator and generator separately to the
LESSOR.

5. That during the Lease period, in addition to the lease amount payable to the LESSOR, the
LESSEE shall pay for the use of electricity and water as per bills received from the authorities
concerned directly. For all the dues of electricity bills and water bills till the date the possession
of the premises is handed over by the LESSOR to the LESSEE, it is the responsibility of the
LESSOR to pay and clear them according to the readings on the respective meters. At the time of
handing over possession of the premises back to the LESSOR by the LESSEE, it is the
responsibility of the LESSEE to pay electricity & and water bills, as presented by the
Departments concerned according to the readings on the respective meters up to the date of
vacation of the property.

7. That all the sanitary, electrical, and other fittings and fixtures and appliances in the premises
shall be handed over from the LESSOR to the LESSEE in good working condition.

8. That the LESSEE shall not sublet, assign, or part with the demised premises in whole or part
thereof to any person in any circumstances whatsoever and the same shall be used for the
Bonafede residential purposes only.

9. That the day-to-day minor repairs will be the responsibility of the LESSEE at his/her own
expense. However, any structural or major repairs, if so required, shall be carried out by the
LESSOR.

10. That no structural additions or alterations shall be made by the LESSEE in the premises
without the prior written consent of the LESSOR but the LESSEE can install air-conditioners in
the space provided and other electrical gadgets and make such changes for the purposes as may
be necessary, at his own cost. On termination of the tenancy or earlier, the LESSEE will be
entitled to remove such equipment and restore the changes made, if any, to the original state.

11. That the LESSOR shall hold the right to visit in person or through his authorized agent(s),
servants, workmen, etc., to enter upon the demised premises for inspection (not exceedingly once
in a month) or to carry out repairs/construction, as and when required.

12. That the LESSEE shall comply with all the rules and regulations of the local authority
applicable to the demised premises. The premises will be used only for residential purposes of its
employees, families, and guests.

13. That the LESSOR shall pay for all taxes/cesses levied on the premises by the local or
government authorities in the way of property tax for the premises and so on. Further, any other
payment like a subscription or periodical fee to the welfare association shall be paid by the
LESSOR.

14. That the LESSOR will keep the LESSEE free and harmless from any claims, proceedings,
demands, or actions by others concerning quiet possession of the premises.

15. That this Lease Agreement can be terminated before the expiry of this tenancy period by
serving One-month prior notice in writing by either party.

16. The LESSEE shall maintain the Demised Premises in good and tenable condition and all the
minor repairs such as leakage in the sanitary fittings, water taps electrical usage, etc. shall be
carried out by the LESSEE. It shall be the responsibility of the LESSEE to hand over the vacant
and peaceful possession of the demised premises on expiry of the Lease period, or its early
termination, as stated hereinabove in the same condition subject to natural wear and tear.

17. That in case, where the Premises are not vacated by the LESSEE, at the termination of the
Lease period, the LESSEE will pay damages calculated at two times the lease for any period of
occupation commencing from the expiry of the Lease period. The payment of damages as
aforesaid will not preclude the LESSOR from initiating legal proceedings against the LESSEE
for recovering possession of premises or for any other purpose.

18. That both the parties shall observe and adhere to the terms and conditions contained
hereinabove.

19. That the LESSEE and LESSORs represent and warrant that they are fully empowered and
competent to make this Lease. That both parties have read over and understood all the contents
of this agreement and have signed the same without any force or pressure from any side.

20. In case of any dispute to this agreement and the clauses herein, the same will be settled in the
jurisdiction of the Haryana civil courts.

21. That the Lease Agreement will be registered in front of the Registrar and the charges towards
stamp duty, court fee & and lawyer/coordinator will be equally borne by the LESSOR and
LESSEE.

ANNEXURE-I

The (C-410/Block A Gurugram) of the Property, consisting of 4 bedrooms, living room, family
lounge, kitchen, servant room, and inbuilt fittings & fixtures and inventory of (7), (24), (4), (7).

IN WITNESS WHEREOF BOTH PARTIES AGREE AND SIGN THIS AGREEMENT

WITNESSES:
 1. (Name of the Witness)

(Signature of the Witness)

(Address of the Witness)

2. (Name of the Witness)

(Signature of the Witness)

(Address of the Witness)

(Signature of the LESSOR) (Signature of the LESSEE)

(Charnell Bisnoi) (Veda Kumari)

LESSOR LESSEE