This Rent agreement is hereby executed at _______________ on this ____ day of __________ between:
Smt. _______________ wife of Shri ______________, resident of ____________________ ( hereinafter referred to as First party/landlady) which expression shall mean and include her heirs, successors, legal representatives and assigns etc.
M/S ___________________, vide Ends No. Filed No_______ dated ___________, at ___________________ having its India Office _________________________ INDIA through its President Mr. ______________ (hereinafter called the tenant/Second party) of the other part, which expression shall mean and include his heirs, successors, legal representatives and assigns etc.
Whereas the first party is owner in possession, of residential House No. ___________________ and is interested to let out basement of the said house to the second party on the monthly rental basis on the following terms and conditions :-
NOW THIS AGREEMENT WITNESSETH AS UNDER: –
1- That the rate of the rent of the said premises is settled at Rs. _______/-(Rupees __________ only) per month exclusive of water, electricity and other incidental charges.
2- That the second party will pay the rent on each and every 7th day of English calender month in advance.
3- That the tenancy will be commenced from ____________ and shall remain enforced for the period of __ years.
4- That the second party has deposited the three months advance security of Rs. __________/- with the party of the first party and this amount will be adjusted in the future arrears of rent.
5- That the rent of the rented premises shall be increased @ 5% per annum
6- That the second party shall use the said premises for the purpose of providing coaching classes for the students.
7- That the second party shall not sublet, part with possession assigned the same to any person in any manner whatsoever.
8- That in case the second party fails to pay the monthly rent to the first party consequently for the period of two months, then the second party shall have to get vacated the premises in question immediately.
9- That the second party will himself affix the furnitures and fittings in the rented premises.
10- That the second party shall not make/raise any constructions as well as alteration in the rented premises without the written consent of the first party.
11- That the second party shall permit the first party or any of his authorized person to enter the said premises at reasonable time for inspection purpose.
12- That the second party will not vacate the said rent premises upto the minimum period of one year in any manner
13- That both of the parties shall have to give three months advance notice in writing to each other , in case of vacating the premises in question before the expiry period of the tenancy.
14- That the terms & and conditions as stated above shall be binding on the both parties. The terms and conditions of this agreement are final and are irrevocable.
IN WITNESSES WHEREOF, the parties have signed this agreement on the date, month and year first above written in the present of witnesses at ___________.
WITNESSES:- FIRST PARTTY
2- SECOND PARTY