LEASE AGREEMENT

THIS DEED OF LEASE is made and executed at Bangalore on this

BY
.., represented herein by its Director ,
hereinafter called the LESSORS (which term shall where the context so admits be deemed to
include its successors-in-office and assigns) of the One Part:
IN FAVOUR OF
The Crearks Private Limited represented herein by its Director Mr. Suresh Seetharaman,
hereinafter referred to as the LESSEE (which term shall where the context so admits be
deemed to include his heirs, executors, administrators, legal representative and assigns) of the
Other Part:
WHEREAS the Lessors herein are the absolute owners of the Immovable Property being land
with building comprising of Ground floor, constructed at Premises bearing...
.
AND WHEREAS the Lessors have been in absolute possession and enjoyment of the Said
Property from the date of its acquisition and are fully entitled to transfer, lease or otherwise deal
with the Said Property in any manner at their absolute discretion.
AND WHEREAS the Lessee herein has negotiated with the Lessors for the lease of ENTIRE
BUILDING measuring.. Sq.ft. together with one Covered Car Parking Space and one surface
parking space in the aforesaid Immovable Property being land with building constructed at
Premises bearing No , more particularly mentioned and described in the Schedule hereunder
written which for the sake of brevity shall hereinafter be referred to as "SCHEDULE
PROPERTY" for a period of 11 (ELEVEN) Months .

AND WHEREAS the Lessors have agreed to lease and the Lessee have agreed to take on lease
the Schedule Property.
NOW THIS DEED WITNESSETH that in pursuance of the aforesaid agreement the Lessors
hereby grant unto the Lessee the Schedule Property for Lease on the terms contained hereunder:1.

DURATION:
The Lease shall be for a period of ELEVEN MONTHS , with a THREE YEARS

automatic renewal option give to the Lessee.

Renewed upon mutual agreement every eleven months.
2.

COMMENCEMENT:
The Lease shall commence from 01-12-2014.

3.

POSSESSION:
The Lessors shall deliver the Vacant Possession of the Schedule Property to the Lessee on
or before However, the monthly rent shall commence from 01-12-2014.

4.

TENANCY MONTH:
The tenancy month shall be English calendar Month.

5.

RENT & DEPOSIT

a.

The agreed rent of the Schedule Property shall be Rs.45000/- Rupees forty five

thousand only) per month all inclusive.

Maintenance will be done by the lessee. Cleaning, security, water and electricity.
b.

The Lessee shall pay the aforesaid monthly rent on or before 10 th of every

succeeding month regularly to the Lessor. The lessor will generate a bill on the 1 st of every
month for the same.
c.

The security deposit of 10 (TEN) months rent Rs 4,50,000/-(rupees four lakh fifty
thousand only) shall be held by the LESSOR free of interest during the continuance
of the lease and is adjustable against rental dues, if any. This shall be refunded to the
LESSEE the day the LESSEE vacate the premises on completion of the lease or
earlier termination if any and hand over the vacant premises to the LESSORS, after
deduction of maintenance (one month of the rent shall be deducted for maintenance at
the time of vacation).
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6.

EXTENTION:
After the expiry of the present lease period of 11 months , the LEESSOR has agreed to

further extended the lease period for another 2 years. Lessee has agreed to a 5% increment on
rental after each year of renewal. An additional extension of 2 years after the 3 year automatic
renewal period will be decided by mutual discussion by the both parties, 3 months before the end
of the 3rd year of lease.
Extension will be on a 11 month basis with a rent increase of 5% upon mutual agreement.
7.

PAYMENT OF TAXES:
The Lessors shall pay the Corporation taxes of the Schedule Property.???

8.

MAINTENANCE:
The Lessee shall maintain the Schedule Property in good and tenantable condition and
handover the same in the same condition.
One month rent will be charged for maintenance at the time of vacation.

9.

SUB-LET:
The Lessee shall not sub-let, assign, underlet or part with the possession of the Schedule
Property or any part thereof to any party except other than to the Lessees own companies
or associated companies which the lessee directly or indirectly has an interest in it.

10.

USE OF PREMISES:
The Schedule Property shall be used by the Lessee for Business purpose only and shall

not be used for any objectionable or offensive trade or business or as a manufacturing unit or any
other unlawful, illegal activities or any other use which is not permitted by Law. The
accommodation could be shared by the Lessees sister companies with in the group or firms/
companies of its Directors. The Lessee shall not store or keep any inflammable or obnoxious
materials or things in the Schedule Property.
11.

ADDITION/ALTERATIONS:
The Lessee can make any structural alterations or additions or modifications either

temporary or permanent with the permission of the Lessors. However, the Lessors shall permit
the Lessee to install fixtures and fittings including air-conditioners, telephone connection to suit
their requirements and any other utility and remove them at the expiration of this Lease or sooner
determination as the case may be, at the cost and expense of the Lessee, provided that such work

or installation or removal shall not cause any damage to the Schedule Property and if any
damage is caused thereby, the Lessee to repair and restore the same in its original condition.
12.

RIGHT OF INSPECTION:
The Lessors or any of their representatives/agents/workmen shall be entitled to enter the

Schedule Property at all reasonable hours for the purpose of inspection/carrying out any repairs
relating to the building with prior information to the Lessee.
13.

RE-DELIVERY OF POSSESSION:
The Lessee hereby agree and undertake that he shall deliver the vacant possession of the

Schedule Property at the time of expiry of the lease period or its earlier determination or after the
extended period if any as the case may be in the same condition as it was leased out this day,
subject to normal wear and tear. It is also understood that on vacation of the schedule premises
under this lease, the Lessee will clear all the dues towards electricity, arrears of rent and all other
connected charges pertaining to the leased schedule premises payable for the period the premises
was occupied by him without any demur or delay.
One month of rent will be charged for maintenance.
14.

ELECTRICITY CHARGES:
The Lessors have provided KVA Electric Power to the Schedule Property for the

exclusive use of the Lessee. Any additional Power required by the Lessee shall be obtained and
the cost towards obtaining such power including the deposits, fees, expenses to be borne and
paid by the Lessee. The Lessors shall sign necessary Applications and papers as may be required
in this behalf.
The Lessee shall pay electric consumption charges to the concerned department as per the
separate meter provided regularly and without any default.
15.

WATER CHARGES:
The Lessee shall pay the Water charges to the concerned Authority regularly and without

any default.
16.

REPAIRS:
The Lessee shall carryout any minor repairs whenever necessary and maintains the
Schedule Property in good order and condition.
The Lessors shall carryout any major repairs or structural replacement unless the damage

caused by Lessee.

17.

PEACEFUL POSSESSION:
The Lessee paying the rents and observing all the terms and conditions stipulated herein

shall peacefully enjoy the Schedule Property without any let or hindrance from the Lessors or
any person/s claiming through or in trust for the Lessors.
18.

NO BAR ON SALE:
During the term of the Lease, if the Lessors wishes to sell the said property, the Lessors

agrees to give the first right of refusal to the Lessee before offering the property for sale. If the
Lessee refuses the purchase of the said property, the Lessors shall be entitled to sell, transfer or
otherwise deal with the Schedule Property to any prospective purchaser/s along with the tenancy
rights at their absolute discretion without affecting the right of the Lessee in respect of his lease
holding right and the Lessee has no-objection in this behalf.
19.

LOCK-IN-PERIOD:
It is hereby specifically agreed by the LESSOR that the initial 3 Years of the lease shall

be the automatic renewal period with the first right of refusal with the lessee and shall not be
terminated on any account whatsoever unless for default in payment of rent by the Lessee.
There will be no lock in period.
21.

TERMINATION OF LEASE:
a.

By efflux of time.

b.

In the event of default in payment of rent as mentioned in Clause 25 infra.

c.

Either the Lessors or the Lessee shall be entitled to terminate the lease by giving 3
months prior written notice to the other party, subject to Clause 23 supra.

22.

JURISDICTION:
In the event of default or dispute between the parties, the matter shall be subject to the

jurisdiction at Bangalore.
23.

NOTICE:
That any notice in terms of this lease, by either side, will be given at the address stated

above by Registered Post Acknowledgement Due post unless a different address has been
intimated in writing against receipt.

24.

LEASE DEED
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This Lease Deed has been prepared in TWO copies. The Lessee shall retain one Original
and the other original thereof handed over to the Lessors.

SCHEDULE HEREINBEFORE REFERRED TO

All that piece and parcel of Immovable Property space in the building

IN WITNESS WHEREOF the PARTIES have hereunto set their respective hands the day,
month and year first hereinabove written.
WITNESSES:
1.
LESSORS

2.
LESSEE