Lease Agreement

This agreement is entered into by the lessee and the lessor (the property owner). It includes all the terms and details related to the property to be leased. It carves out the terms of the lease between both the involved parties. It includes the time period for which a particular property is given on lease, payment terms and restrictions on the usage of that property. Thus, it outlines the basic terms and ultimately makes the lessor- lessee relationship legally binding.

A lease agreement can be enforced legally by printing on a non judicial stamp paper and signing by the involved parties preferably in the presence of two attesting witnesses. It should be registered at the sub registrar office if the period exceeds 11 months. Use this agreement if: 1. You as a property owner want to lease out your property. 2. You as a lessee (tenant) want to guarantee yourself the use of a leased property

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Frequently Asked Questions

This agreement is entered into by the lessee and the lessor (the property owner). It includes all the terms and details related to the property to be leased. It carves out the terms of the lease between both the involved parties. It includes the time period for which a particular property is given on lease, payment terms and restrictions on the usage of that property. Thus, it outlines the basic terms and ultimately makes the lessor- lessee relationship legally binding.
Who needs this agreement and why?
A lease agreement can be enforced legally by printing on a non judicial stamp paper and signing by the involved parties preferably in the presence of two attesting witnesses. It should be registered at the sub registrar office if the period exceeds 11 months. Use this agreement if: 1. You as a property owner want to lease out your property. 2. You as a lessee (tenant) want to guarantee yourself the use of a leased property
What is the use of Annexure?
The following are all the major clauses included in this agreement:
  1. Term- states the particular timeline including the commencement date.
  2. Premises- describes the ownership and location of the property. Also, defines the purpose of the lease.
  3. Rent and Maintenance charges- contains information regarding rent amount, late payment charges and bill payment.
  4. Security Deposit- governs conditions regarding security deposit and its use.
  5. Possession- outlines the process of transfer of possession.
  6. Use of Premises- includes dos and don'ts regarding the use of premises.
  7. Insurance- detailed lines about insurance requirements relating to the property.
  8. Taxes-assigns the duty of payment of taxes and underlines the consequences of default.
  9. Maintenance and Repair- mentions the duty of the lessee to develop, improve and repair the premises of the leased property.
  10. Hazardous Materials- provides against keeping dangerous things inside the premises.
  11. Access to Lessor- states the right of the lessor to enter the premises.
  12. Assignability and Subletting- ensures that the lessee would pay for the specified period without any interruption.
  13. Termination- conditions for termination of this agreement.
  14. Dispute Resolution- explains how a problem will be resolved in case of a dispute.
  15. General Provisions- outlines the general terms of the agreement including modification, jurisdiction, acts of God etc.
These are a few terms which might be useful to read about for a better understanding of this agreement:
  1. Lessor-the person or company who leases a property to another. Commonly called the landlord.
  2. Lessee-the person to whom a property is leased or let out the. Commonly called the tenant.
  3. Demised Premises-refers to the property that has been leased out.
  4. Waiver-defined as the voluntary surrender of a right or privilege.
  5. Force Majeure-refers to events commonly called the 'Acts of God', these are unavoidable and unforeseen events beyond the control of either party. Examples are earthquakes, hurricanes, floods, wear and tear, wear and tear due to fire, terrorist attacks, wars, riots, and raids, among other things.
What are the legal jargons used in this agreement?
There is no Annexure section in this agreement.
How to use this agreement?
The following are all the major clauses included in this agreement:
  1. Term- states the particular timeline including the commencement date.
  2. Premises- describes the ownership and location of the property. Also, defines the purpose of the lease.
  3. Rent and Maintenance charges- contains information regarding rent amount, late payment charges and bill payment.
  4. Security Deposit- governs conditions regarding security deposit and its use.
  5. Possession- outlines the process of transfer of possession.
  6. Use of Premises- includes dos and don'ts regarding the use of premises.
  7. Insurance- detailed lines about insurance requirements relating to the property.
  8. Taxes-assigns the duty of payment of taxes and underlines the consequences of default.
  9. Maintenance and Repair- mentions the duty of the lessee to develop, improve and repair the premises of the leased property.
  10. Hazardous Materials- provides against keeping dangerous things inside the premises.
  11. Access to Lessor- states the right of the lessor to enter the premises.
  12. Assignability and Subletting- ensures that the lessee would pay for the specified period without any interruption.
  13. Termination- conditions for termination of this agreement.
  14. Dispute Resolution- explains how a problem will be resolved in case of a dispute.
  15. General Provisions- outlines the general terms of the agreement including modification, jurisdiction, acts of God etc.

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