Office Space Lease

The office lease agreement is entered between a lessor and a lessee in order to specify all the terms and details of the leased space. This agreement is important for both the parties involved in the deal. To a lessee,it provides information related to the permitted use of the property, terms of the agreement and other details such as payment and period of lease, while to a lessor, it ensures the right to take a legal action if the lessee does not pay rent on time or use the property for any purpose other than that mentioned in the agreement. This prevents any conflict which may arise in future between both the parties.

This agreement can be enforced legally by printing it on a non judicial stamp paper duly signed by both the parties in 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 an owner of an office space wish to rent it to companies or individuals. 2.You as an individual or company is looking for an office space.

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Frequently Asked Questions

The office lease agreement is entered between a lessor and a lessee in order to specify all the terms and details of the leased space. This agreement is important for both the parties involved in the deal. To a lessee,it provides information related to the permitted use of the property, terms of the agreement and other details such as payment and period of lease, while to a lessor, it ensures the right to take a legal action if the lessee does not pay rent on time or use the property for any purpose other than that mentioned in the agreement. This prevents any conflict which may arise in future between both the parties.
Who needs this agreement and why?
This agreement can be enforced legally by printing it on a non judicial stamp paper duly signed by both the parties in 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 an owner of an office space wish to rent it to companies or individuals. 2.You as an individual or company is looking for an office space.
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 do's 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, and the sub-clause deals with the prospect of remodeling and structural improvements.
  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 under which the agreement can be terminated.
  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, waiver, Force Majeure (acts of God), severability, and Attorney's Fees as the major sub headings.
These are some terms which might be useful to read about for 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. Lock-In Period-the minimum period for which the property is to be leased.
  5. Waiver-defined as the voluntary surrender of a right or privilege.
  6. Assignability-refers to whether or not the agreement cannot be assigned, which means whether or not the agreement can be transferred to another person or entity - transferring the liabilities and responsibilities and privileges.
  7. Subletting-leasing of a property to a sub tenant.
  8. 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.
  9. Severability-refers to the concept that if parts of the contract are held to be illegal or otherwise unenforceable, the remainder of the contract shall still apply.
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 do's 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, and the sub-clause deals with the prospect of remodeling and structural improvements.
  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 under which the agreement can be terminated.
  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, waiver, Force Majeure (acts of God), severability, and Attorney's Fees as the major sub headings.

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