This Rental Agreement (“Agreement”) is made and entered into on this __________ day of ______, 20, (the “Effective Date”) between [Owner/Landlord Name], a company incorporated under the laws of India, having its registered office at [Owner/Landlord Address] (hereinafter referred to as the “Owner/Landlord”), and [Tenant Name], a company incorporated under the laws of India, having its registered office at [Tenant Address] (hereinafter referred to as the “Tenant”).
WHEREAS, the Owner/Landlord is the owner of the premises located at [Premises Address] (hereinafter referred to as the “Premises”);
WHEREAS, the Tenant desires to rent the Premises from the Owner/Landlord, and the Owner/Landlord is willing to rent the same, subject to the terms and conditions set forth in this Agreement;
NOW, THEREFORE, in consideration of the mutual covenants contained herein, the Owner/Landlord and the Tenant (collectively referred to as the “Parties”) agree as follows:
1.1 The term of this lease shall be for a period of [Number] years, commencing on the Effective Date, unless terminated earlier in accordance with the provisions herein.
1.2 The Tenant shall have the option to renew this lease for additional terms of [Number] years each, subject to the Owner/Landlord’s consent and the terms and conditions to be mutually agreed upon by the Parties.
Premises Description and Use
2.1 The Owner/Landlord hereby leases to the Tenant, and the Tenant hereby rents from the Owner/Landlord, the Premises described as [Description of Premises], including all fixtures, fittings, and improvements therein.
2.2 The Tenant shall use the Premises solely for the purpose of [Intended Use] and shall not use or permit the Premises to be used for any other purpose without the prior written consent of the Owner/Landlord.
Rent and Security Deposit
3.1 The Tenant shall pay to the Owner/Landlord a monthly rent of [Amount] (the “Rent”), payable in advance on or before the [Date] of each month.
3.2 The Tenant shall provide the Owner/Landlord with a security deposit in the amount of [Amount] (the “Security Deposit”) upon the execution of this Agreement. The Security Deposit shall be refunded to the Tenant within [Number] days of the termination of this lease, subject to any deductions for damages, outstanding rent, or other liabilities.
Maintenance and Repairs
4.1 The Tenant shall be responsible for the maintenance and repairs of the Premises, including any damages caused by its use or negligence, and shall promptly notify the Owner/Landlord of any required repairs or maintenance.
4.2 The Owner/Landlord shall be responsible for major structural repairs and any repairs necessary due to normal wear and tear.
Utilities and Operating Expenses
5.1 The Tenant shall be responsible for all utilities and operating expenses related to the Premises, including electricity, water, sewerage, and maintenance fees, unless otherwise specified in writing by the Owner/Landlord.
6.1 Either Party may terminate this lease upon [Number] days’ written notice to the other Party in the event of a material breach by the other Party, subject to the cure provisions set forth herein.
6.2 Upon termination of this lease, the Tenant shall vacate the Premises and return them to the Owner/Landlord in the same condition as at the commencement of this lease, except for reasonable wear and tear.
Governing Law and Jurisdiction
7.1 This Agreement shall be governed by and construed in accordance with the laws of India.
7.2 Any dispute arising out of or in connection with this Agreement shall be subject to the exclusive jurisdiction of the courts located in [City], India.
8.1 This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior discussions, negotiations, and understandings, whether oral or written.
IN WITNESS WHEREOF, the Parties hereto have executed this Rental Agreement as of the Effective Date first above written.