draft of lease agreement (for residential use)

7/30/2019 Draft of Lease Agreement (for residential use)

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LEASE AGREEMENT

THIS LEASE is made on this ____day of __________ 20___.

BETWEEN _____________________________, s/o d/o _________________________,

aged about ____ years residing at

_________________________________________________________________________

___________________ hereinafter called the LESSOR AND ___ __________________,

s/o d/o ______________________________, aged about ____ years and residing at

____________________________________________________________, now employed

as _________________ at

__________________________________________________________, hereinafter called

the LESSEE.

WHEREAS the Lessor is the owner of a residential apartment, bearing

___________________________________________________________

, more fully

described in the schedule hereto and hereinafter referred to as the schedule apartment;

AND WHEREAS the Lessee is desirous of taking the schedule apartment on lease for

purpose of residence only, along with the various items of amenities and furniture therein,


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and the Lessor has agreed to let the same.

NOW THIS LEASE WITNESSES AS FOLLOWS:

1. The Lessor hereby lets the schedule apartment to the Lessee for a period of eleven

months commencing from the ________ day of October 20__________ and ending

___________ day of _____________ 20____).

2. The Lessee shall pay a sum of Rs. ___________ p.m. (Rupees

________________________________________ only) as rent for the schedule

apartment inclusive of maintenance charges @ Rs. ____________ per month. The said

monthly rent shall be paid in advance to the Lessor, on or before the seventh day of

each calendar month. Cheques drawn in favour of the Lessor shall be deposited by the

Lessee in the lessor's Saving Bank Account No. _____________________ at

________________ Bank, ___________________________________________.

Cheques shall be drawn in favour of the Lessor, after deducting tax at source in

accordance with the provisions of the Income Tax Act, 1961.

3. The Lessee has paid to the Lessor, an advance interest free security deposit of Rs.

_______________________ (Rupees ______________________Only). This deposit is

refundable at the expiry of the lease period, and on the Lessee handing back vacant


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possession of the schedule apartment to the Lessor, in the same condition as let out,

less normal wear and tear. The period of duration of the lease can be extended only

upon mutual consent of the parties subject to enhancement of rent at the rate of 5% on

every renewal. The each renewal of lease shall be after completion of 11 (eleven)

months.

4. The Lessor will pay the Corporation tax in respect of the schedule apartment.

5. The Lessee is liable to pay the, electricity and water charges to the concerned

authorities, as and when become due.

Similarly, The Maintenance charges are included

in the rental amount paid

already specified at serial number 2 above.

6. Should the Lessee default in payments of rent (inclusive of maintenance charges) and

electricity charges, water and maintenance charges, the Lessor shall be entitled to

deduct any such arrears from the security deposit.

7. The Lessee shall not sub-let the schedule apartment or induct any third party therein.

8. The Lessee shall properly maintain the schedule apartment and not suffer any damage

thereto. The Lessee shall not make any alteration to the schedule apartment, without

the prior written consent of the Lessor.

9. The Lessor, after giving reasonable notice to the Lessee, shall be entitled to enter upon

and inspect the schedule apartment.

10. Either of the parties are entitled to determine the lease by giving two

one months'

notice to the opposite side, sent by registered post.

11. In the event of the Lessee being in arrears of rent and other charges for the amenities,

for two consecutive months, or on failure to observe the conditions of lease, the Lessor

shall be entitled to terminate the lease.

12. This lease is prepared in duplicate. One copy is to be retained by the Lessor and the

other with the Lessee.

13. At the expiry of the Lease, should the Lessee fail to hand over vacant possession of the

schedule apartment, and in the same condition as when let out, he will be liable to pay

damages, adjustable from out of the security deposit. The Lessee will also be liable to

make good damages, in excess of the amount of the security deposit.

IN WITNESS WHEREOF the parties have signed this lease at Bangalore on the _____ of


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__________________ 20___.

Lessor:

__________________(signature & name)

Lessee:

_____________________(signature & name)

Witness:

(signature & name)

Witness:

(signature & name)

SCHEDULE

Third floor apartment bearing ________________________________________, consisting

of the following items of amenities and furniture:

a) _____________________________

b) _____________________________

c) _____________________________

d) _____________________________

e) _____________________________

f) _____________________________

Lessor:

Lessee:

draft of lease agreement (for residential use)

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