Agreement Agreement Coimbatore Sixteenth APRIL, TWO THOUSAND EIGHT (16.04.2008)
Agreement Agreement Coimbatore Sixteenth APRIL, TWO THOUSAND EIGHT (16.04.2008)
BETWEEN
1.
2.
AND
Mr. B. BINDU MADHAV, S/o. Mr. Bhima Bhatter, residing at Villa No.1,
Neptune Country, Pandarachira Road, Kadavanthra (P.O), Ernakulam, Kochi -
hereinafter referred to as the PARTY OF THE SECOND PART.
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2.
AND WHEREAS No.1 of the PARTY OF THE FIRST PART had already
obtained necessary permission from concerned municipal authorities for
constructing commercial building over the said extent of land comprising of
ground, first and second floors along with the cellar for parking vehicles.
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together with built up area in the cellar for parking the vehicles (subject to the
right of the PARTIES OF THE FIRST PART to park his one four wheeler
vehicle in the cellar) in favour of the PARTY OF THE SECOND PART. Both
the parties agree that the said lease agreement to be executed and registered
will contain the following terms and conditions. If the PARTIES OF THE
FIRST PART are not willing to execute separate Lease deed on completion of
the said building, in such case this agreement will be treated as a lease deed and
the PARTY OF THE SECOND PART has every right to use and possess the said
building as a tenant for the aforesaid period and the PARTIES OF THE FIRST
PART have no right to dispossess the PARTY OF THE SECOND PART till the
end of the Ninth year.
1. That the PARTIES OF THE FIRST PART will construct and complete
the proposed construction comprising of ground, first and second floors
together with parking in the cellar at their cost in accordance with the plan
and specifications. The PARTIES OF THE FIRST PART have also agreed to
construct third floor over and above the proposed second floor at their cost
after obtaining necessary permission from the concerned authorities and retain
a portion of the property in the third floor and give the first option to the
PARTY OF THE SECOND PART to take the balance property on the third
floor for lease.
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2. It has been further agreed to between the parties hereto that in the
event of high escalation of cost of raw materials on account of scarcity caused
by workers strike, lorry strike etc., or act of God like continuous rain which
stops the continuous work the period mentioned in clause 1 herein above shall
be extended by a maximum period of 1 month without the PARTIES OF THE
FIRST PART being made liable to pay damages to the PARTY OF THE
SECOND PART for the delay caused in giving the property on lease. That if the
PARTIES OF THE FIRST PART have constructed 75% of the building, a
further extension will be given to the PARTIES OF THE FIRST PART by 1
month period without any payment of damages, and thus beyond the 8 months
period, if any delay is caused in completing the construction, a sum of Rs.1 lakh
per month shall be paid by the PARTIES OF THE FIRST PART to the PARTY
OF THE SECOND PART till the possession is delivered.
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2.
The monthly rent shall be paid on or before the 10th of each succeeding
month. Tax will be deducted at source as per the provisions of the Income Tax
Act by the PARTY OF THE SECOND PART and the certificate for the same
will be given to the PARTIES OF THE FIRST PART periodically without
default.
(ii) The PARTY OF THE SECOND PART shall pay the PARTIES OF THE
FIRST PART the service tax as applicable on the agreed monthly rental payable
irrespective of the adjustment in the rental being made.
(iii) That the said demised premises absolutely belong to the PARTIES OF
THE FIRST PART. Accordingly, the monthly rent shall be payable for the
demised premises by the PARTY OF THE SECOND PART by cheque payable
at Coimbatore drawn in favour of the PARTIES OF THE FIRST PART.
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6. The PARTY OF THE SECOND PART had agreed to pay to the PARTIES
OF THE FIRST PART a sum of Rs.75,00,000/- (Rupees Seventy Five Lakhs
Only) before he occupy the property in the following manner:
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The PARTIES OF THE FIRST PART shall hold a portion of the said sum i.e. a
sum of Rs.30,00,000/- (Rupees Thirty Lakhs Only) towards interest free
refundable security deposit till the termination of the lease, and the balance of
Rs.45,00,000/- (Rupees Forty Five Lakhs Only) shall be adjusted towards the
monthly rent payable by the PARTY OF THE SECOND PART and that 40% of
the monthly rent payable by the PARTY OF THE SECOND PART will be
adjusted from out of Rs.45,00,000/- (Rupees Forty Five Lakhs Only) and such
adjustment shall be made till Rs.45,00,000/- (Rupees Forty Five Lakhs Only) is
fully adjusted.
7. The PARTIES OF THE FIRST PART hereby confirms that they have
made arrangements for 24 hour water (both siruvani and bore well water) and
necessary electricity supply to Demised premises 365 days a year throughout
the Lease period. The PARTIES OF THE FIRST PART are entitled to pay the
security deposit for the Electricity Service Connection to the demised premises
from out of the amount retained by the PARTIES OF THE FIRST PART as
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interest free security deposit i.e. Rs.30,00,000/- (Rupees Thirty Lakhs Only).
The security deposit so made for obtaining electricity service connection shall
absolutely belong to the PARTY OF THE SECOND PART and the PARTIES
OF THE FIRST PART shall not have any claim, benefit or advantage over the
same. That on termination of the lease, for any reason whatsoever, the PARTY
OF THE SECOND PART would be entitled to get back the said security deposit
from the Electricity Board completely and absolutely and the PARTIES OF
THE FIRST PART undertakes to do and take all necessary acts, execute all
documents necessary for getting refund of the security deposit from the
Electricity Board. The PARTIES OF THE FIRST PART also undertakes to
extend full co-operation and assistance including assistance in acquiring a NOC
from the department, to the PARTY OF THE SECOND PART as and when any
extra load of power supply is required by him at the cost of the PARTY OF
THE SECOND PART and such extra power loads shall be taken only in the
name of the PARTIES OF THE FIRST PART.
8. The PARTIES OF THE FIRST PART have paid all the outgoings and
other charges including property tax, municipal rates, service tax, cesses, taxes,
assessments, dues, duties and all charges whatsoever payable in respect of the
demised premises to all concerned Government, Semi-Government, local and
public bodies and authorities upto the date of execution of these presents and
shall hereafter throughout the continuance of these presents and any renewal/s
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thereof continue to pay all such rents, rates, assessments, dues, duties, cesses,
taxes, charges, other outgoings and any further increase/s thereof without
demur to the respective authorities in respect of the demised premises.
(b) to pay all water and electricity charges for units of the same
actually consumed by the PARTY OF THE SECOND PART in the
Demised Premises as recorded in the meters installed by the
PARTIES OF THE FIRST PART for that purpose.
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(d) the PARTY OF THE SECOND PART shall at his own costs,
charges and expenses carry out all internal repairs and
maintenance including white washing to the demised premises
and keep the demised premises in good condition;
(e) to use the demised premises for the purpose of his own business
and shall not use the same for any other business which are
prohibited in law.
(f) Not to use the schedule mentioned property for any purpose or
business or act, which is prohibited by law.
(i) Undertakes to pay the entire service tax payable in respect of the
lease either to the PARTIES OF THE FIRST PART or to the
department of the Central Excise without default as the case may
be.
2.
10. The PARTIES OF THE FIRST PART doth hereby confirm, warrant,
represent, declare and covenant with the PARTY OF THE SECOND PART
that:
(a) The demised premises will be constructed as per plans duly approved by
the Municipal Authorities and/or such other Authorities required
under law from time to time without making any alteration and or
deviation there from and the PARTIES OF THE FIRST PART hereby
indemnifies and shall always keep indemnified the PARTY OF THE
SECOND PART against all the claims, costs, damages incurred to him.
(b) The demised premises have commercial use permission and the same
can be lawfully used for all commercial activities without any limitation
and restriction on use by the PARTY OF THE SECOND PART.
(c) The PARTIES OF THE FIRST PART have not done, or omitted to do
any act, matter, deed or thing and shall not do or omit to do any act,
matter deed or thing whereby or by reason whereof the PARTIES OF
THE FIRST PART right, title, interest and benefit in respect of the
demised premises is prejudiced or adversely affected or extinguished in
any manner whatsoever and that the Lease granted in respect of the
demised premises granted hereunder shall become void or voidable or
be affected in any manner or cancelled or revoked or determined.
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(d) Save and except as stated herein, the demised premises is not the subject
matter of any legal proceedings pending before any court, tribunal or
quasi-judicial body or authorities as on the date of these presents.
(f) The PARTIES OF THE FIRST PART shall at their own cost install
separate electricity and water meter/s at the demised premises for the
purpose of recording separately the electricity and water consumed by
the PARTY OF THE SECOND PART on the demised premises during
the continuance of the Lease and renewals thereof. The PARTIES OF
THE FIRST PART shall also procure, for and on behalf of the PARTY
OF THE SECOND PART additional power loads as and when required
by the PARTY OF THE SECOND PART at the cost of the PARTY OF
THE SECOND PART.
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(g) The PARTIES OF THE FIRST PART shall at their own cost keep the
demised premises adequately insured covering risks such as fire, flood,
earthquake, storm, tempest, aircraft collision, riot, sabotage etc.
(h) The PARTIES OF THE FIRST PART agrees to provide access to the
staff of the PARTY OF THE SECOND PART, its servants, agents and
workmen, and all persons having business with the PARTY OF THE
SECOND PART, its Visitors and Contractors, etc. for the purpose of
free ingress and egress to and from the said demised premises;
(i) To install and provide basic lift facility for the exclusive use of the PARTY
OF THE SECOND PART, his men and customers and the said lift for the
exclusive use of the PARTY OF THE SECOND PART shall be installed at
such place of the building as mutually agreed by the PARTIES OF THE
FIRST PART and the PARTY OF THE SECOND PART herein.
11. During the continuance of the term of the demise hereby granted the
PARTY OF THE SECOND PART shall have right: -
(i) to carry out, at his own, cost the interior decoration work like
civil, electrical, computer system, cabling, office automation, air
conditioning etc. in the demised premises so as to suit the
requirements of the PARTY OF THE SECOND PART in
accordance with Municipal regulations as may be applicable
thereto without impairing the utility of the building and the
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12. The PARTIES OF THE FIRST PART DOTH hereby further covenant
with the PARTY OF THE SECOND PART that on the PARTY OF THE
SECOND PART paying rent hereby reserved and performing and observing all
the covenants, conditions on the part of the PARTY OF THE SECOND PART
hereinbefore contained, he shall peaceably hold and enjoy the demised
premises for the said term hereby granted without any interruption from or by
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the PARTIES OF THE FIRST PART or any person or persons claiming under
the PARTIES OF THE FIRST PART in whatsoever manner.
13. The present demise is renewable at the option of the PARTY OF THE
SECOND PART by giving 2 (two) months notice in writing in advance to the
PARTIES OF THE FIRST PART before expiry of the present demise. However
the said renewal if any shall be on such terms and conditions as may be
mutually agreed to by and between the Parties hereto.
14. If the rent payable in respect of the Demised Premises is in arrears for a
period of three (3 consecutive) months or more, the PARTIES OF THE FIRST
PART shall give a notice in writing to the PARTY OF THE SECOND PART for
remedying the said breach within a period of Sixty (60) days from the date of
receipt of such notice. If the breach is not remedied by the PARTY OF THE
SECOND PART in terms of such notice then upon the expiry of the Ninety
(90) days from the date of receipt of such notice, the PARTIES OF THE FIRST
PART shall repay the interest free advance amount after deducting the arrears
in rent and are entitled to re-enter upon the demised premises and thereupon
the demise herein contained and all rights of the PARTY OF THE SECOND
PART hereunder shall absolutely determine.
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then the rent hereby reserved or proportionate part thereof, according to the
damage sustained shall cease to be payable from the time of such destruction or
damage until the said demised premises shall be restored by the PARTIES OF
THE FIRST PART to the same position it was in before the occurrence of the
force majeure event. The PARTIES OF THE FIRST PART shall after such
restoration, be bound to put the PARTY OF THE SECOND PART in possession
of the demised premises and the period of the Lease shall be extended by such
time as the said demised premises were not available for use by the PARTY OF
THE SECOND PART due to the damage as above. However if damages are
caused to the demised premises or the demised premises is destroyed due to
negligence on the part of the PARTY OF THE SECOND PART or his
employees or visitors then the cost of such restoration shall be payable by the
PARTY OF THE SECOND PART less the amount realised by the PARTIES OF
THE FIRST PART from the Insurance Company and the PARTY OF THE
SECOND PART shall also be liable to continue to pay the rent of the demised
premises during the period the restoration is carried out by the PARTIES OF
THE FIRST PART to the demised premises.
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THE SECOND PART shall provide each other with valid receipts for the
handing over of the keys and demised premises and the refunded amounts
respectively.
17. The PARTIES OF THE FIRST PART, shall be entitled, at any time
during the Lease period, to sell and/or transfer their rights in the demised
premises as a whole or in any part or parts thereof to any one person or persons
only after obtaining the PARTY OF THE SECOND PART’s consent in writing.
The PARTIES OF THE FIRST PART shall in such event ensure that the
prospective new owner of the demised premises enters into such
documentation as may be considered necessary by the PARTY OF THE
SECOND PART such that the terms herein agreed to and in this Indenture of
Lease shall be binding on the said new owner.
18. The present demise is for a minimum lock in period of three (3) Years
which shall be reckoned with from the date of the lease deed being entered
into in future upon completion of the construction as mentioned above and is
determinable in whole or in portion at the option of the PARTY OF THE
SECOND PART by giving three months notice in writing in advance to the
PARTIES OF THE FIRST PART and that if the PARTY OF THE SECOND
PART vacate the property before the expiry of the three (3) years period, the
PARTY OF THE SECOND PART is under obligation to give the entire rent for
the said three (3) years to the PARTIES OF THE FIRST PART and such rent
shall be adjusted by the PARTIES OF THE FIRST PART from out of the
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advance and the balance amount out of the security deposit shall be refunded
by the PARTIES OF THE FIRST PART within One (1) year from the date of
termination without interest.
19. This LEASE DEED shall be in duplicate, the parties hereto shall bear and
pay the Stamp Duty and registration charges equally. Each party shall bear and
pay the professional fees of their respective Legal Advisors and Architects. The
PARTY OF THE SECOND PART shall keep the Original Lease Deed and the
PARTIES OF THE FIRST PART shall keep the Duplicate Lease Deed.
Mr. M.GUILBERT,
S/o. M.Maria Louis,
No.110, Dr.Rajarathinam Street,
Kattoor, Coimbatore - 641 009
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21. The parties hereto confirm and declare that this Indenture of Lease
constitutes the entire Agreement between them, and supersedes all earlier
understandings and writings arrived at by and between them, whether oral and
written, concerning the subject matter hereof, and no additions, alterations or
modifications hereto shall be valid or binding, unless the same are reduced to
writing and are signed by the parties hereto.
22. All disputes, differences and questions of any nature which at any time
arise between the Parties to this Agreement or their respective representatives
and assigns or any of them out of the construction of or concerning anything
contained in or arising out of this Agreement or as to the rights, duties or
liabilities under it of the Parties to it respectively or their respective
representatives shall be subject to the jurisdiction of the courts of competent
jurisdiction.
IN WITNESS WHEREOF both the parties hereto have set their hands in
this deed on the date, month and year mentioned above.
DESCRIPTION OF PROPERTY
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2.
Admeasuring
Within this an extent of 4950 sq.ft. or 11 cents and 144 sq.ft of land, in this the
subject matter of this agreement is the building proposed to be constructed
comprising of ground, first and second floors together with a portion of the
property in the third floor (if approval is obtained in future) and right to use
the built up area in the cellar to park the vehicles of the PARTY OF THE
SECOND PART, their staffs and customers along with one four wheeler
vehicle of the PARTIES OF THE FIRST PART and subject to the PARTIES OF
THE FIRST PART’s right to put up construction in the backyard together with
right to use the common path way.
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WITNESSES:
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