MICHVID INVESTMENTS t/a JADDEM PVT LTD

Office: 042010939
Email: [email protected]
Address: #1093 Norton Shopping Centre
Norton

COMMERCIAL LEASE AGREEMENT

This Lease Agreement made the ____ day of _________________, 20____, by

and between _____________________________________ [name of lessor], of
________________________________________________ [street address],
State of ________________, hereinafter referred to as "Lessor", and
_____________________________________ [name of lessee], of
________________________________________________ [street address],
State of ________________, hereinafter referred to as "Lessee", collectively
referred to herein as the “Parties”, agree as follows:

1. DESCRIPTION OF LEASED PREMISES: The Lessor agrees to lease to

the Lessee the following described _________ square metre (SM) of
_____________ [type of space] located at ______________________________
___________________________ [street address], Town of ________________.

Additional Description: ______________________________________________

Hereinafter known as the “Premises”.

2. USE OF LEASED PREMISES: The Lessor is leasing the Premises to the

Lessee and the Lessee is hereby agreeing to lease the Premises for the
following use and purpose:
________________________________________________________________
________________________________________________________________
________________________________________________________________.

Any change in use or purpose the Premises other than as described above shall
be upon prior written consent of Lessor only.

3. TERM OF LEASE: The term of this Lease shall be for a period of ____
year(s) ____ month(s) commencing on the ____ day of _________________,

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20____ and expiring at Midnight on the ____ day of _________________,
20____. (“Initial Term”)

4. RENT: The monthly rent shall be __________________ dollars

($_______________), payable monthly with the first payment due upon the
commencement of the Lease and each monthly installment payable thereafter on
the ____ day of each month.

5. OPTION TO RENEW:

☐ - Lessee may not renew the Lease.

☐ - Lessee may have the right to renew the Lease two (2)times, the duration of
each renewal period(s) with each term being one (1) year which may be
exercised by giving written notice to Lessor no less than 60 days prior to the
expiration of the Lease or renewal period.

Rent for each option period shall:

☐ - Increase as calculated by multiplying the Rent by the annual change

in the Consumer Price Index (CPI) published by the Labor Statistics by the
most recent publication to the option period start date.

6. EXPENSES:

☐ - MODIFIED GROSS LEASE Tenant’s Initials _____ Landlord’s Initials _____

It is the intention of the Parties that this Lease be considered a “Gross Lease”
and as such, the Base Rent is the entirety of the monthly rent. Therefore, the
Lessee is not obligated to pay any additional expenses which includes utilities,
real estate taxes, insurance (other than on the Lessee’s personal property),
charges or expenses of any nature whatsoever in connection with the ownership
and operation of the Premises. The Lessor shall be obligated to maintain the
general exterior structure of the Premises, in addition, shall maintain all major
systems such as the plumbing and electrical. The cleaning of premises parking
area shall be maintained by the Lessee including the removal of any liter proving
to be environmental hazards as well as the grounds surrounding the Premises.
The Lessor shall maintain at their expense casualty insurance for the Premises
against loss by fire which may or may not include any extended coverage. The
Lessee will provide and maintain personal liability and property damage
insurance as a lessee and shall provide the Lessor with a copy of such insurance
certification or policy prior to the effective date of this Lease.

It is the intention of the Parties that this Lease shall be considered a “Modified
Gross Lease”.

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 I. Operating Expenses. Included in the Rent is Lessee’s proportionate
share of all common operating costs (COC) of the related building, if
any, including utilities services, fees and taxes. If the COC increases for
reasons beyond the Lessor’s control, Lessor may increase Rent by
Lessee’s proportionate share of the increased COC as verifies by
appropriate evidence. However all metered costs ( e.g electicity and
water) or costs verifiably exclusive to Premises shall not be included in
Rent and shall be paid by Lessee directly to the appropriate servicing
entity.
II. Taxes. Lessor is liable to pay any real property taxes assessed against
the Premises and Lessor shall indemnify and hold harmless the Lessee
for any action costs or expenses incurred by the Lessee as a result of
non-payment of any such taxes.
III. Insurance. Each Party shall pay all costs due to damages caused by (i)
its actions (ii) its failure to perform actions it has a duty to perform, (iii) its
failure to control or correct conditions for which it is responsible in order
to prevent damages. Lessor shall maintain property insurance equal to
the full replacement value of the Premises, Equipments, Inventry and
related building owned by the Lessor, but Lessor need not maintain
insurance coverage for Lessee’s personal property or for separate
structures on the Premises that are constructed and owned by the
Lessee.

7. SECURITY DEPOSIT: In addition to the above, a deposit in the amount

of ______________________ dollars ($__________________), shall be due and
payable in advance or at the signing of this Lease, hereinafter referred to as the
“Security Deposit”.
The Security Deposit may not be used to pay the last month’s rent unless written
permission is granted by the Lessor.
On termination of the Lease the deposit shall be dealt with as follows:
- The Lessor may in his/her discretion apply the deposit towards the
payment of all amounts for which the Lessee is liable including, but
without limitation, arrear rental, unpaid utility, the cost of repairing damage
to Premises and replacing lost keys. The relevant receipts which indicate
the costs which the Lessor incurred shall be made available to the Lessee
for inspection as proof of such costs incurred by the Lessor.
- Subject to the provisions listed above, the deposit shall be refunded to the
Lessee as soon as possible, but not later than 20days after the
termination date.

7.1 LEASE CANCELLATION/TERMINATION

Should the Lessee decide to cancel the Lease or not renew the Lease, the
lessee must give Landlord 20 business days notice in writing.

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The Lessee shall be liable to pay the lease cancellation fee of 100us or
equivalent value, being a fee for not giving notice and administration associated
with cancellation of the agreement of lease.
Should the tenant not give Lessor adequate access to show the property to
prospective tenants by not removing his/her property, and the Lessor does not
secure a tenant for the following month, due to this, the outgoing Lessee will be
liable for the next month’s rentals.
Should the Lessee cancel the lease, the Lessee will be liable for the balance of
the procument commission, payable to the Lessor

8. LEASEHOLD IMPROVEMENTS: The Lessee agrees that no leasehold

improvements, alterations or changes of any nature, (except for those listed on
any attached addenda) shall be made to the leasehold premises or the exterior of
the building without first obtaining the consent of the Lessor in writing, which
consent shall not be unreasonably withheld, and thereafter, any and all leasehold
improvements made to the Premises which become affixed or attached to the
leasehold Premises shall remain the property of the Lessor at the expiration or
termination of this Lease Agreement. Furthermore, any leasehold improvements
shall be made only in accordance with applicable federal, state or local codes,
ordinances or regulations, having due regard for the type of construction of the
building housing the subject leasehold Premises. If the Lessee makes any

improvements to the Premises the Lessee shall be responsible payment.

Nothing in the Lease shall be construed to authorize the Lessee or any other
person acting for the Lessee to encumber the rents of the Premises or the
interest of the Lessee in the Premises or any person under and through whom
the Lessee has acquired its interest in the Premises with a mechanic’s lien or any
other type of encumbrance. Under no circumstance shall the Lessee be
construed to be the agent, employee or representative of Lessor. In the event a
lien is placed against the Premises, through actions of the Lessee, Lessee will
promptly pay the same or bond against the same and take steps immediately to
have such lien removed. If the Lessee fails to have the Lien removed, the Lessor
shall take steps to remove the lien and the Lessee shall pay Lessor for all
expenses related to the Lien and removal thereof and shall be in default of this
Lease.

9. LICENSES AND PERMITS: A copy of any and all local, state, council or
government permits acquired by the Lessee which are required for the use of the
Premises shall be kept on site at all times and shall be readily accessible and
produced to the Lessor and/or council or any local, state, or government officials
upon demand.

10. OBLIGATIONS OF LESSEE: The Lessee shall be primarily responsible

whenever needed for the maintenance and general pickup of the entranceway
leading into the Premises, so that this is kept in a neat, safe and presentable

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condition. The Lessee shall also be responsible for all minor repairs and
maintenance of the leasehold Premises, particularly those items which need
immediate attention and which the Lessees, or their employees, can do and
perform on their own, including but not limited to, the replacement of light bulbs,
as well as the normal repair and cleaning of windows, cleaning and clearing of
toilets, etc., and the Lessee shall properly maintain the Premises in a good, safe,
and clean condition. The Lessee shall properly and promptly remove all rubbish
and hazardous wastes and see that the same are properly disposed of according
to all local, state or government laws, rules regulations or ordinances.

In the event the structure of the Premises is damaged as a result of any neglect
or negligence of Lessee, their employees, agents, business invitees, or any
independent contractors serving the Lessee or in any way as a result of Lessee’s
use and occupancy of the Premises, then the Lessee shall be obliged to give
notice of any such damages to the Lessor who will in turn inform the
Maintenance team to rectify the problem and bill the Lessee for the repair of the
damages.

The Lessee shall, during the term of this Lease, and in the renewal thereof, at its
sole expense, keep the interior of the Premises in as good a condition and repair
as it is at the date of this Lease, reasonable wear and use excepted. This
obligation would include the obligation to replace any plate glass damaged as a
result of the neglect or acts of Lessee or her guests or invitees. Furthermore, the
Lessee shall not knowingly commit nor permit to be committed any act or thing
contrary to the rules and regulations prescribed from time to time by any federal,
state or local authorities and shall expressly not be allowed to keep or maintain
any hazardous waste materials or contaminates on the Premises. Lessee shall
also be responsible for the cost, if any, which would be incurred to bring her
contemplated operation and business activity into compliance with any law or
regulation of a federal, state or local authority.

11. INSURANCE: In the event the Lessee shall fail to obtain insurance
required hereunder and fails to maintain the same in force continuously during
the term, Lessor may, but shall not be required to, obtain the same and charge
the Lessee for same as additional rent. Furthermore, Lessee agrees not to keep
upon the Premises any articles or goods which may be prohibited by the
standard form of fire insurance policy, and in the event the insurance rates
applicable to fire and extended coverage covering the Premises shall be
increased by reason of any use of the Premises made by Lessee, then Lessee
shall pay to Lessor, upon demand, such increase in insurance premium as shall
be caused by said use or Lessee’s proportionate share of any such increase.

12. SUBLET/ASSIGNMENT: The Lessee may not transfer or assign this

Lease, or any right or interest hereunder or sublet said leased Premises or any
part thereof without first obtaining the prior written consent and approval of the
Lessor.

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13. DAMAGE TO LEASED PREMISES: In the event the building housing the
Premises shall be destroyed or damaged as a result of any fire or other casualty
which is not the result of the intentional acts or neglect of Lessee and which
precludes or adversely affects the Lessee’s occupancy of the Premises, then in
every such cause, the rent herein set forth shall be abated or adjusted according
to the extent to which the leased Premises have been rendered unfit for use and
occupation by the Lessee and until the demised Premises have been put in a
condition at the expense of the Lessor, at least to the extent of the value and as
nearly as possible to the condition of the Premises existing immediately prior to
such damage. It is understood, however, in the event of total or substantial
destruction to the Premises that in no event shall the Lessor's obligation to
restore, replace or rebuild exceed an amount equal to the sum of the insurance
proceeds available for reconstruction with respect to said damage.

14. DEFAULT AND POSSESSION: In the event that the Lessee shall fail to
pay said rent, and expenses as set forth herein, or any part thereof, when the
same are due and payable, or shall otherwise be in default of any other terms of
said Lease for a period of more than 15 days, after receiving notice of said
default, then the parties hereto expressly agree and covenant that the Lessor
may declare the Lease terminated and may immediately re-enter said Premises
and take possession of the same together with any of Lessee’s personal
property, equipment or fixtures left on the Premises which items may be held by
the Lessor as security for the Lessee’s eventual payment and/or satisfaction of
rental defaults or other defaults of Lessee under the Lease. It is further agreed,
that if the Lessee is in default, that the Lessor shall be entitled to take any and all
action to protect its interest in the personal property and equipment, to prevent
the unauthorized removal of said property or equipment which threatened action
would be deemed to constitute irreparable harm and injury to the Lessor in
violation of its security interest in said items of personal property. Furthermore, in
the event of default, the Lessor may expressly undertake all reasonable
preparations and efforts to release the Premises including, but not limited to, the
removal of all inventory, equipment or leasehold improvements of the Lessee’s,
at the Lessee’s expense, without the need to first procure an order of any court to
do so, although obligated in the interim to undertake reasonable steps and
procedures to safeguard the value of Lessee’s property, including the storage of
the same, under reasonable terms and conditions at Lessee’s expense, and, in
addition, it is understood that the Lessor may sue the Lessee for any damages or
past rents due and owing and may undertake all and additional legal remedies
then available.

In the event any legal action has to be instituted to enforce any terms or
provisions under this Lease, then the prevailing party in said action shall be
entitled to recover a reasonable attorney's fee in addition to all costs of said
action.

Rent which is in default for more than TWO days after due date shall accrue a
payment penalty of one of the following:

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(Choose One)

☐ - Interest at a rate of _______________ percent (_____%) per annum on a

daily basis until the amount is paid in full.

☐ - Late fee of ______________________ dollars ($__________________) per

day until the amount is paid in full.

In this regard, all delinquent rental payments made shall be applied first toward
interest due and the remaining toward delinquent rental payments.

15. INDEMNIFICATION: The Lessee hereby covenants and agrees to

indemnify, defend and hold the Lessor harmless from any and all claims or
liabilities which may arise from any cause whatsoever as a result of Lessee’s use
and occupancy of the Premises, and further shall indemnify the Lessor for any
losses which the Lessor may suffer in connection with the Lessee’s use and
occupancy or care, custody and control of the Premises. The Lessee also hereby
covenants and agrees to indemnify and hold harmless the Lessor from any and
all claims or liabilities which may arise from any latent defects in the subject
Premises that the Lessor is not aware of at the signing of the lease or at any time
during the lease term.

16. BANKRUPTCY - INSOLVENCY: The Lessee agrees that in the event all
or a substantial portion of the Lessee’s assets are placed in the hands of a
receiver or a Trustee, and such status continues for a period of 30 days, or
should the Lessee make an assignment for the benefit of creditors or be
adjudicated bankrupt; or should the Lessee institute any proceedings under the
bankruptcy act or any amendment thereto, then such Lease or interest in and to
the leased Premises shall not become an asset in any such proceedings and, in
such event, and in addition to any and all other remedies of the Lessor hereunder
or by law provided, it shall be lawful for the Lessor to declare the term hereof
ended and to re-enter the leased land and take possession thereof and all
improvements thereon and to remove all persons therefrom and the Lessee shall
have no further claim thereon.

17. SUBORDINATION AND ATTORNMENT: Upon request of the Lessor,

Lessee will subordinate its rights hereunder to the lien of any mortgage now or
hereafter in force against the property or any portion thereof, and to all advances
made or hereafter to be made upon the security thereof, and to any ground or
underlying lease of the property provided, however, that in such case the holder
of such mortgage, or the Lessor under such Lease shall agree that this Lease
shall not be divested or in any way affected by foreclosure, or other default
proceedings under said mortgage, obligation secured thereby, or Lease, so long
as the Lessee shall not be in default under the terms of this Lease.
Lessee agrees that this Lease shall remain in full force and effect
notwithstanding any such default proceedings under said mortgage or obligation
secured thereby.

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Lessee shall, in the event of the sale or assignment of Lessor's interest in the
building of which the Premises form a part, or in the event of any proceedings
brought for the foreclosure of, or in the event of exercise of the power of sale
under any mortgage made by Lessor covering the Premises, attorn to the
purchaser and recognize such purchaser as Lessor under this Lease.

18. MISCELLANEOUS TERMS:

I. Usage by Lessee: Lessee shall comply with all rules, regulations and laws
of any governmental authority with respect to use and occupancy. Lessee
shall not conduct or permit to be conducted upon the Premises any
business or permit any act which is contrary to or in violation of any law,
rules or regulations and requirements that may be imposed by any authority
or any insurance company with which the Premises is insured, nor will the
Lessee allow the Premises to be used in any way which will invalidate or be
in conflict with any insurance policies applicable to the building. In no event
shall explosives or extra hazardous materials be taken onto or retained on
the Premises. Furthermore, Lessee shall not install or use any equipment
that will cause undue interference with the peaceable and quiet enjoyment
of the Premises by other tenants of the building.

II. Signs: Lessee shall not place on any exterior door, wall or window of the
Premises any sign or advertising matter without Lessor’s prior written
consent. Thereafter, Lessee agrees to maintain such sign or advertising
matter as first approved by Lessor in good condition and repair.
Furthermore, Lessee shall conform to any uniform reasonable sign plan or
policy that the Lessor may introduce with respect to the building. Upon
vacating the Premises, Lessee agrees to remove all signs and to repair all
damages caused or resulting from such removal.

III. Pets: Unless otherwise stated in this Lease Agreement, the only pets that
shall be allowed on the Premises are those needed legally due to a
disability or handicap.

IV. Condition of Premises/Inspection by Lessee: The Lessee has had the

opportunity to inspect the Premises and acknowledges with its signature on
this lease that the Premises are in good condition and comply in all respects
with the requirements of this Lease. Furthermore, the Lessor makes no
representation or warranty with respect to the condition of the Premises or
its fitness or availability for any particular use, and the Lessor shall not be
liable for any latent or patent defect therein. Furthermore, the Lessee
represents that Lessee has inspected the Premises and is leasing and will
take possession of the Premises with all current fixtures present in their “as
is” condition as of the date hereof.

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 V. Right of Entry: It is agreed and understood that the Lessor and its agents
shall have the complete and unencumbered right of entry to the Premises at
any time or times for purposes of inspecting or showing the Premises and
for the purpose of making any necessary repairs to the building or
equipment as may be required of the Lessor under the terms of this Lease
or as may be deemed necessary with respect to the inspection,
maintenance or repair of the building.

19. ESTOPPEL CERTIFICATE: Lessee at any time and from time to time,
upon at least ten (10) days prior notice by Lessor, shall execute, acknowledge
and deliver to Lessor, and/or to any other person, firm or corporation specified by
Lessor, a statement certifying that the Lease is unmodified and in full force and
effect, or if the Lease has been modified, then that the same is in full force and
effect except as modified and stating the modifications, stating the dates to which
the fixed rent and additional rent have been paid, and stating whether or not
there exists any default by Lessor under this Lease and, if so, specifying each
such default.

20. HOLDOVER: Should Lessee remain in possession of the Premises after

the cancellation, expiration or sooner termination of the Lease, or any renewal
thereof, without the execution of a new Lease or addendum, such holding over in
the absence of a written agreement to the contrary shall be deemed, if Lessor so
elects, to have created and be construed to be a tenancy from month to month,
terminable upon thirty (30) days’ notice by either party.

21. WAIVER: Waiver by Lessor of a default under this Lease shall not
constitute a waiver of a subsequent default of any nature.

22. GOVERNING LAW: This Lease shall be governed by the laws of the
Government of Zimbabwe.

23. NOTICES: Payments and notices shall be addressed to the following:

Lessor
________________________________________________________________
________________________________________________________________
________________________________________________________________

Lessee
________________________________________________________________
________________________________________________________________
________________________________________________________________

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24. AMENDMENT: No amendment of this Lease shall be effective unless
reduced to writing and subscribed by the parties with all the formality of the
original.

25. BINDING EFFECT: This Lease and any amendments thereto shall be
binding upon the Lessor and the Lessees and/or their respective successors,
heirs, assigns, executors and administrators.

IN WITNESS WHEREOF, the parties hereto set their hands and seal this ____
day of _________________, 20____.

Lessee’s Signature Printed Name

________________________ ________________________

Lessor’s Signature Printed Name

________________________ ________________________

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