Company Lease

THIS DEED OF LEASE made at Nasik this……..day of………2005

BETWEEN
Dr. _A_B_C_, age 50 years, occupation - service, resident of 100 Sindh Colony, Aundh, , Nasik 411007, hereinafter called the LESSOR, (which express shall, unless repugnant to the context, mean and include his heirs, executors, administrators and assigns) of the One Part
AND
M/s Sudarshan Chemical Industries Limited, a public limited company, registered under the Indian Companies Act 1956, having its office at 2000 Wellesley Road, Nasik 411001, acting through its Managing Director, Shri XYZ, age 54 years, occupation - service, resident of 200 Sindh Colony, Aundh, Nasik 411 007, hereinafter called the LESSEES, (which express shall, unless repugnant to the context, mean and include the said company, its office bearers, executors, administrators and assigns) of the Other Part.
WHEREAS the property bearing Bungalow No. 100 Sindh Colony, Aundh, Nasik, described in the schedule hereunder, is owned and possessed by the present lessor;
AND WHEREAS the present lessor has already constructed a bungalow on the said property;
AND WHEREAS in the said bungalow, the lessor has made available all the necessary facilities and amenities;
AND WHEREAS on account of his personal reasons, the lessor has not, at present, been staying here at Nasik;
AND WHEREAS the said bungalow has been lying unused and
vacant;	
AND WHEREAS the lessee herein being in need of residential accommodation for the occupation of their officers approached the lessor with a proposal to grant the said bungalow unto the lessees on a company lease;
AND WHEREAS the lessor has agreed to grant the said bungalow unto the lessees on leasehold basis;'
AND WHEREAS the parties hereto have decided to reduce into writing the terms and conditions of their agreement;
NOW THIS DEED WITNESSES, and it is hereby agreed by and between the parties as follows:

1) That the lessor herein does hereby grant unto the present lessees on a company lease the bungalow situate on the property bearing Survey No.  100 Sindh Colony, Aundh, Nasik, described in further details in the schedule hereunder for and at a monthly rent of Rs. 10,000/-

2) That the lessees shall by way of deposit pay unto the lessor a sum of Rs. 1,00,000/-, and this amount of Rs. 1,00,000/- shall be treated as a fixed deposit.

3) That the lessees shall in addition to the above mentioned amount of Rs.  1,00,000/- pay unto the lessor a further sum of Rs. 50,000/- towards the additional advance, and against this additional amount of advance, the lessees shall deduct a sum of Rs. 2,000/- per month for a period of two years, and thus, the lessees shall pay during the said period of two years only an amount of Rs. 3,000/- per month towards the rent.

4) That the amounts of the fixed deposit and the additional advance shall be paid by the lessees unto the lessor in the month of January 200_ However, the actual lease-period and possession of the said bungalow shall commence on the 1st day of April 200_, and the rent shall be payable accordingly.

5) That all the property taxes, society fees, cesses and charges payable in respect of the said property shall be borne out and paid by the lessor, and the lessees shall have no concern therewith.   However, all the bills and charges for the consumption of electricity and the use of telephone connection shall be borne out by the lessees and paid by them to the lessor.

6) That the present lease shall be fixed for a period of five years from the date of handing over the possession of the said bungalow unto the lessees, and the lessees shall be liable to vacate the said bungalow and hand over peaceful and vacant possession thereof unto the lessor immediately on the expiry of the said period of lease.

7) That the lessor shall refund unto the lessees the amount of the fixed deposit of Rs. 1,00,000/- at the time of handing over the possession of the said bungalow by the lessees unto the lessor, and the said amount shall not carry any interest.

8) That if the lessees or their officers were to cause any damage or loss to the furnitures, fittings or fixtures or the said property, the lessor shall be entitled to deduct from the said amount of the fixed deposit of Rs. 1,00,000/- such amounts of damage or loss.

9) That the lessees do hereby agree, undertake and assure unto the lessor that they, lessees, or their officers occupying and using the said bungalow shall take all possible care of the furnitures, fittings and fixtures provided for in the said bungalow and shall not cause any damage or loss to the same.

10) That all the expenses of stamp duty and registration charges for the execution of these presents shall be borne out and paid by the lessees.
THE SCHEDULE OF THE PROPERTY ABOVE REFERRED TO : All that piece and parcel of the bungalow consisting of eight rooms, situate within the Registration Division & District Nasik, Sub-Division & Taluka Haveli, within the local limits of the Nasik Municipal Corporation, bearing Survey No. 100, of Sindh Colony, Aundh, Nasik, together admeasuring 1,500 sqft, or thereabouts, and bounded by as follows : On or towards the East                Bungalow No. 99, On or towards the South              Bungalow No. 101, On or towards the West              Municipal School, and On or towards the North              Public Road, together with a single-storeyed bungalow standing thereon.
IN WITNESS WHEREOF the parties hereto have signed hereunder at Nasik the date first above mentioned.
Sd/- ABC
LESSOR
Witnesses:                                                                                                       Sd/- XYZ
Sd/-xXx                                                                                                           LESSEES
Sd/-xXx