The Lease Contract Agreement is a crucial legal instrument used in India for establishing formal property rental arrangements between lessors and lessees. It is essential for both residential and commercial property transactions and must comply with multiple Indian legislations, primarily the Transfer of Property Act, 1882, Registration Act, 1908, and applicable state rent control laws. This document is necessary whenever a property is being leased for any duration, though agreements exceeding 11 months typically require mandatory registration. The agreement comprehensively covers all aspects of the lease relationship, including financial terms, obligations of both parties, property maintenance responsibilities, and dispute resolution mechanisms. It serves as a legally binding document that protects the interests of all parties involved and provides clarity on their respective rights and obligations throughout the lease term.
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1. Parties: Identification and details of the lessor (landlord) and lessee (tenant), including their legal names, addresses, and authorized representatives
2. Background: Context of the lease agreement, brief description of the property, and purpose of the lease
3. Definitions: Definitions of key terms used throughout the agreement for clarity and consistency
4. Demised Premises: Detailed description of the leased property, including its boundaries and included fixtures/fittings
5. Lease Term: Duration of the lease, commencement date, and any renewal options
6. Rent and Deposits: Rent amount, payment schedule, security deposit details, and escalation terms
7. Payment Terms: Methods of payment, due dates, and consequences of default
8. Utilities and Maintenance: Responsibility for utilities, maintenance obligations of both parties
9. Use of Premises: Permitted use of the property and any restrictions
10. Lessor's Covenants: Obligations and warranties of the landlord
11. Lessee's Covenants: Obligations and warranties of the tenant
12. Insurance: Required insurance coverage and responsibilities
13. Termination: Grounds for termination, notice periods, and consequences
14. Handover: Conditions for property handover at the end of lease
15. Governing Law: Applicable law and jurisdiction
16. Dispute Resolution: Process for resolving disputes between parties
17. Notices: Method and addresses for serving notices
18. General Provisions: Standard boilerplate clauses including force majeure, severability, and entire agreement
1. Fit-out Works: Details of any modifications or improvements allowed to be made by the tenant
2. Common Areas: Rights and obligations regarding shared facilities, applicable for properties in multi-tenant buildings
3. Sub-letting and Assignment: Terms for sub-letting or assigning the lease, if permitted
4. Lock-in Period: Minimum guaranteed period of tenancy, if applicable
5. Property Management: Rules and regulations for managed properties or complexes
6. Green Lease Provisions: Environmental and sustainability requirements, if relevant
7. Force Majeure: Extended provisions for unforeseen circumstances, particularly relevant post-COVID
8. Signage Rights: Terms for displaying tenant's signage, relevant for commercial properties
1. Property Description: Detailed description of the premises including floor plans and measurements
2. Rent Schedule: Detailed breakdown of rent, escalations, and payment timeline
3. Inventory List: List of fixtures, fittings, and furniture included in the lease
4. Service Charges: Breakdown of maintenance and service charges, if applicable
5. House Rules: Detailed rules and regulations for the use of the premises
6. Handover Condition Report: Documentation of property condition at the start of lease
7. Fit-out Guidelines: Technical specifications and guidelines for any permitted modifications
8. Required Permits: List of necessary permits and licenses to be obtained by either party
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Co-working Spaces
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Relevant Teams
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Operations
Finance
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Risk Management
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Administration
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Relevant Roles
Real Estate Manager
Property Manager
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Leasing Manager
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