The Master Lease Agreement serves as a foundational document for establishing long-term leasing relationships in the Indian market. It is particularly useful when parties anticipate multiple lease transactions or when managing a portfolio of properties under consistent terms. The agreement incorporates requirements from Indian property law, contract law, and state-specific regulations, ensuring compliance with local registration and stamp duty requirements. This Master Lease Agreement is designed to provide a standardized yet flexible framework that can accommodate various property types and use cases, while addressing specific Indian legal and regulatory requirements such as those under the Transfer of Property Act and state rent control laws. It includes provisions for rent determination, maintenance responsibilities, permitted use, and dispute resolution, all tailored to the Indian legal context.
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1. Parties: Identification and details of the lessor and lessee, including their legal status and contact information
2. Background: Context of the agreement, brief description of the property, and purpose of the lease arrangement
3. Definitions: Comprehensive definitions of terms used throughout the agreement
4. Demise and Term: Specific details of the property being leased and duration of the lease
5. Rent and Payment Terms: Rental amount, payment schedule, security deposit, and other financial terms
6. Maintenance and Repairs: Responsibilities of parties regarding property maintenance, repairs, and improvements
7. Use of Premises: Permitted use of the property and any restrictions
8. Insurance and Indemnity: Insurance requirements and indemnification obligations
9. Default and Remedies: Events of default and corresponding remedies available to parties
10. Termination: Conditions and procedures for early termination or expiry of the lease
11. Assignment and Subletting: Rules regarding transfer of lease rights or subletting the property
12. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction over disputes
13. Notices: Method and addresses for serving notices between parties
14. Force Majeure: Provisions for unforeseen circumstances affecting lease obligations
15. Entire Agreement: Confirmation that the document represents the complete agreement between parties
1. Utilities and Services: Details of responsibility for utilities when premises include separate utility connections
2. Fit-out Works: Terms for tenant improvements or modifications, typically used in commercial leases
3. Common Areas: Rules for shared facilities, relevant for properties in multi-tenant buildings
4. Environmental Compliance: Environmental obligations, particularly important for industrial or commercial properties
5. Property Tax and Outgoings: Allocation of tax responsibilities and other outgoings
6. Signage Rights: Terms for external signage, typically for commercial properties
7. Right of First Refusal: Tenant's rights for lease renewal or property purchase
8. Lock-in Period: Minimum commitment period, if applicable
1. Property Description: Detailed description of the leased property including boundaries and measurements
2. Rent Schedule: Detailed breakdown of rent, escalations, and payment terms
3. Inventory List: List of fixtures, fittings, and furniture included in the lease
4. Maintenance Schedule: Detailed breakdown of maintenance responsibilities
5. House Rules: Building rules and regulations applicable to the property
6. Handover Protocol: Procedure and checklist for property handover
7. Insurance Requirements: Detailed insurance specifications required under the lease
8. Forms and Notices: Standard forms for various notices under the lease
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