Lease Agreement
Lease Agreement
Lease Agreement
Dr. Y Vedakumari D/o PC Kuppuswamy Mudaliar, R/o No. 35, Fourth Trust Cross
Street, Mandaveli, Chennai – 600028, [hereinafter referred to as the "LESSOR”, which
expression shall, unless it be repugnant to the context or meaning hereof, be deemed to
mean and include its successors and assigns), the party of the first Part.
AND
M/s. YVK Hospital Enterprises Private Limited having their office at 14/2,
Devanathan Street, Mandaveli, Chennai – 600028, through its Authorized Signatory
Mrs. Y Bharani Prabhu (hereinafter referred to as the “LESSEE”, which expression
shall, unless repugnant to the context or meaning thereof, include its successors and
assignees), the party of the second Part.
WHEREAS:
A. LESSOR is the lawful owner of piece of land situated 14/2, Devanathan Street,
Mandaveli, Chennai – 600028 (hereinafter referred to as the “Leased Premises”).
B. In consideration of the yearly rent hereinafter reserved and all the covenants and
conditions hereinafter contained and on the part of the LESSEE to be paid,
observed and performed, LESSOR hereby demises unto the LESSEE the Leased
Premises on lease for a term of 10 (ten) years from the date hereof.
C. The yearly rent for Leased premises shall be Rs. 1,80,000/- from the date 01 st April
2011 till 31st March 2021.
D. The lessee has already with the permission of the Lessor has constructed a
“building” on the leased premises hereby demised according to and in conformity
with the plans hereto, which has already been sanctioned by the Chennai
Corporation. The LESSEE is desirous of taking on lease the Leased Premises
where it has constructed the building for running of its hospital and LESSOR has
agreed to grant the Leased Premises on lease to the LESSEE on the terms and
conditions hereinafter contained.
TERM OF LEASE
In pursuance of the said agreement and in consideration of the rent hereby granted and
the Lessee's covenants hereinafter mentioned, the Lessor hereby demise unto the
lessee the leased premises, to hold the demised premises unto the Lessee (and his
heirs, executors, administrators and assigns) for a period of 10. years commencing from
the 01st day of April , 2011, at a yearly rent of the year for which it is due, the first of
such yearly rent shall be paid on or before 31 st March 2012 and the subsequent rent to
be paid on or before the last day of every succeeding year regularly.
(a) The lessor is absolutely seized and possessed of or otherwise well and sufficiently
entitled to the demised premises and is having full power and absolute authority to
demise unto the lessee the leased premises.
(b) The lessee shall peacefully and quietly hold, possess and enjoy the leased
premises, during the term of lease without any interruption, disturbance, claims or
demand whatsoever by the lessor or any person or persons claiming under him,
subject however, the lessee paying the said monthly rent on the due dates thereof
and in the manner herein provided and observing and performing the covenants,
conditions and stipulations herein contained and on his part to be observed and
performed.
(c) Not to unreasonably withhold his consent to any sub-lease, transfer or assignment of
the demised premises, if intended to be made by the lessee.
(a) To pay rent hereby reserved on the day and in the manner aforesaid to the lessor.
(b) To pay all taxes, cess, impositions, assessments, dues and duties payable in
respect of the leased premises and the building constructed thereon to the
Government or the Chennai Corporation or any other local authority or public body.
(c) Not to sub-let, sell, dispose of or assign the demised premises or the house
constructed on the demised premises without the consent of the lessor in writing.
(d) To keep the building constructed on the demised premises in good and tenantable
condition.
(e) To permit the lessor or his duly authorised agent or agents to enter the demised
premises at all convenient times for inspection of the building.
(f) To insure and to keep insured the building that may be constructed on the demised
premises against the loss or damages by d fire, earthquake, riot or affray with an
insurance company approved in writing by the lessor in the joint names of lessor and
lessee.
(g) To use the leased premises and building constructed therein for hospital purpose
only.
(h) Not to use the demised premises or the building constructed or any part thereof for
any illegal purpose.
IT IS HEREBY MUTUALLY AGREED AS FOLLOWS:
It is hereby agreed that if default is made by the lessee in payment of the rent for any
three years, or in observance and performance of any of the covenants and stipulations
hereby contained and on the part to be observed and performed by the lessee, then on
each such default, the lessor shall be entitled in addition to or in the alternative to any
other remedy that may be available to him at his discretion, to terminate the lease and
eject the lessee from the premises demised and from the building, that may have been
constructed thereon; and to take possession thereof as full and absolute owner thereof,
provided that a notice in writing shall be given by the lessor to the lessee of his intention
to terminate the lease and to take possession of the demised premises but if the arrears
of rent are paid or the lessee comply with or carry out the covenants and conditions or
stipulations, within fifteen days from the service of such notice, then the lessor shall not
be entitled to take possession of the said premises and building.
(a) On the expiry of the term hereby created and subject to the observance and
performance of the covenants, conditions and stipulations herein contained and on
his part to be observed and performed, the lessee will have the option to renew the
lease of the demised premises for a further period of 10 years, provided he gives a
notice to the effect in writing by registered post to the Lessor of his intention to do
so at least three calendar months before the termination of the present lease;
provided that the rent payable by the lessee to the lessor during the extended time
of the lease shall mutually agreed then, which will include the rent of the demised
premises and of the building constructed thereon, which an the expiry of term of the
lease, shall vest in and be the absolute property of the Lessor as hereinabove
mentioned. After the expiry of the said period of 10 years, the Lessee shall not be
entitled to exercise further option of renewal of the lease and shall deliver the
demised premises and the building constructed thereon to the lessor in good
condition as hereinbefore provided.
(b) On the expiry of the term hereby created or earlier determination under the
provisions hereof, the lessee will hand over the peaceful and vacant possession of
the demised premises and building constructed thereon to the Lessor in a good
condition.
Any notice, request or instruction permitted or required to be given hereunder by any
party to the other shall be in writing and shall be deemed sufficiently given if delivered
personally, sent by registered or certified mail, postage prepaid, at the addresses of the
parties mentioned in the title of this Agreement, unless in each case LESSOR and the
LESSEE shall have given notice as provided herein of a different address.
IN WITNESS WHEREOF the parties hereto have executed these present at the place
and on the day, month and year above written.
WITNESSES :
1.
2.
“