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LEASE AGREEMENT
THIS AGREEMENT OF LEASE is made on this 16th day of December 2003 by and BETWEEN:-
Mrs. Ghazala Waheed w/o Abdul Waheed, Adult, R/o House No.***-*, DHA, Lahore Cantt, (hereinafter to as the LESSOR of the ONE PART).
And
Mr.* ***,R/o China, refereed to as the LESSEE of the OTHER PART.(Expression “LESSOR”
and “LESSEE” wherever the context so permit shall always mean and include their respective heirs, successors legal representative and assignees).
WHEREAS the LESSOR is the lawful owner and in lawful possession of House No,***-*,DHA,
Lahore Cantt, consisting of 4 Bedrooms with bath, D/D,TV; Lounge, Kitchen, Store, Servant, Quarter together with fixtures and fitting (hereinafter collectively called the DEMISED PREMISES).
AND WHEREAS the LESSOR has agreed the lease and the LESSEE has agreed to take on lease the DEMISED PREMISES on the terms and condition as given below:-
1. This agreement in only valid if LESSEE is renewed and extended for the lease period.
2. The LESSOR lets LESSEE takes the DEMISSED PREMISES for a period of 12 months
Commencing from 15th January 2004. The Lease is renewable for a further period as may be mutually agreed in writing on expiry of the lease period
3. The rent of the DEMISED PREMISES shall be USD3,300/-(US dollars Three Thousand and Three hundred Only) per month
4. The LESSOR hereby acknowledges receipt of the sum of USD.19,800/-(US dollars Nineteen Thousand and eight Hundred Only) per month.
5. It is hereby agreed between the parties that the LESSEE shall pay the aforesaid monthly rent
USD. 3,300/-(US dollars Three Thousand and Three hundred Only) as the monthly rental advance by 20th of each calendar month for which if is due after completion of advance rent period ending on 15th July 2004.
6. That the LESSOR hereby acknowledges receipt of the sum of Rs.60,000/-(Rupees Sixty Thousand Only) from the LESSEE as FIXED EDPOSIT SECURITY which shall be refunded to the LESSEE on giving back the vacant possession of the DEMISED PREMISES after deduction of damages/shortages outstanding bills for Electricity, Water, Gas and Telephone charges etc, against the DEMISED PREMISES.
THE LESSEE HERBY CONVENANTS WITH LESSOR AS FOLLOWING:
1. To pay to the LESSOR the rent hereby reserved in the manner before mentioned.
2. That the LESSEE shall not at any time during the terms, without the consent in writing of the LESSOR, pull down, damages or make any structure alterations to the DEMISED PREMESES provided always, the LESSEE shall have go write install any fixtures and fittings excluding air-conditioners in the DEMISED PREMESES, to detach and repossess the same subject to the restoration of the DEMISED PREMESES to their original state at his cost (reasonable wear and tear excepted) on the expiry of this lease or any renewal hereof.
3. To use the DEMISES PREMISES for residential purpose and would not be used for a commercial purpose the DEMISES PREMISE would not be used occupied by Mr. ****
And family.
4. Not to sublet the whole or any part of the premises.
5. To pay regularly the bills for Electricity, Gas, Water and Telephone charges in respect of the DEMISED PREMISES. A copy of all the paid utility bill be forwarded to the LESSOR every three month regularly. In case of disconnection of any facility due to non-payment, LESSEE will be responsible to get them restored and pay the same. All dues must be cleared before the expiry of the LEASE.
6. The LESSEE shall keep and maintain the said premises in good and tenantable conditions during the tenure of the lease.
THE LESSOR HEREBY CONVENANTS WITH THE LESSEE AS FOLLOWING:-
1. To pay all existing and future rate, taxes assessments and other charges of a public nature whether impose by the Municipality, Government or any other authority in respect of DEMISED PREMISES.
2. Not to erect or set up a building or structure on the DEMISES PREMISES nor to add to any existing building or structure during the period of lease or any renewal without the written consent of the LESSEE.
IT IS HEREBY DECLEAR AND MUTURALLY AGREED BETWEEN THE LESSOR AND LESSEE ANS FOLLWING:=
1. The LESSEE and the LESSOR shall have the right and option to terminate this Lease at any time only after the expiry of the lease period i.e., 24 months, provided they give ONE (1) month notice in advance to either of the parties.
2. The meter reading of various utilities are as given below:-
UTILITY METER NUMBER TODAY’S READING
a) ELECRICITY ———————— ————————
b) GAS ———————— ————————
c) TELEPHONE ———————— ————————
d) WATER ———————— ————————
3. That the LESSEE has also agreed with the LESSOR for a mandatory increase in rent by 10% per annum, the rent would be enhanced to Rs.36,300/-( Rupees Thirty Six Thousand and Three Hundred Only), should the LESSOR and I ESSEE mutually to renew the Lease. It can be negotiated between the parties.
WHEREOF THE PARTIES hereto have executed these presents on the and day above written.
LESSSOR:__________________________
Mrs. Ghazala waheed
NIC NO._______________________
LESSEE__________________________
Mr.****
Chinese passport no.___________________