Hostel Lease Agreement Sample In Word

This hostel lease agreement is made w.e.f. _______ to _________ and extendable up to next five years starting from __________ to _____________by and between:

 

1)      Mr. ABC S/o __________, bearing ID No. ____________ resident of ____________, herein after referred to as the “LESSOR” (which impression shall include here representatives, executors, administrators, and assignees) of the one part, and

2)      ___________, an organization limited by guarantee and incorporated in _______ under the section _______of Companies ________ and having its office at _______________hereinafter referred to as the “LESSEE” (which expression wherever the context so permits and include its successors and assignees) of the other part.

 

Whereas The LESSOR is the lawful owner and otherwise well and sufficiently entitled to and in possession of a plot of land with the building standing thereon measuring _____ canals or thereabout according to Record Rights as informed by the LESSOR, with facilities and amenities contained in the Said Plot and the Premises situated at ____________ and hereafter referred to as the said “PREMISES”.

 

And whereas the LESSOR has agreed to give on rent and the LESSEE has agreed to take on the above said “PREMISES” initially for the period of 5 years, extendable up to next five years with the following terms and conditions agreed and it is deemed necessary to produce the said terms and conditions in writing.

Now, therefore, this agreement witness as under:

 

  1. THAT the LESSOR has granted on rent and the LESSEE has accepted on rent the above Hostel Premises for the period mentioned above i.e. __________ to _____________.

 

  1. The rent of the premises will be USD _________/- ____________ only) per month without any yearly increment till end of the current hostel agreement.

 

  1. The annual rent (USD _______ million) will be paid to the LESSOR in advance after the signing of this agreement on a yearly basis, for the initial period of five years.

 

4.      That on the expiry of the first five year’s agreement, both parties may decide mutually to extend the lease agreement for the next five years; starting from ____________ to ___________ with terms and conditions mentioned below:

                                I.            After completion of the first five years, there will be a % annual increment in the current monthly rent (i.e. USD___ million) for each successive year (i.e. years 6 to 10) respectively.

                             II.            That the LESSEE will either pay rents as yearly advance or in two equal installments i.e. 1st six months’ rent at the beginning of the year and the last six months’ rent at the end of the year.

                           III.            The payment of rent either in advance or in two equal installments shall solely be dependent upon the financial position of Lessee.

 

  1. That an additional piece of land (approx. _____ canals) owned by LESSOR can be used for recreational activities (sports etc.) by the LESSEE. However, if the LESSOR deems it necessary to sell the said piece of land the LESSEE will vacate it within the given notice period.

 

  1. That the LESSER has agreed to hand over annexed furniture & fixtures to the LESSEE for utilization and the LESSEE is responsible to use the same care and to compensate damages in the event of any mishandling.

 

  1. The LESSEE shall pay promptly directly to the public authorities concerned as they become due all charges after _________ e.g. utilities and communication charges and used by the LESSEE in the demised premises from the commencement to the expiry or sooner termination of this Lease and to the time mentioned in the agreement.

 

  1. That all applicable taxes and levies of the government will be deducted from the rent being paid and will deposit in the Government treasury for Credit of the LESSOR, as required under the law.

 

  1. That LESSEE will take good care of demised premises and its installations. The LESSEE will carry out minor and day-to-day maintenance work. However, if there will be a major fault in the water supply, electricity, and sanitary system, the LESSOR shall be responsible to fix the issues accordingly.

 

  1.  That the LESSEE is authorized to effect necessary alternation/ renovations/ addition according to the building structure with the consensus of both parties according to their needs. During the period of their tenancy without any hindrance by the LESSOR.

 

  1. That the LESSOR shall arrange need-based white-washing and painting on request of LESSEE.  

 

  1. THAT THE LESSEE shall leave all the due rights of the easement as excised before their occupation of the HOSTEL PREMISES with unrestricted rights of use of the same including the rights of all easement and unrestricted ingress and egress.

 

  1. THAT the LESSEE may also use the above-HOSTEL PREMISES for other sister concerns as and when needed.

 

      

  1. THAT vacating of the above said “PREMISES” the LESSOR shall allow the LESSEE to take/remove the fixtures, fittings, gadgets facilities, etc. brought in by the LESSEE without any let or hindrances. THAT on the expiry of the lease agreement the LESSEE shall hand over peacefully and vacate possession of the said “PREMISES” onto the LESSOR, however, reasonable wear and tear is always expected.

 

  1. If the LESSOR may want to visit the HOSTEL PREMISES, he will inform the LESSEE about his schedule at least one week before his visit.

 

  1. That in the event of the HOSTEL PREMISES being destroyed by the fire etc. Or certified by the competent authority that the HOSTEL PREMISES being rendered unfit for the purpose for which it is rented to the LESSEE, this tenancy shall come to an end in case the LESSOR will refund the rental amount of the unexpired period to the LESSEE.

 

  1. That from years 6 to 10 (____________) either party can vacate the Hostel Premises by serving at least one-year prior notice.

  

IN WITNESS WHEREOF the parties hereto have hereunto set and subscribed their respective hands this day and year first above written.

 

 

__________________________                                            __________________________

Name of Lesse                                                                        Name of Lesser

(Lessee)                                                                                           (Lesser) 

(On behalf of Institution)                                                                   

 

 

Witness:                                                                                 

 

1. ____________________                          2.  ______________________

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