Lease of residential property with options on rent free period and early termination. A lease is generally over 3 years and in the form of a deed. The Lessor appoints a representative / manager to manage the property on its behalf. This is drafted in neutral form.
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This is a Lease of residential property with options on rent free period and early termination. A lease is generally over 3 years and in the form of a deed. The Lessor appoints a representative / manager to manage the property on its behalf. This is drafted in neutral form.
The Lessor shall let and the Lessee shall take the Premises for the Term of Lease (as defined below) details as more particularly described in the Schedule.
The Lessor hereby appoints the Representative as its authorized representative for this Lease including but not limited to acting as representative for collection of payments due from the Lessee to the Lessor under this Lease. The Representative hereby agrees to accept the engagement, and act as an authorized representative of the Lessor in relation to this Lease.
The Lessor hereby agrees to lease the Premises and the furniture, fixtures, fittings and equipment therein (as per Schedule, if any) in clean and tenantable condition to the Lessee for residential purpose.
The above Premises is hereby leased for a term of x years, commencing on date. The Lessee & the Lessor must complete above lease of first x> years. Any advance termination before the fixed x years should be compensated by the Lessee and the Lessor to the total remaining sum of the rented to the Lessee and the Lessor.)
On expiry of this lease, the Lessor has the right to take back the Premises in full, and the Lessee must deliver vacant possession of the Premises on the date of expiry. If the Lessee wishes to extend the lease, The Lessee shall have the priority to renew the lease and is required to give written notice to the Lessor two months prior to the expiry of this lease, the revised rental should be negotiated between the two parties. The Lessor has the right to lease to a third party if they cannot agree on rental or other terms one month prior to expiry.
Provided the Lessee shall have paid the Rent and other outgoings on the days and in the manner herein provided and observe and perform the terms and conditions herein contained and on the Lessee's part to be observed and performed, the Lessee shall peacefully hold and enjoy the Premises during the Term of Lease without any interruption by the Lessor.
This Lease of residental property template shall be carefully read by the Lessee and the Lessor.
Both parties should sign and return a copy, and once signed, both parties should get a copy. To avoid any future disputes, both parties may wish to have their signatures witnessed.
The rent, term of the lease, deposit and other charges, and also the responsibilities of the Lessee and Lessor should all be clearly stated in the agreement.
If either party wishes to amend the agreement in the future, both parties should agree to do so, and the original agreement and amendments should be recorded in writing and signed by both parties.