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. This is drafted in favour of the Lessor.
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 purposes.
The above Premises is hereby leased for a term of x years, commencing on a specified 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 document should be carefully read by both the Lessor and the Lessee.
This document may be used to draft a neutral form lease agreement for a residential property with options on rent-free period and early termination.
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 amount of Rent and Rent Payment Date should all be clearly stated in the lease 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.
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