This agreement is made and executed on 16th day of December 2012 by and between Mr.Imran Khan son of Karim Khan of Defense ,Lahore hereinafter called LESSORS, (which expression shall include his successors and assigns whenever the context so permits) of the First Part.
M/S International Hair style through one of its partner Mr.Khalid khan son of M.Hassan khan resident of defense, Lahore, hereinafter called the LESSEE,(Which expression shall include his successors and assigns whenever the context so permits) of the second part.
Whereas The LESSOR is the exclusive owner of property measuring 20 Kanal Approximately stated town ship Lahore, Comparing with (1) Hall (36.6*61) (2) Hall (40.3*60.3”) (3) Hall (41” * 24”) (4) Hall (32”*12.9”) (5) Hall (11*25.6”) (6) 1 Kitchen 2 bath and Lawn.(hereinafter referred to as said “Premises”)
Which he desired to give it on lease to the Lessee the terms and conditions have already been settled between the parties and these are now required to be reduced into writing to keep the matter clear, free of doubt and ambiguilty and for such uses and reference as may be required from time to time. Hence this Deed has been drawn up.
NOW,THEREFORE, THIS DEED WITNESSETH AS FOLLOWS:-
- The lesser has agreed to give and the lessees have agreed to take on lease the said premises on monthly rent of Rs.30, 000/- for a period of six years with the effect from 01.11.2012.
- The Rs.500, 000/-(rupees one lacks) have been paid as security money to lesser.
- The rent of the premises will be increased in accordance with the prevailing Law i.e. 30% after three years.
- That the period of this lease Agreement has been settled for six years starting from 01.11.20, but the period may be extended by mutual agreement for such further period as may be agreed upon.
- That the lessee shall keep the demised premises in the same condition as on the date of Lease Agreement and shall not damage properly anything in any way, otherwise he shall be liable for all cost and damages.
- That the said term of loan. To carry on or permit to carried on any offensive trade or business on the said premises.
- That without the consent in writing of the lesser, the lesser is not allowed assigning his interest in the said premises sublet a part with possession of the same to any party.
- Those at all times during the said term, the property tax of the premises shall be paid by lesser.
- That the LESSEE, paying the Lease Money hereby peacefully Possession without any interruption disturbance by the LESSORS.
- That in case of any breach of any condition and covenants to observed and performed by the LESSEE< the lease may be terminated and the right of re-entry exercised by the LESSORS at his opinion, without prejudice to his right to recover all arrears of rent and damages for breach of such covenants.
- That the Lessee shall pay the burden of taxes on profit of form and there shall not be any bar on the premises and it shall be the liability of the LESSEE to discharge himself from the burden of taxes at the time vacating the premises.
- That in case of dispute or different of opinion the same shall be settled mutually or will be referred to arbitration in accordance with the law.
IN WITNESSES WHEREOF the parties have put their signatures on the date mentioned above.