Landlord-Friendly Lease Agreement Template
LEASE AGREEMENT
This Lease Agreement (the "Agreement") is made and entered into on this [Day] day of [Month], [Year] (the "Effective Date").
BETWEEN:
[Landlord Full Legal Name], an individual residing at [Landlord Address], holder of identification document number [ID Number] (hereinafter referred to as the "Landlord"), of the one part;
AND:
[Tenant Full Legal Name], an individual residing at [Tenant Address], holder of identification document number [ID Number] (hereinafter referred to as the "Tenant"), of the other part.
The Landlord and the Tenant shall hereinafter be referred to individually as a "Party" and collectively as the "Parties".
WHEREAS, the Landlord is the lawful owner of, and holds good and marketable title to, that certain residential apartment described more particularly herein, and is desirous of letting the same to the Tenant upon the terms and conditions hereinafter set forth;
WHEREAS, the Tenant has inspected the said premises, is satisfied with the condition and situation thereof, and is desirous of taking the same on lease from the Landlord for residential purposes only;
WHEREAS, the Parties have mutually agreed to record the terms and conditions of their understanding in writing, and intend this Agreement to constitute a legally binding instrument between them;
NOW, THEREFORE, in consideration of the mutual covenants, agreements, representations, warranties and promises herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties do hereby covenant and agree as follows.
Definitions and Interpretation
In this Agreement, unless the context otherwise requires, the following expressions shall bear the meanings respectively ascribed to them hereunder, and shall apply equally to the singular and plural forms thereof.
"Premises" shall mean the residential apartment situated at [Full Address of Apartment, including unit/flat number, building, street, city, postal code, Country], together with all fixtures, fittings, furnishings (if any), appurtenances and common area rights appertaining thereto, as more particularly identified in the inventory to be signed by the Parties on or before the Commencement Date, and intended for use solely as a private dwelling for the Tenant and the Tenant's immediate family.
"Term" shall mean the fixed period of six (6) calendar months commencing on the Commencement Date and expiring on the Expiration Date, together with any subsequent renewal period or periods arising by operation of the automatic renewal provisions set out in this Agreement.
"Commencement Date" shall mean [Day] day of [Month], [Year], being the date on which the Tenant shall be entitled to take possession of and occupy the Premises pursuant to this Agreement.
"Expiration Date" shall mean the date falling six (6) calendar months after the Commencement Date, subject always to earlier termination or extension in accordance with the terms hereof.
"Rent" shall mean the monthly consideration payable by the Tenant to the Landlord for the demise of the Premises, in the amount of [Currency] [Amount] per calendar month, payable monthly in advance in accordance with this Agreement.
"Security Deposit" shall mean the sum equivalent to two (2) months' Rent, namely [Currency] [Amount], to be lodged by the Tenant with the Landlord as security for the due performance and observance by the Tenant of the covenants, conditions and obligations on its part contained herein.
"Business Day" shall mean any day other than a Saturday, Sunday or public holiday observed in [Country or City] on which banks are generally open for the conduct of ordinary banking business.
The headings and sub-headings used in this Agreement are inserted for convenience of reference only and shall not be deemed to affect, limit, enlarge or in any manner govern the construction or interpretation of any provision hereof.
References herein to any clause, sub-clause or section shall, unless the context otherwise requires, be construed as references to clauses, sub-clauses and sections of this Agreement, and words importing one gender shall include all other genders.
Demise of Premises
The Landlord doth hereby demise, let and grant unto the Tenant, and the Tenant doth hereby take on lease from the Landlord, the Premises, to hold the same unto the Tenant for the Term, subject to the covenants, conditions, stipulations and provisions herein contained.
The Tenant shall be entitled to quiet enjoyment of the Premises throughout the Term, without any lawful interruption or disturbance by the Landlord or by any person lawfully claiming by, through or under the Landlord, provided always that the Tenant duly observes and performs all covenants and obligations on its part herein contained.
The Premises are demised together with the right in common with the Landlord and all other persons lawfully entitled thereto to use any common entrances, staircases, passageways, lifts and other common parts of the building in which the Premises are situate, strictly for the purposes of lawful ingress to and egress from the Premises.
The demise hereby made is strictly limited to the Premises as identified herein, and shall not extend to any other part of the building, land or appurtenances owned by the Landlord, save as expressly provided in this Agreement.
The Tenant acknowledges that it has inspected the Premises prior to the execution hereof, and accepts the same in their present state and condition on an "as is, where is" basis, subject only to such defects (if any) as may be specifically recorded in writing by the Parties on or before the Commencement Date.
The Landlord shall deliver vacant possession of the Premises to the Tenant on the Commencement Date, and the Tenant shall accept such possession, together with the keys, access devices and inventory of contents (if any) applicable to the Premises.
Nothing herein contained shall be construed as creating any tenancy, estate, interest or right in favour of the Tenant beyond a personal right of occupation for the Term, and the Tenant shall acquire no proprietary interest in the Premises by virtue of this Agreement.
Late Payment and Default Interest
Without prejudice to any other right or remedy available to the Landlord at law, in equity or under this Agreement, if the Tenant shall fail to pay any sum due hereunder (whether on account of Rent, utilities, outgoings, charges or otherwise) on the due date therefor, such unpaid sum shall carry interest from the due date until the date of actual payment in full.
The rate of default interest shall be [Rate]% per month (or such lesser rate as may be the maximum permitted by applicable law), calculated on a daily basis and compounded monthly, and shall accrue both before and after any judgment obtained in respect of such unpaid sum.
In addition to default interest, the Landlord shall be entitled to levy a late payment administrative charge in the amount of [Currency] [Amount] in respect of each separate instalment of Rent or other sum which remains unpaid for a period exceeding [Number] days from the due date thereof, such charge being a genuine pre-estimate of the Landlord's administrative costs occasioned by such default.
All sums of default interest and late payment charges accruing hereunder shall be recoverable by the Landlord as if the same were arrears of Rent, and the Landlord shall be entitled to exercise all remedies available in respect of unpaid Rent for the recovery thereof.
The acceptance by the Landlord of any Rent or other sum tendered after the due date shall not operate as a waiver of the Landlord's right to recover default interest and late payment charges in respect of the period of such delay, nor as a waiver of any other right or remedy of the Landlord.
Any payment made by the Tenant shall be applied by the Landlord firstly in discharge of accrued late payment charges, secondly in discharge of accrued default interest, thirdly in discharge of any outgoings, utilities or other charges, and lastly in discharge of unpaid Rent, notwithstanding any contrary appropriation purportedly made by the Tenant.
The provisions of this section shall survive the expiration or earlier termination of this Agreement in respect of any sums which fell due during the subsistence hereof.
Term of Lease
The Term of this Agreement shall be a fixed period of six (6) calendar months, commencing on the Commencement Date and, unless sooner determined in accordance with the provisions hereof or renewed in accordance with Section 14, expiring on the Expiration Date.
Time shall be of the essence in respect of all dates, periods and deadlines stipulated in this Agreement, and strict compliance therewith shall be required of the Tenant.
If, for any reason not attributable to the fault of the Landlord, the Tenant shall fail to take possession of the Premises on the Commencement Date, the Term shall nonetheless commence on the said date, and the Tenant shall be liable for Rent and all other sums payable hereunder as from such date.
The Tenant shall not be entitled to determine, surrender or otherwise bring to an end this Agreement prior to the Expiration Date, save and except in accordance with the express provisions hereof or by mutual written consent of the Parties.
In the event the Tenant purports to vacate the Premises prior to the Expiration Date without lawful entitlement, the Tenant shall remain liable for the payment of Rent and all other sums payable hereunder for the remainder of the Term, without prejudice to any other right or remedy of the Landlord.
Any holding over by the Tenant beyond the Expiration Date or any subsequent renewal expiration date, otherwise than pursuant to the automatic renewal provisions hereof, shall not operate to create any new tenancy, and the Tenant shall be liable to pay to the Landlord by way of mesne profits a sum equivalent to twice the Rent for each day of such holding over, together with all damages, losses and costs occasioned to the Landlord thereby.
Rent and Payment Terms
The Tenant shall pay to the Landlord Rent in the amount of [Currency] [Amount] per calendar month, free and clear of any deduction, set-off, counterclaim or withholding whatsoever, save as may be required by applicable law.
Rent shall be payable monthly in advance, on or before the [Day] day of each and every calendar month throughout the Term, with the first such payment to be made on or before the Commencement Date.
Payment of Rent shall be effected by electronic bank transfer to the following account of the Landlord: Account Name: [Account Name]; Account Number: [Account Number]; Bank: [Bank Name]; or to such other account as the Landlord may from time to time notify to the Tenant in writing not less than fifteen (15) days prior to the next payment date.
Payment shall be deemed to have been made only upon receipt of cleared funds into the designated account of the Landlord, and the risk of transmission and any associated bank charges shall be borne solely by the Tenant.
If the Commencement Date or the Expiration Date (or the effective date of any earlier lawful determination hereof) does not coincide with the first or last day of a calendar month respectively, the Rent for the broken period shall be computed on a pro rata basis by reference to the actual number of days in such period and shall be paid in advance.
The Landlord reserves the right, upon the commencement of any renewal period pursuant to Section 14, to adjust the Rent payable to reflect prevailing market rates, provided that written notice of any such adjustment is given to the Tenant not less than thirty (30) days prior to the commencement of the relevant renewal period.
All Rent and other sums payable hereunder are expressed exclusive of any value added tax, goods and services tax or similar transaction tax that may be chargeable thereon, which shall be payable by the Tenant in addition thereto to the extent lawfully applicable.
The Tenant's obligation to pay Rent and other sums hereunder is absolute and unconditional, and shall not be affected or diminished by any circumstance whatsoever, including any inability of the Tenant to use or occupy the Premises for any reason other than wilful misconduct of the Landlord.
Maintenance, Repairs, and Condition of Premises
The Tenant shall, throughout the Term, keep and maintain the interior of the Premises, together with all fixtures, fittings, furnishings, appliances, sanitary ware, plumbing, electrical installations and other equipment therein, in good and tenantable repair, order and condition, fair wear and tear only excepted.
The Tenant shall promptly make good, at its own cost and expense, any damage caused to the Premises or to the building in which the same are situate by the act, omission, neglect or default of the Tenant, its family members, guests, invitees or any other person admitted to the Premises by or with the permission of the Tenant.
The Tenant shall keep the Premises in a clean, sanitary and hygienic condition, free from vermin, pests and refuse, and shall promptly dispose of all household waste in the manner designated by the Landlord or the relevant local authority.
The Landlord shall be responsible for the structural repair and maintenance of the Premises, including the roof, external walls, load-bearing walls, foundations, main drains and principal service installations serving the Premises, save where such repair or maintenance is rendered necessary by the act, omission or default of the Tenant, in which case the cost thereof shall be recoverable from the Tenant as a debt.
The Tenant shall forthwith notify the Landlord in writing of any defect, damage, want of repair or dangerous condition affecting the Premises of which the Tenant becomes aware, and shall afford the Landlord a reasonable opportunity to effect such repair as the Landlord may determine to be necessary.
The Tenant shall not permit any minor repair, which if unattended would be likely to develop into or cause a major defect, to go unreported or unaddressed, and shall be liable for all additional costs occasioned by any failure to give timely notice.
The Tenant acknowledges receipt of the Premises in good and tenantable repair and condition, together with all contents (if any) listed in the inventory prepared and signed by the Parties, and shall at the expiration or earlier determination hereof yield up the same in like condition, fair wear and tear only excepted.
Security Deposit
Simultaneously with the execution of this Agreement, the Tenant shall deposit with the Landlord the Security Deposit in the amount of [Currency] [Amount], being equivalent to two (2) months' Rent, as security for the due observance and performance by the Tenant of all its covenants and obligations hereunder.
The Security Deposit shall be held by the Landlord throughout the Term and any renewal thereof, free of any obligation to pay interest to the Tenant thereon, and shall not be treated as, or applied in or towards, payment of Rent save upon the express written direction of the Landlord.
The Landlord shall be entitled, without prejudice to any other right or remedy, to apply the whole or any part of the Security Deposit in or towards satisfaction of any unpaid Rent, utilities, outgoings, late payment charges, default interest, costs of repair or reinstatement, or any other sum or liability of the Tenant arising under or in connection with this Agreement.
If at any time during the Term the Landlord shall apply any part of the Security Deposit as aforesaid, the Tenant shall, within seven (7) days of written demand, replenish the Security Deposit to its original amount, and failure to do so shall constitute a material breach of this Agreement.
The Security Deposit, or such part thereof as remains after lawful deductions, shall be refunded by the Landlord to the Tenant without interest within thirty (30) days following the expiration or earlier lawful determination of this Agreement and the vacant possession of the Premises being delivered to the Landlord in accordance with Section 16.
The Landlord shall be entitled to deduct from the Security Deposit, prior to any refund thereof, all sums owing by the Tenant hereunder, the reasonable cost of making good any damage to the Premises (other than fair wear and tear), the cost of cleaning the Premises if left in an unclean condition, and the cost of replacing any missing or damaged items of inventory.
In the event that the deductions properly made by the Landlord exceed the amount of the Security Deposit, the Tenant shall remain liable to the Landlord for the balance, which shall be payable within seven (7) days of written demand.
Use and Occupancy of Premises
The Tenant shall use and occupy the Premises solely as a private residential dwelling for the Tenant and the Tenant's immediate family members, and for no other purpose whatsoever, without the prior written consent of the Landlord.
The Tenant shall not use, nor permit the Premises to be used, for any trade, business, profession, commercial activity, or for any purpose which is unlawful, immoral, offensive, dangerous, noisy, noxious or likely to cause nuisance, annoyance or disturbance to the Landlord or to the occupiers of any neighbouring premises.
The maximum number of persons permitted to reside in the Premises shall not exceed [Number], and the Tenant shall not permit any other person to take up residence in the Premises without the prior written consent of the Landlord, which consent may be withheld in the Landlord's absolute discretion.
The Tenant shall not keep any pet, animal or bird on the Premises without the prior written consent of the Landlord, and any such consent, if granted, may be subject to such conditions as the Landlord may impose.
The Tenant shall comply with, and shall ensure that all occupants, guests and invitees of the Premises comply with, all applicable laws, by-laws, regulations, rules and orders of any competent authority, and with any rules and regulations which may from time to time be made by the Landlord or by any owners' association, body corporate or management committee having jurisdiction over the building in which the Premises are situate.
The Tenant shall not store or permit to be stored on the Premises any goods, materials or substances of a hazardous, flammable, explosive, toxic or dangerous nature, nor do or permit to be done anything which may invalidate or render more onerous any policy of insurance effected by the Landlord in respect of the Premises or the building in which the same are situate.
The Tenant shall not affix, display or exhibit any sign, notice, placard, advertisement or writing of any description to or upon any part of the Premises visible from the exterior thereof, without the prior written consent of the Landlord.
The Tenant shall not keep in or about the Premises any article or thing which may increase the risk of fire or which may be prohibited by the regulations of the local fire authority or other competent authority.
Utilities and Outgoings
The Tenant shall, throughout the Term, be responsible for the arrangement, consumption and payment of all utilities and services supplied to or consumed on the Premises, including without limitation electricity, water, gas, telephone, internet, cable or satellite television and refuse collection, together with all deposits, connection charges, meter charges and other associated costs.
The Tenant shall promptly settle all invoices rendered in respect of such utilities and services on or before their respective due dates, and shall indemnify and keep indemnified the Landlord against all costs, charges, demands and liabilities arising from any failure of the Tenant so to do.
Where any utility or service is not separately metered to the Premises, the Tenant shall pay to the Landlord a fair and reasonable proportion of the aggregate charge therefor, as determined by the Landlord acting reasonably, within seven (7) days of written demand accompanied by a copy of the relevant invoice.
The Tenant shall be liable for all taxes, rates, assessments, levies and other outgoings assessed or imposed on or in respect of the occupation of the Premises by the Tenant, including without limitation any council tax, municipal tax, residence tax or similar occupier's charge, and shall produce to the Landlord upon request evidence of due payment thereof.
The Landlord shall remain responsible for all taxes, rates and outgoings assessed or imposed on or in respect of the ownership of the Premises, including any property tax, land tax or similar owner's charge, save as otherwise expressly agreed herein.
The Tenant shall produce to the Landlord, upon the expiration or earlier determination of this Agreement, evidence satisfactory to the Landlord that all utility accounts and other outgoings for which the Tenant is responsible have been settled in full up to the date of yielding up possession.
Any failure by the Tenant to pay any utility, service charge, tax or outgoing when due shall entitle the Landlord, without obligation so to do, to make such payment on behalf of the Tenant and to recover the amount so paid, together with an administrative handling fee of [Rate]% thereon, from the Tenant as a debt forthwith on demand.
Alterations and Improvements
The Tenant shall not make or permit to be made any alteration, addition, improvement, modification or structural change of any kind whatsoever to the Premises, whether internal or external, nor shall the Tenant install, remove or alter any fixtures or fittings therein, without first obtaining the written consent of the Landlord.
The Landlord may, in granting any such consent, impose such conditions as the Landlord may deem fit, including without limitation requirements as to the use of specified contractors, provision of plans and specifications, obtaining of regulatory approvals, and reinstatement of the Premises to their original condition upon the expiration or earlier determination hereof.
Any alteration, addition or improvement made by the Tenant (whether with or without consent) shall, at the option of the Landlord to be exercised in writing on or before the expiration or earlier determination hereof, either become the property of the Landlord without compensation to the Tenant, or be removed by the Tenant at its own cost with the Premises reinstated to their condition prior to such alteration.
The Tenant shall not drive any nails, screws, hooks or other fastenings into the walls, ceilings, floors or woodwork of the Premises, save for the purpose of hanging pictures or similar decorative items by means of ordinary picture hooks, and shall make good any damage occasioned thereby upon yielding up possession.
The Tenant shall not alter, change or install any additional locks, bolts, security systems, entry phones or alarm systems on or within the Premises without the prior written consent of the Landlord, and shall furnish the Landlord with duplicate keys or access codes to any such installations as may be permitted.
The Tenant shall not interfere with, alter or in any manner tamper with any electrical, plumbing, heating, ventilation, air-conditioning or other service installations in the Premises, and shall engage only suitably qualified and licensed tradespersons to effect any works to such installations that the Tenant may be entitled or required to undertake hereunder.
The Tenant shall indemnify and hold the Landlord harmless from and against all claims, demands, damages, losses, costs and expenses arising from or in connection with any alteration, addition, improvement or works undertaken by or on behalf of the Tenant, including any claim by any contractor, workman or third party in respect of such works.
Landlord's Right of Entry and Inspection
The Landlord and its duly authorised agents, representatives, surveyors, workmen and contractors shall be entitled, at all reasonable times and upon giving the Tenant not less than twenty-four (24) hours' prior notice in writing (save in cases of emergency, when no notice shall be required), to enter upon and inspect the Premises for any lawful purpose connected with the Landlord's interest therein.
Such purposes shall include, without limitation, the inspection of the state and condition of the Premises, the carrying out of any repairs, maintenance or works which the Landlord is entitled or required to undertake, the taking of inventories, the valuation or survey of the Premises, and the ascertainment of compliance by the Tenant with its obligations hereunder.
In the event of any emergency, including but not limited to fire, flood, gas leak, burst pipe or threat to the safety or security of persons or property, the Landlord shall be entitled to enter the Premises forthwith and without prior notice, using such reasonable force as may be necessary, and the Tenant shall not be entitled to any compensation in respect of such entry.
During the final two (2) months of the Term and during any period following service of notice of termination, the Landlord shall be further entitled, upon giving reasonable prior notice, to enter the Premises together with prospective tenants or purchasers for the purpose of viewing the same, and to affix to the Premises notices advertising the letting or sale thereof.
The Tenant shall provide the Landlord with all keys, access codes, security codes and other means of access to the Premises as the Landlord may from time to time reasonably require, and shall not change the same or install additional locks or security devices without the prior written consent of the Landlord.
The Tenant shall not obstruct, hinder or impede the Landlord or any person authorised by the Landlord in the exercise of any right of entry conferred by this Agreement, and any failure to afford access as required shall constitute a material breach of this Agreement.
The Landlord shall take reasonable care to minimise disruption to the Tenant's occupation of the Premises during any permitted entry, but shall not be liable to the Tenant for any inconvenience or disturbance occasioned by the lawful exercise of its rights of entry hereunder.
Insurance and Indemnification
The Tenant shall, at its own cost and expense, effect and maintain throughout the Term a comprehensive policy of contents insurance in respect of the Tenant's own possessions, chattels, personal effects and valuables kept at the Premises, together with public liability insurance in a sum of not less than [Currency] [Amount] in respect of any one occurrence.
The Tenant acknowledges that the Landlord shall be under no obligation to insure the Tenant's possessions or personal effects, and that the Landlord shall not be liable for any loss of or damage to the same howsoever caused, save to the extent occasioned by the wilful misconduct of the Landlord.
The Landlord shall maintain, at its own cost, a policy of building insurance in respect of the structure of the Premises against the usual risks of fire, flood, storm, tempest and such other perils as the Landlord may in its sole discretion deem appropriate.
The Tenant shall do nothing on or in relation to the Premises which may render void or voidable any policy of insurance maintained by the Landlord, or which may increase the premium payable thereon, and shall indemnify the Landlord in respect of any increased premium or loss of cover occasioned by any act or default of the Tenant.
The Tenant shall indemnify, defend and hold harmless the Landlord from and against any and all claims, actions, proceedings, demands, damages, losses, liabilities, costs and expenses (including legal costs on a full indemnity basis) suffered or incurred by the Landlord arising directly or indirectly from any breach by the Tenant of this Agreement, from the Tenant's use or occupation of the Premises, or from any act, omission, neglect or default of the Tenant, its family members, guests, invitees or any person admitted to the Premises by or with the permission of the Tenant.
The indemnities contained herein shall survive the expiration or earlier determination of this Agreement, and shall not be limited or affected by any insurance maintained by the Tenant.
The Tenant shall produce to the Landlord, upon written request, copies of all insurance policies required to be maintained hereunder, together with evidence of payment of the current premiums thereon.
The Landlord shall not in any event be liable to the Tenant for any indirect, consequential, incidental or special loss or damage, including loss of profits, loss of business opportunity or loss of enjoyment, suffered by the Tenant in connection with this Agreement or the Premises.
Assignment and Subletting
The Tenant shall not, without the prior written consent of the Landlord (which may be granted or withheld in the Landlord's absolute and unfettered discretion), assign, transfer, charge, mortgage, encumber or otherwise part with the whole or any part of its interest in this Agreement or the Premises.
The Tenant shall not sublet, licence, share occupation of, or part with or share possession of the Premises or any part thereof, whether on a short-term, long-term, holiday, serviced, shared or any other basis, without the prior written consent of the Landlord, which consent may be withheld in the Landlord's absolute and unfettered discretion.
The Tenant is expressly prohibited from offering the Premises or any part thereof for short-term rental through any online platform, booking service or similar arrangement, and any breach of this prohibition shall constitute a material breach of this Agreement entitling the Landlord to terminate forthwith.
The Landlord shall be entitled, at any time, to assign, transfer or otherwise dispose of its interest in the Premises or its rights under this Agreement to any third party, and the Tenant shall, upon written notice of any such assignment, attorn to the assignee as its new landlord and recognise the assignee as entitled to all rights and benefits of the Landlord hereunder.
Any purported assignment, subletting, sharing of occupation or parting with possession by the Tenant in contravention of this section shall be void and of no effect, and shall further constitute a material breach of this Agreement.
The Tenant shall promptly notify the Landlord in writing of any proposed change in the identity of the occupants of the Premises, and no such change shall take effect without the prior written consent of the Landlord.
The restrictions contained in this section are of the essence of this Agreement, having regard to the personal nature of the relationship between the Parties and the Landlord's reliance upon the identity and personal circumstances of the Tenant.
Automatic Renewal and Termination of Term
Unless either Party shall serve upon the other written notice of termination not less than sixty (60) days prior to the Expiration Date (or prior to the expiration of any then-current renewal period), this Agreement shall automatically renew upon the Expiration Date for a further fixed period of six (6) calendar months, upon the same terms and conditions as are contained herein, save as to any adjustment of Rent duly notified pursuant to Section 5.
Each such renewal period shall itself be subject to automatic renewal in the same manner upon its expiration, and the process of renewal shall continue indefinitely until terminated in accordance with this section.
Any notice of non-renewal given by the Landlord shall take effect on the Expiration Date (or on the expiration of the then-current renewal period, as the case may be), and the Tenant shall thereupon yield up vacant possession of the Premises in accordance with Section 16.
Any notice of non-renewal given by the Tenant shall likewise take effect on the Expiration Date (or on the expiration of the then-current renewal period), and shall not entitle the Tenant to terminate this Agreement at any earlier date.
Upon each renewal, the Landlord shall be entitled to review and adjust the Rent in accordance with Section 5, and any such adjustment shall take effect from the first day of the relevant renewal period.
The Parties may, by mutual written agreement, extend or vary the Term upon such terms as they may mutually agree, and any such extension or variation shall be recorded in writing and executed by both Parties.
Nothing in this section shall operate to restrict or affect the right of either Party to terminate this Agreement in accordance with the provisions of Section 15 by reason of default or breach by the other Party.
Default and Remedies
Each and all of the following events shall constitute an "Event of Default" by the Tenant hereunder: (i) any failure to pay any Rent or other sum payable hereunder within seven (7) days of the due date thereof, whether formally demanded or not; (ii) any breach, non-observance or non-performance of any other covenant, condition or obligation on the part of the Tenant contained herein which, if capable of remedy, is not remedied within fourteen (14) days of written notice from the Landlord requiring remedy thereof; (iii) the Tenant becoming bankrupt, insolvent, or entering into any composition or arrangement with its creditors; (iv) the abandonment of the Premises by the Tenant; (v) the Tenant making any materially false or misleading representation or warranty to the Landlord in connection with this Agreement.
Upon the occurrence of any Event of Default, the Landlord shall be entitled, without prejudice to any other right or remedy available at law, in equity or hereunder, to terminate this Agreement forthwith by written notice to the Tenant, whereupon this Agreement shall cease and determine, but without prejudice to any accrued rights or remedies of either Party.
Upon any such termination, the Tenant shall forthwith yield up vacant possession of the Premises in accordance with Section 16, and shall remain liable to the Landlord for all Rent and other sums accrued due up to the date of termination, together with all damages, losses, costs and expenses occasioned to the Landlord by reason of the Event of Default and the termination hereof.
Without prejudice to the Landlord's right of termination, the Landlord shall be entitled to recover from the Tenant all arrears of Rent and other sums due, together with default interest and late payment charges as provided in Section 3, and all costs and expenses (including legal costs on a full indemnity basis) incurred by the Landlord in enforcing its rights hereunder or in pursuing any remedy against the Tenant.
The Landlord shall further be entitled to recover from the Tenant, as liquidated damages, the Rent and other sums which would have accrued due hereunder for the remainder of the then-current Term (or renewal period), subject to credit for any Rent actually received by the Landlord from any replacement tenant in respect of such period, together with all reasonable costs of re-letting the Premises.
No failure or delay by the Landlord in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy preclude the further exercise of such right or remedy or the exercise of any other right or remedy.
The rights and remedies of the Landlord provided herein are cumulative and in addition to, and not in substitution for, any rights or remedies otherwise available to the Landlord at law or in equity.
Any waiver by the Landlord of any breach by the Tenant of any covenant or condition herein shall be effective only if given in writing and signed by the Landlord, and shall not operate as a waiver of any subsequent or continuing breach.
Surrender and Yielding Up
Upon the expiration or earlier determination of this Agreement, howsoever occasioned, the Tenant shall peaceably and quietly yield up vacant possession of the Premises to the Landlord, together with all keys, access devices, security codes and all fixtures, fittings and items of inventory delivered to the Tenant at the commencement hereof.
The Premises shall be yielded up in the same good and tenantable repair and condition as they were delivered to the Tenant on the Commencement Date, fair wear and tear only excepted, and in a clean, tidy and sanitary condition, with all refuse removed and all surfaces, fittings and appliances professionally cleaned.
The Tenant shall remove from the Premises all its own goods, chattels, furniture and personal effects, and shall make good at its own cost any damage occasioned to the Premises by such removal, failing which the Landlord shall be entitled to remove, store, sell or dispose of any such items at the Tenant's cost and risk.
Any goods or chattels left on the Premises by the Tenant for a period exceeding seven (7) days following the date of yielding up shall be deemed to have been abandoned by the Tenant, and the Landlord shall be entitled to dispose of the same as it sees fit, without any obligation to account to the Tenant for the proceeds thereof.
The Tenant shall settle all outstanding utility accounts, service charges and other outgoings for which it is responsible up to the date of yielding up, and shall produce evidence satisfactory to the Landlord of such settlement.
The Parties shall jointly inspect the Premises on or about the date of yielding up, and shall prepare and sign a schedule of condition noting any damage, dilapidation or deficiency, which schedule shall form the basis for any deductions from the Security Deposit pursuant to Section 7.
The Tenant's obligations under this section shall survive the expiration or earlier determination of this Agreement, and shall remain enforceable against the Tenant notwithstanding the delivery up of possession.
Notices
All notices, demands, requests, consents, approvals and other communications required or permitted to be given hereunder shall be in writing and in the English language, and shall be delivered by hand, by prepaid registered post with acknowledgement of receipt, by courier, or by electronic mail to the addresses specified below (or to such other address as either Party may from time to time notify to the other in accordance with this section).
Notices to the Landlord shall be addressed to: [Landlord Name], [Landlord Address], Email: [Landlord Email].
Notices to the Tenant shall be addressed to: [Tenant Name], at the Premises or at [Alternative Address], Email: [Tenant Email].
Any notice delivered by hand shall be deemed to have been received at the time of actual delivery; any notice sent by prepaid registered post shall be deemed received on the third (3rd) Business Day following the date of posting; any notice sent by courier shall be deemed received upon confirmation of delivery; and any notice sent by electronic mail shall be deemed received at the time of transmission, provided no delivery failure notification is received by the sender.
If deemed receipt would otherwise occur on a day which is not a Business Day, or after 5:00 p.m. local time at the place of receipt, deemed receipt shall be postponed until 9:00 a.m. local time on the next following Business Day.
Any Party may change its address or email for the service of notices by giving not less than seven (7) days' prior written notice of such change to the other Party in accordance with this section.
The provisions of this section shall not apply to the service of any claim form, originating process or other document in connection with any legal proceedings, which shall be effected in accordance with the applicable rules of court.
Governing Law and Dispute Resolution
This Agreement, and all matters arising out of or in connection herewith (whether contractual or non-contractual), shall be governed by and construed in accordance with the laws of [Country/Jurisdiction], without regard to the principles of conflict of laws thereof.
The Parties hereby irrevocably submit to the exclusive jurisdiction of the courts of [City/Jurisdiction] in relation to any claim, dispute, difference or matter arising out of or in connection with this Agreement, and waive any objection to the laying of venue therein or any claim that such forum is inconvenient.
Prior to the commencement of any formal legal proceedings, the Parties shall endeavour in good faith to resolve any dispute arising hereunder by amicable negotiation between themselves for a period of not less than thirty (30) days from the date on which one Party gives written notice of the dispute to the other.
If the dispute remains unresolved upon the expiration of the said thirty (30) day period, either Party shall be at liberty to refer the dispute to the courts aforesaid, or, if the Parties so mutually agree in writing, to mediation before a mediator jointly agreed between them, the costs of which shall be borne equally by the Parties.
Nothing in this section shall preclude or restrict the right of either Party to seek urgent injunctive, interim or declaratory relief from any court of competent jurisdiction at any time, whether before, during or after the conclusion of any negotiation or mediation process.
In any legal proceedings between the Parties arising out of or in connection with this Agreement, the successful Party shall be entitled to recover from the unsuccessful Party all reasonable legal costs and expenses incurred in connection with such proceedings, on a full indemnity basis.
The Parties acknowledge and agree that the provisions of this section shall survive the expiration or earlier determination of this Agreement.
Miscellaneous Provisions
This Agreement constitutes the entire agreement and understanding between the Parties with respect to its subject matter, and supersedes all prior and contemporaneous agreements, representations, warranties, understandings, negotiations and discussions, whether written or oral, between the Parties with respect thereto.
No amendment, variation, modification or supplement to this Agreement shall be effective unless made in writing and signed by both Parties.
If any provision of this Agreement is held by any court or other competent authority to be invalid, illegal or unenforceable in whole or in part, such provision shall, to the extent of such invalidity, illegality or unenforceability, be deemed severed from this Agreement, and the remaining provisions hereof shall continue in full force and effect.
No failure or delay by either Party in exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy.
This Agreement shall be binding upon and enure for the benefit of the Parties and their respective heirs, executors, administrators, successors and permitted assigns, and nothing herein shall confer or purport to confer on any third party any right to enforce any term hereof.
The Tenant acknowledges that it has had the opportunity to seek independent legal advice prior to the execution hereof, and enters into this Agreement freely, voluntarily and with full understanding of the terms and conditions hereof.
This Agreement may be executed in any number of counterparts, each of which when executed shall constitute an original, but all the counterparts together shall constitute one and the same instrument, and delivery of an executed counterpart by electronic means shall be deemed valid delivery.
The provisions of this Agreement which by their nature are intended to survive the expiration or earlier determination hereof shall so survive, including without limitation provisions relating to indemnities, confidentiality, payment obligations accrued prior to termination, and dispute resolution.
Each Party shall bear its own costs and expenses incurred in connection with the negotiation, preparation and execution of this Agreement, save as otherwise expressly provided herein.
IN WITNESS WHEREOF, the Parties hereto have executed this Lease Agreement as of the Effective Date first above written.
SIGNED by the LANDLORD:
Name: [Landlord Full Legal Name]
Signature: ____________________________
Date: [Day] day of [Month], [Year]
Address: [Landlord Address]
Identification Document Number: [ID Number]
SIGNED by the TENANT:
Name: [Tenant Full Legal Name]
Signature: ____________________________
Date: [Day] day of [Month], [Year]
Address: [Tenant Address]
Identification Document Number: [ID Number]
WITNESSED BY:
Witness 1:
Name: [Witness Name]
Signature: ____________________________
Address: [Witness Address]
Witness 2:
Name: [Witness Name]
Signature: ____________________________
Address: [Witness Address]