Lease and Mortgage Drafting Guide
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Swati PednekarLease and Mortgage Drafting Guide
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Swati PednekarAssignment No.
3 – Lease Deed
Mr.Giridhar is a resident of Bangalore and residing in a House having
one room with attached bathroom and kitchen since 2 years on lease
basis. He paid Rs.1,00,000/- towards the lease. Now the lease period
came to an end and both lessor (Smt.Jayashree Shah) and Lessee
Mr.Giridhar want to continue the same for another 2years on
additional payment of Rs.2,00,000/- by executing fresh Lease Deed.
Draft a Lease Deed.
Assignment No.4 – Simple Mortgage
Mr.Ramkumar owns a building in Udayanagar, Bangalore. The
building usually used as a godown for storing finished products of the
garments. As Mr.Ramkumar is in need of some financial assistance for
his family requirement he wanted to get the loan by securing that
building under mortgage. Mr.Ambalal agreed to lend him a loan of
Rs.5,00,000/- at the rate of 10% interest by taking the security of the
said building under mortgage. Ramkumar agreed to repay the amount
within 2years. Draft a Simple Mortagage Deed.
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LEASE DEED
THIS DEED OF LEASE is made and executed on the Fifteenth
day of April Two Thousand Sixteen (15-04-2016) at Bangalore.
BETWEEN:
SRI U. S. GIRIDHAR,
Aged about 51 years,
Son of late Sri U. V. Srinivas Rao
residing at C-11 S. K. Lane;
Chikka Mavalli;
Bangalore 560 004,
Hereinafter referred to as the LESSOR of the One Part.
AND:
SRI.JAYSHREE SHIRISH SHAH,
Aged about 55 years,
R/at. Flat no.505 Gulbahar Apartment,
10, Hare Krishna road,
Kumara Park East,
Bangalore 560 001,
Hereinafter referred to as the LESSEE of the OTHER PART.
(The expression LESSOR and LESSEE, wherever the context so
permits shall mean and include their respective legal representatives,
heirs, executors, administrators and assigns.)
WHEREAS the Lessor is the absoluter Owner of the House
having one room with attached bathroom and kitchen at Premises
No.L-19 on the 3rd Floor, Shopping Street, B. K. Subbaiah Layout, K.
P. west; Bangalore -560 020 hereinafter referred to as the ‘SCHEDULE
PREMISES’.
WHEREAS the Lessor and Lessee have entered into similar lease
deed under date 15.12.2014 and the Lessee is in possession of the
Schedule Property ever since then. That the period of lease is from
15.12.2014 to 14.12.2018. That the Lessor has approached the Lessee
and expressed his intention to extend the period of lease before its
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expiry and has requested the Lessee to pay additional lease amount of
Rs.1,00,000/- in addition to the sum of Rs.2,50,000/- paid by the
Lessee under deed of lease dated 15.12.2014, wherein the period of
lease is extended upto 14.12.2018.
WHEREAS the Lessee has agreed to the said proposal and as
such this deed is entered into between the parties insofar as it relates
to the additional payment of lease amount and extension of period of
lease. That both the parties agree that all the terms and conditions
which are incorporated under the lease deed dated 15.12.2014 shall
remain same, unaltered and binding on both the parties except to the
extent as stated supra.
NOW THIS DEED WITNESSES AS FOLLOWS:-
1. The duration of lease is from 16.04.2016 till 15.04.2018 The
Lessee shall pay the lease amount of Rs. 250000/- (Rupees Two lakh
Fifty thousand Only).
2. That the Lessee has paid a sum of Rs.1,00,000/- (Rupees One
Lakh only) vide Cheque No.487269 dated 14.04.2016 on Kotak
Mahindra Bank for which lessor has acknowledged the receipt. That in
all the Lessor has received a sum of Rs.3,50,000/- towards lease
amount and the said Lease amount shall not carry any interest. The
lessor shall refund the said lease amount to the lessee at the time of
vacating the schedule premises and the lessee shall not pay any rent
during the period of this lease deed.
3. The lessee shall not disturb the peaceful possession of the other
occupants in the building and not interrupt in their matters.
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SCHEDULE PROPERTY
All that part and parcel of premises bearing NO. L-19, 3 rd Floor,
Shopping Street, B.K.Subbaiah Layout, K. P. West ,Bangalore-560020,
comprising of one room with attached bathroom, one kitchen and
fitted with electricity and water connections.
IN WITNESS WHEREOF the parties to this deed herein have
signed this deed of lease on the day, month and year first above
mentioned in the presence of the under -mentioned witnesses.
(Sri.U.S.Giridhar)
LESSOR
(Smt.Jayshree Shirish Shah)
LESSEE
WITNESSES:
1.
2.
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