This Memorandum of Agreement for rent made at this day of December ____,
Shri major, aged son of residing at ,
(hereinafter referred to as Lessors which expression shall unless repugnant to subject or
context mean and include its successors, representatives and assigns) on ONE PART.
NABARD Financial Services Limited (NABFINS), a Company established under Companies
Act 1956 having its Registered office at 190, R.V.Road, Jayanagar 2nd Block, Bangalore –
560004 represented by its Managing Director (hereinafter referred to as the "NABFINS"
which expression shall unless repugnant to subject or context mean and include its
successor, representative and assigns) on the OTHER PART.
WHEREAS the Lessors are the absolute owners of the premises at particularly
described in the Schedule hereunder written (hereinafter referred to as the “SCHEDULE
PREMISES”). Vide _______________________________ issued Khatha extract bearing
office no. _____________________________________________
AND WHEREAS NABFINS has approached the Lessors evincing interest to take on rent, an
extent _________sq. ft. area situated on ________floor of the said building (hereinafter
referred to as "the said premises") more fully described in Schedule - I hereunder, which
expression shall include right of NABFINS to the use of all common passage, staircase and /
or other areas, leading to the said premises and the Lessors have agreed to grant the said
premises on rent for 5 years with effect from December ------, 2010 to December ___, 2015
on the terms and conditions hereinafter contained.
NOW THIS AGREEMENT WITNESSETH as follows:
1. The Lessors hereby agree to grant rent unto NABFINS the said premises for a term of
5 years commencing from December ____,2010 which shall expire with close of in
consideration of rent and subject to the covenants and understandings given by NABFINS
as hereinafter provided.
2. In event of NABFINS requiring the premises for a further term after the expiry of the
initial period of rent term of 5 years, it shall make a request in writing in this behalf to the
Lessors and upon receipt of such request, the Lessors may grant to NABFINS rent of the
said premises on the terms and conditions as agreed mutually for a further period of 5 years
with effect from December ___, 2015 .
3. NABFINS shall, however, have the right to determine the rent before its expiry of initial
or renewed period of rent, by giving at least 3 months notice in writing to the Lessors prior to
date when the intended determination shall become effective & LESSOR also have the right
to determine the rent before its expiry of initial or renewed period of rent, by giving at least 3
months’ notice only after a lock in period of 2 years, i.e. from ____ day of December 2010 to
day of October 2012, in writing to the NABFINS prior to date when the intended
determination shall become effective.
4. NABFINS shall, in consideration of the agreement for rent hereby granted, pay to the
Lessors a monthly rent of Rs._________(Rupees _________________________only),
including external building maintenance, periodical water tank cleaning charges, lighting etc.
for common area, power charges for pumping the water to NABFINS.
5. The Lessors herewith hands over possession of the scheduled premises with the
fixtures and fittings herein contained in good and undamaged condition. Likewise NABFINS
shall take all care and due prudence to keep the scheduled property in good condition during
the entire rent period/ or during the extended period of rent.
6. The Lessors hereby agree that all taxes, levies and assessments payable in respect
of the said premises including Municipality/ Corporation tax, property tax, water tax, sewage
tax will be borne by the Lessors and NABFINS will not be called upon to pay the same for
any period at any point of time.
7. The Lessors hereby agree to ensure adequate supply of water in the said premises
without separate / additional cost /charge for normal usage of water by NABFINS.
8. The Lessors agree to clean the water tank, supplying water to the said premises, at
least once in every quarter by using proper disinfectants.
9. NABFINS shall pay the electricity charges as per readings in the meter installed
separately for the said premises. The security deposits, if any, for power connection as per
HESCOM rules, paid by NABFINS shall be refunded to NABFINS by the Lessors, on the
expiry of the initial / extended rent period.
10. The Lessors agree to maintain and keep the common areas in proper habitable
condition and the Lessors shall arrange for adequate lighting of common area and staircase
and NABFINS shall not be liable to pay any maintenance or other charges for the up-keep
and the lighting of the common area and staircase, other than as agreed under clause 4
11. NABFINS shall have the absolute and exclusive right to use the entire space in the
said premises both outside and inside for making full use of frontages and the side walls in
displaying NABFINS’s signboards / advertisements without any additional charges However,
advertisements shall not be painted on the walls. If anybody causes intrusion, trespass or
encroachment restricting the peaceful enjoyment of NABFINS over the space, which is
specifically meant for usage of NABFINS, the Lessors on receipt of such notice from
NABFINS shall take all possible legal actions against such violations including criminal
action, if necessary. If the Lessors fails to take legal recourse to remove such intrusion,
trespass or encroachments within one month from the date of receipt of such Notice from
NABFINS, NABFINS shall be at liberty to take legal action against the violators and recover
the cost / expenses incurred for such removal from out of the rent payable to the Lessors or
from any other monies payable to the Lessors.
12. The rent referred herein above shall be paid by NABFINS to the Lessors by the 10th
of each succeeding English calendar month. However, the rent will commence from the
actual date of occupying the premises i.e. from December ____, 2010 and the rent will be
13. NABFINS shall furnish the Lessors an interest free deposit of Rs._________/-
(Rupees ______________________________________________only). However, In the
event of determination of rent or on the expiry of initial or renewed period of rent, the interest
free deposit paid shall be refunded by the Lessors to NABFINS during the course of notice
period or in one lump sum on or before taking back the possession of the said premises and
no rent shall be payable by NABFINS for the period beyond notice period. NABFINS shall
have the right to occupy the premises till such time as the interest free deposit is refunded by
the Lessors NABFINS shall not be liable to rent / compensation during such period.
14. NABFINS shall use the premises for the purpose of running its office and NABFINS
hereby undertakes not to cause or permit to be done in the said premises any act of
omission which causes or is likely to cause any nuisance to the Lessors or any occupant of
15. The LESSORS and /or its representative shall have the right to enter upon said
premises and carry out any necessary work or repairs on any day during the normal working
hours or any time after giving prior notice in this behalf and NABFINS agrees to extend all
cooperation as may be required therefore.
16. NABFINS shall not make any structural or other change / alteration in the said Premises
without the consent of the Lessors. NABFINS shall notify the Lessors of any repair that is to
be carried out in respect of the said premises and on receipt of request; the Lessors agree to
carry out the said repair. In the event of the Lessors failing to carry out such repairs, the
NABFINS shall be at liberty to carry out the same and adjust the amount spent by the
NABFINS from the rent payable to the lessors.
17. It is mutually agreed that NABFINS shall be entitled to make additions /alterations for
erecting cabins, partitions, etc. as it may require during the period of rent provided that the
said alteration or modifications shall not be structural changes and the same shall not cause
structural damages to the premises. NABFINS shall be liable for damages if any, other than
normal wear and tear to the building. It is hereby agreed that while effecting and putting up
partitions and cabins, NABFINS shall not damage the marble flooring and due prudence is
exercised to protect and maintain both flooring and the walls of the scheduled property.
NABFINS shall remove and take away the furniture and fixtures at its own cost, if the
Lessors do not desire to retain the above said partitions, fixtures fitted by NABFINS.
18. That the LESSORS shall, if necessary, obtain all permission for the use of the said
premises by NABFINS and obtain all permission necessary for letting out the above
premises to NABFINS from authorities concerned.
19. That the Lessors shall keep the said premises, drainage thereof and the water pump in
good condition and carry out the necessary repairs to the said premises and at least once in
three years carry out the necessary distempering, white washing, colour washing, painting
and polishing of doors and windows of the said premises. NABFINS shall pay a sum of
Rs.10,000/= (Rupees ten thousand only) towards repainting cost after initial rent period or
subsequent rent period, if the rent is renewed.
20. That the LESSORS shall carry out at its cost in all respects the necessary major or
minor repairs to the said premises and to secure that the plumbing, sanitary and or fittings
are in proper working condition and to replace at its cost such of them as may be worn out
on account of normal wear and tear by good quality fittings. In case the lessors fail to carry
out such repair, NABFINS will carry out the same and deduct the expenses incurred from the
21. That NABFINS paying the rent hereby reserved and observing and performing the
several covenants and conditions on NABFINS's part herein above contained shall enjoy the
22. The lessors have no objection to the lessee in installing the additional, exclusive
generator / UPS / Inverter for the use of the office whether such generator / UPS / Inverter
are owned by NABFINS or taken on hire from third party for the exclusive use of NABFINS.
23. All costs and expenses payable towards Stamp Duty of these presents and other
presents shall be borne by the Lessors.
24. The Lessors may at their own cost and expenses construct any additional structure /
additional floor in the building and in which case and if the Lessors decides to rent out the
said additional floors / area, then the first option and offer will be given to NABFINS and
NABFINS shall have the right to take the same on the rent on mutually acceptable terms.
And in case of refusal by NABFINS, then the Lessors will be at liberty to rent out the same to
any others party. ”
25. NABFINS shall hand over the possession of the said premises to the Lessors on
expiry of the period of rent fixed herein or on the expiry of the period of option should
NABFINS avail itself of the same and on refund of deposit made by NABFINS, if any, in the
same state and condition as on the date of occupation but subject to natural wear and tear
due to ordinary use and lapse on time.
26. An increases of ____% in rent shall be payable from the December ___, 2013 (ie.
Beginning of the 4th year of the agreement) onwards.
27. NABFINS may remit the advance and monthly rent to the SB a/c no._____________
at ____________ branch of ________ bank. The lessors shall give the receipt to NABFINS
for each credit.
SCHEDULE OF FIXTURES AND FITTINGS
S.No. Particulars Nos.
1 Ceiling Fans with Regulator
2 Tube lights
3 Call Bell
4 Light Points
5 Plug Points
6 Domestic Points
7 Geyser with indicator bulb
1 Night Latch with duplicate keys
4 Tower bolts
5 Sliding bolts
6 Safety Chain
7 Letter slit
8 Peep hole
9 Kitchen raised platform with sink
10 Wooden shelves
11 Mortice locks without keys
12 Wooden pelmets for doors and windows
Water Supply and Sanitary Fittings
1 Wash basin with C.P. Tap
2 Indian/Western style W.C.
3 Bib taps
4 Stop taps
5 Push taps
7 Towel rod
IN WITNESS WHEREOF, THE PARTIES hereto have executed this presents on day
of December 2010 first above written.
IN THE PRESENCE OF:
Signed sealed and delivered by above named
Shri __________________, aged ___, son of
Shri ___________________ residing at
Signed sealed and delivered by above
Named NABARD Financial Services Limited through
Managing Director, NABARD Financial Services Limited,
190, 2nd Block Jayanagar, R V Road, Bengaluru 560004.