DRAFT HOUSE RENT AGREEMENT

Draft-House-Rent-Agreement

DRAFT HOUSE RENT AGREEMENT

THIS Agreement is made and entered into at …… on this …. Day of ….., 2016
Between


Shri ……… S/o……….. R/o ……………, hereinafter called the Party of the First Part (Which expression unless be repugnant to the context or meaning thereof be deemed to include his heirs, executors, administrators and assigns) of the ONE PART.
And
Shri ……… S/o……….. R/o ……………, duly authorized to enter into and to execute this agreement, hereinafter called the  Party of the Second Part (Which expression unless be repugnant to the context or meaning thereof be deemed to include his heirs, executors, administrators and assigns) of the Party of the Second Part.  

WHEREAS the PARTY OF THE SECOND PART is the exclusive owner of property  situated at ………………. and having space and PARTY OF THE FIRST PART is in need of building for residential purpose.

AND WHEREAS the PARTY OF THE FIRST PART has agreed to enter into this Agreement based on the assurance that the Said Premises are fit for occupation and are capable of being used for the purposes of the PARTY OF THE FIRST PART and have adequate electricity supply, water and required set up for telephone connections and all other conveniences necessary for occupation. 
NOW THIS AGREEMENT WITNESSETH AS UNDER:

1.      COMMENCEMENT AND PERIOD OF AGREEMENT
This agreement is valid for a period of 11 months w.e.f. ______ which may be extended with the mutual consent of both the parties.

2.      RENT :
a)   That, PARTY OF THE FIRST PART shall pay Rs.______/- (Rupees _____) per month for the use of ‘the Said Premises’

(b)  That, the PARTY OF THE FIRST PART shall pay the monthly rent on or before the 7th day of the next month.

(c)  That, in the event of PARTY OF THE FIRST PART failing to pay the said Fees as for a period of two consecutive months, the PARTY OF THE SECOND PART shall have the right to terminate this Agreement by giving a clear 30 days notice to PARTY OF THE FIRST PART.

3.      WARRANTIES AND CONVENTS :
a)  The Party of the First Part shall use the said premises strictly for the residential purpose.
b)  The PARTY OF THE SECOND PART will ensure proper repairs/maintenance of the  property.

c)  That the PARTY OF THE SECOND PART assure the PARTY OF THE FIRST PART that the Said Premises are free of all encumbrances, mortgages, liens or any other charges of any nature whatsoever and there are no restrictive covenants operating upon the PARTY OF THE SECOND PART and /or Said Premises, on the terms and conditions herein contained at the time of agreement. 

d)   The PARTY OF THE SECOND PART hereby agrees, undertakes and covenants that the Said Premise uninterrupted and unhindered supply of water and electricity subject to the availability from the main source and is entirely fit for use and occupation by the PARTY OF THE FIRST PART.

e)   The PARTY OF THE SECOND PART shall not do or suffer to be done anything whereby its right as well as the right of the PARTY OF THE FIRST PART to enjoy the Said Premises is endangered, forfeited, extinguished or prejudicially affected. 

4.      RENEWAL:
     That,  the Parties here to have an option to renew this agreement for further period as may be mutually agreed between the parties from time to time on such terms and conditions as may be acceptable to both the parties including monthly fees and other financial charges.

5.      TERMINATION
    That, this Agreement shall automatically terminated on completion of period of THIS AGREEMENT or the RENEWAL PERIOD, if any, as agreed between the Parties, the PARTY OF THE FIRST PART shall handover peaceful and vacant possession of ‘the said premises’ on termination.

6.      DISPUTE RESOLUTION
     Any dispute arising out of this Agreement shall be referred to the sole Arbitrator to be appointed by the Parties to this Agreement. The provisions of the Arbitration and Conciliation Act, 1996 shall be applicable.

7.      THE JURIDICTION:
    This Agreement shall be governed and construed in accordance with the laws of the Republic of India. The courts in ………… shall have exclusive jurisdiction in all matters arising out of this Agreement.

IN WITNESS WHEREOF THE, PARTIES HAVE EXECUTED AND DELIVERED THIS AGREEMENT AS OF THE DATE FIRST ABOVE WRITTEN

Witnesses                                                                              
Name & Signature of First Part      
1. _______________________
      Name & Signature of Second Part      
2. _______________________
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