TENANCY RENT AGREEMENT

 

 

TENANCY RENT AGREEMENT

 

 This rent agreement is signed at Karachi, on this day of 01/02/2018.

 

BETWEEN

 

Mr. Mir Hussain CNIC:42201-0000000-0, President Anjuman Imam Bargah Abbas Alamdar, Gulistan-e-Johar, Block # 00 , Karachi- East.

 

Hereinafter known as the “landlord” of the one part.

 

AND

 

Mr. Wilayat Hussain S/O Boman Ali, CNIC:42201-0000000-0, resident of House #00, Gulistan-e-Johar, Block # 00 , Karachi- East.

 

Hereinafter known as the ‘tenant’ of the other part.

 

Whereas the landlord confirms that he is legally competent to rent out Shop #00, Anjuman Imam Bargah Abbas Alamdar, Gulistan-e-Johar, Block # 00 , Karachi- East. with necessary electrical fittings and fixtures therein. The landlord has agreed to rent and the other party has agreed to accept the rent of said property.

 

NOW, THEREFORE, THIS AGREEMENT IS WITNESSETH AS UNDER:-

 

1.      That the payment due each month for the property will be Rs. 30,000/-.

2.      That the duration for the contract shall be Ten (10) years. The agreement shall initiate from 01/02/2018 and expire on 31/01/2028.

3.      That the property will not be sublet and will not be used for illegal activities or any other reason but ‘Commercial” use only.

4.      That the Landlord has received from the tenant a sum of Rs. 30,000/- being the Febuary month’s advance rent and Rs. 1,80,000/- being the Six month’s Security Fixed Deposit.

5.      That the Tenant will submit the monthly due rent to the Landlord on or before the 10th of every calendar month till the expiry of the rent agreement.

6.      That the tenant will submit the due rent regularly for the tenancy period and shall be responsible for paying water, electricity, maintenance, and other bills. The photocopy of these bills shall be submitted to the landlord in due time.

7.      That the Tenant will allow the landlord or their authorised person to visit the property to view the condition at a 24-hours prior notification.

8.      That the Tenant will be responsible for maintaining the property in good condition and will hand over the possession of the property to the rightful owner upon termination of the rental agreement.

9.      That the residing Tenant will not make any changes, additions, and modifications to the said premises.

10. That either party shall provide a four (04) week written notice to the other for the termination of the rental contract.

11. That on the expiration of the contract duration of twelve months, this rental agreement can be extended/renewed by a consensual agreement from both sides for any further period; otherwise, after twelve months, the Tenant will give the vacant possession of the said property.

12. That the Tenant will not be allowed to use the said property for any illegal activity or business.

13. That both parties involved in the agreement have decided to increase _______% rent every year.

14. Both the parties have finalised the contract by themselves after satisfaction and inspection of premises, including title documents and legal right of the landlord to rent as well as status and credentials of each other.

 

In witness whereof, the parties named above have ascribed their hands hereto legitimise this agreement at _______ (city name) and the date mentioned above.

 

 

 

Owner: _________________                                Tenant:________________

Name:                                                                         Name:

CNIC:                                                                           CNIC:

 

 

WITNESSES

1: _______________________                            2: _______________________

Name:                                                                         Name:

CNIC:                                                                           CNIC