REPUBLIC OF KENYA

LEASE AGREEMENT

This is a Lease Agreement (“Agreement”), entered into this 22nd day of November,
2021.
BETWEEN: MARGARET WANGARI MBUGUA of ID NO. 0141014 and Mobile
No. 0722-914-049 (hereinafter referred to as “the LESSOR”) within the Republic of
Kenya on the ONE PART; in which contest it shall be binding to all Assigns, Successors
and Personal Representatives.
AND: KETCO INVESTMENT CO. LTD of P.O BOX, 2765-30200, KITALE,
OTHER PART; (hereinafter referred to as “the LESSEE”) within the Republic of
Kenya on the ONE PART; In which contest it shall be binding to all Assigns, Successors
and Personal Representatives.
WHEREAS
The Lessee is represented by WALTER WEKESA NAMASWA ID No. 24200328 and
Mobile No. 0717-672-062 as its agent having duly received authority as such from
HASSAN HAJI, one of the Lessee’s Directors and of Mobile No. 0722-792-866.
WHEREAS
The Lessor is the legitimate owner of a 4-bedroom house (hereinafter referred to as
“LEASE PREMISES”) known as BARCLAYS ESTATE situate at MILIMANI
LOCATION within TRANS NZIOA COUNTY.

AND WHEREAS

The Lessor is desirous of leasing out the Lease Premises, and whereas the lessee is
reciprocally desirous of leasing the same.

LESSOR AND LESSEE AGREE AS FOLLOWS:

LEASE, TERM, AND RENT

1.1 Lease.

Lessor leases to Lessee the Lease Premises for the use set forth in Section 2.1.

1.2 Term.

The term of this lease shall be for the period of 5 YEARS beginning 1st day of January
2022 until 31st December 2027 with an option to renew ("Term").
1.3 Rent.

The Lessee will pay the Lessor rent of Kenya Shillings Forty Thousand only (Kshs.
40,000/=) per month for the first two years and a refundable deposit of Kshs 40,000/=
(upon the expiry of the lease) and having deducted repairs expenses if any.

1.4 Payment after the first two years.

The rent will thereafter be enhanced by 5% after every two years until the expiry of the
lease.

2. USE AND OPERATIONS

2.1 Lessee’s Use.

The Lessee shall use the Property for residential purposes only.

2.2 Maintenance.

The Lessee will maintain the Property in a good, habitable and organized condition,
including, without limitation, free of trash, debris, and unused equipment.

2.3 Compliance With the Law.

Lessee will at Lessee’s expense comply with all laws, including, without limitation,
environmental, labor and employment, and occupational safety laws, applicable to
Lessee’s operations on the Property.

3. PENDING BILLS & REPAIRS

The Lessor shall settle pending electricity and water bills which sum has accrued from
the previous lease before effect of this Lessee.

Given the state of the Lease Premises, both parties have agreed that renovations shall be
made jointly upon which the cost incurred by the Lessee on such operations shall
subsequently be reimbursed by the Lessor.

4. SPECIAL CONDITIONS

• The purchaser shall occupy the Lease Premises on the 1 st day of January, 2022
having duly paid the agreed Deposit and rent for the month in full.

• The Lessor shall give vacant occupation of the said premises to allow occupation
by the Purchaser herein in accordance with the Lease.

• The Lessee shall pay the rent timely without undue delay.
 • The Lessor shall not disrupt the Lessee during the pendency of the Lease as long
as such activities by the Lessee are legal.

• The Lessee has visited, inspected the Lease Premises and is satisfied with their
state, location and condition.

• The Lessor covenants that the Lease Premises are leased free from any
encumbrances or adverse interest.

• The Lessee shall ensure timely settlement of bills accruing from water and
electricity usage.

• The Lessee shall ensure cleanliness by disposing all the waste emanating from
their usage.

• Parties undertake to observe the terms set out in this agreement

• A penalty of 30% monthly rent enhancement shall be made on any party that
derogates the conditions set out in this lease to extent of the breach.

• The Advocates duties are limited to drawing and witnessing this agreement and
parties are deemed to have carried out all the necessary inquiries before entering
into this agreement and Advocates shall therefore not be liable for any limitations.

5. TERMINATION

5.1 Termination by either Party. Either party to this Lease Agreement is at liberty to
terminate this agreement provided the party seeking to terminate gives the other party a
3- months’ notice in writing and containing grounds for such decision, provided that;

i. Either party shall have a right to respond within 30 days to any grounds of
termination raised by the party seeking to terminate the Agreement;

5.2 Surrender of the Property.

Upon termination of this Agreement, Lessee will at its expense surrender the Property in
good order and condition; reasonable wear and tear excepted, and will remove all of its
property from the lease premises unless there be essential breach on its part.

6. GENERAL PROVISIONS

6.1 Entire Agreement.

This Agreement, together with its exhibits, is the entire agreement between Lessee and
Lessor and supersedes all prior or contemporaneous written and oral agreements. This
Agreement may be amended only by a document signed by both Lessee and Lessor and
reciting that it is an amendment to this Agreement. If there are any inconsistencies
between this Agreement and its exhibits, this Agreement will control.
6.2 Severability; Waiver.

If any provision in this Agreement is held invalid or unenforceable, the other provisions
will remain enforceable, and the invalid or unenforceable provision will be considered
modified so that it is valid and enforceable to the maximum extent permitted by law. Any
waiver under this Agreement must be in writing and signed by the party granting the
waiver. Waiver of any breach or provision of this Agreement will not be considered a
waiver of any later breach or of the right to enforce any provision of this Agreement.

6.3 Relationship.

Lessee and Lessor are independent contracting parties. Nothing contained in this
Agreement will create a partnership, joint venture, fiduciary, or employment relationship
between Lessee and Lessor. Neither Lessee nor Lessor has the power or authority to act
on behalf of the other or in the other’s name directly or indirectly in any manner. Lessor
will not be responsible for any debts, liabilities, or obligations Lessee contracts or incurs
in carrying out Lessee’s farming operations on the Property or otherwise.

6.4 No Third Party Beneficiaries.

This Agreement is for the exclusive benefit of the Lessee and the Lessor and not for the
benefit of any third party unless the said third Party is explicitly incorporated into this
Agreement in writing and approved by both the Lessor and the Lessee.

6.5 Binding on Heirs.

This Agreement will be binding upon the heirs, executors, administrators, and permitted
assignees or successors in interest of Lessor and Lessee.

6.6 Advocate’s Costs.

Both parties shall meet the advocate’s costs.

6.7 Notices.

Notices and consents under this Agreement must be in writing and delivered by mail,
hand, fax, or e-mail to the addresses set out on the signature page of this Agreement or
other addresses given by one party to the other in writing. Notices given in the manner
will be considered given two business days after deposit in the mail, or the first business
day after delivery to a courier, delivery by fax or transmission by e-mail.

7. DISPUTES

In case of a dispute arising out of breach of a warrant (ies), parties have agreed to iron out
such issues in the Advocate’s Chambers by way of mediation.

In cases of breach of conditions, parties are at liberty to terminate the lease as stipulated
under paragraph 5.1 of this agreement.
8. Governing Law; Jurisdiction.

This Agreement will be governed by the Laws of the Republic of Kenya.

IN WITNESS HEREOF both parties have fixed their hands/seals and the year first
above states.

SIGNED BY LESSOR
MARGARET WANGARI MBUGUA ) …………………………………..
In the presence of ) ID NO. 0141014

SIGNED BY LESSEE
WALTER WEKESA NAMASWA ) …………..………………………
In the presence of ) ID NO. 24200328

DRAWN & ATTESTED BY: -