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Tripartite Agreement
Tripartite Agreement
Designfirst Homes Pvt. Ltd. incorporated under the laws of India and
having registered office at 4th floor, 8-2-293/82/A,PLOT.NO.887,
ROAD.NO.45, Jubilee Hills, Hyderabad, Hyderabad, Telangana, 500033
(hereinafter referred to as the “Licensee/Third Party” which term shall
unless it be repugnant to the context or meaning thereof mean and include
its subsidiaries, affiliates, group companies, successors and assigns) of the
THIRD PART; and
A. Definitions
c) The Licensee would not have any obligations to pay any rent etc. in
relation to the Property and the Licensee would not be using the
Property immediately, except in the case when the Licensee at its
option and in case of default under the Franchisee Agreement
between the Lessee and Licensee decides to use the Property for the
remaining period of this Lease and Licensee Agreement.
d) The Lease shall be locked in favor of the Lessee by the Lessor during
the term of this Agreement which shall be 9 years from the date of
execution of this Agreement and the Lessor cannot terminate the
Lease in any manner unless the Lessee or later the Licensee fails to
pay Lease or any other undisputed charges in relation to the
Property;
f) The Licensee shall at its sole discretion shall have the right to take
over the property in the event of Lessee's violation of the Franchise
Agreement, with notification to the Lessor by giving a 30 days or
lesser notice as the situation warrants and step in into the shoes of
Lessee under this Agreement and which the Lessor would be bound
to follow. The Licensee likewise may opt not to take over the
property in case the Lessee has defaulted under this Lease
Agreement. In case of default by the Lessee, the Lessor would be
obligated to send a notice of default with a copy to the Licensee.
h) During the term of this Agreement, the Lessor shall grant free access
to authorized persons of the Lessee and the Licensee(when the
Lessor have specifically notified the Lessor to take control of the
Property) to the property;
a) Term
The term of this Lease shall commence on ______________ and end on
____________.
b) Rent Payment:
The Lessee shall pay the monthly rent of ____________________on or
before the ____________ of each month as advance.
c) Security Deposit:
The Lessee has deposited a security amount of ___________________,
refundable upon termination of this Agreement, subject to any
deductions for damages. This Security Deposit amount shall not be
released by the Lessor in any circumstances without the prior
approval of the Licensee. In case, the Licensee directs his amount
shall be refunded to the Licensee and the Licensee.
f) Utilities
The Lessee shall be responsible for paying all utilities and services
and any charges used on the property during the term of this Lease.
C. Indemnification
The Lessee covenants and agrees with the Lessor and the Licensee that
the Lessee shall assume sole and entire responsibility for and indemnify
and keep harmless the Lessor and the Licensee from any and all claims,
liabilities, losses, expenses, responsibility and damages, demands or
actions by reason of any claim, proceedings action, liability or injury
arising out of the Lessee’ non-compliance with the terms and conditions
of this Agreement including non-payment of rentals/security deposits.
Etc.
D. Entire Agreement
E. Waiver
F. Severability
G. Notices
IN WITNESS WHEREOF the Parties hereto have set and subscribed their
respective hands and seals on the day, month and year first written above.
______________________ __________________
through its duly authorised through its duly authorised signatory
signatory
All other important terms and conditions of the Lease and License
Agreement