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LEASE AGREEMENT
THIS AGREEMENT OF LEASE is made on this 16th day of December 2003 by and BETWEEN:-
Mrs. Ghazala Waheed w/o Abdul Waheed, Adult, R/o House No.***-*, DHA, Lahore Cantt, (hereinafter to as the LESSOR of the ONE PART).
And
Mr.* ***,R/o China, refereed to as the LESSEE of the OTHER PART.(Expression “LESSOR”
and “LESSEE” wherever the context so permit shall always mean and include their respective heirs, successors legal representative and assignees).
WHEREAS the LESSOR is the lawful owner and in lawful possession of House No,***-*,DHA,
Lahore Cantt, consisting of 4 Bedrooms with bath, D/D,TV; Lounge, Kitchen, Store, Servant, Quarter together with fixtures and fitting (hereinafter collectively called the DEMISED PREMISES).
AND WHEREAS the LESSOR has agreed the lease and the LESSEE has agreed to take on lease the DEMISED PREMISES on the terms and condition as given below:-
1. This agreement in only valid if LESSEE is renewed and extended for the lease period.
2. The LESSOR lets LESSEE takes the DEMISSED PREMISES for a period of 12 months
Commencing from 15th January 2004. The Lease is renewable for a further period as may be mutually agreed in writing on expiry of the lease period
3. The rent of the DEMISED PREMISES shall be USD3,300/-(US dollars Three Thousand and Three hundred Only) per month
4. The LESSOR hereby acknowledges receipt of the sum of USD.19,800/-(US dollars Nineteen Thousand and eight Hundred Only) per month.
5. It is hereby agreed between the parties that the LESSEE shall pay the aforesaid monthly rent
USD. 3,300/-(US dollars Three Thousand and Three hundred Only) as the monthly rental advance by 20th of each calendar month for which if is due after completion of advance rent period ending on 15th July 2004.
6. That the LESSOR hereby acknowledges receipt of the sum of Rs.60,000/-(Rupees Sixty Thousand Only) from the LESSEE as FIXED EDPOSIT SECURITY which shall be refunded to the LESSEE on giving back the vacant possession of the DEMISED PREMISES after deduction of damages/shortages outstanding bills for Electricity, Water, Gas and Telephone charges etc, against the DEMISED PREMISES.