Renewal of Lease Deed between the Zila Parishad, Karnal (Lessor) and the OBC Bank, G.T.

Road, Karnal (Lessee).

This Lease is made on . Day of .. between Zila Parishad , Karnal (hereinafter called the LESSOR) on the one part and the OBC Bank, G.T. Road, Karnal (hereinafter called the LESSEE) on the other part.

The lease hereby covenants with the lessor as follows :-

Area

Total Area

-----

4712 Sft.

Covered Area -----

3876 Sft.

Lease Amount/ Rent Amount ----Rs. 1,63,722/- per month which will be paid by the lessee in the first week of every month.

Lease

Initially the lease will be for a period of five years w.e.f. Feb. 2012 which is renewable on the option of the bank with the satisfaction of the Zila Parishad, Karnal on the terms and conditions as fixed by the Zila Parishad, Karnal

Taxes

House Tax, Fire Tax etc. will be born by the lessee itself well in time to avoid any inconvenious.

Escalation in Lease/Rent

Lease amount will be refixed after 5 years (on Feb. 2017) as per assessment on PWD (B&R) Deptt. norms and land/plot rate will be calculated based on collector rate fixed by the Deputy Commissioner, Karnal.

Lease Deed Registration

Lease deed registration expenses will be born by the lessee.

Possession

Already with the bank

Others Terms:-

1.

Any alteration / addition / modification in the existing building will not allowed without pre permission in writing of the lessor.

2.

The electricity and water charges bills etc. will be paid by the lessee. That the Lessee will not assign, sub let or otherwise part with the whole or a portion the demised land or the building erected thereupon without the permission in writing of the lessor, failure there of the lease shall be terminated with a simple notice. The lessor will not responsible for any loss occurred due to fire and any natural calamities. That in case of emergency or urgent necessity of lessor the lessee will have to surrender possession of the demised building to the lessor provided that six months notice in writing is given to the lessee for the same. Oil bond distemper and paints/repair of entire premises will be done as per estimate of XEN(PR) after every alternative year, failing which the lessee will be at liberty to get this work done at the cost of lessor and the amount will be deducted from the monthly lease amount payable to lessor. Lessee will intimate in advance to carry out the minor repairs/paints of necessary. Lessee will have the right to vacate the demised premises even before the expiry of initial lease period as well as subsequent lease period by serving six months notice in writing.

3.

4.

5.

6.

7.

8.

That in case of any dispute between the lessor and lessee subsequent to this day with respect to the interpretation of the terms of lease, no party shall have a right to go to a court of law, but the matter will be referred to the sole arbitration of the Financial Commissioner & Secretary to Govt. Haryana, Development & Panchayat Department, whose decision in the subject will be final. That the lessee on expiry of the said term shall peacefully and quietly surrender to the lessor possession of the said land.

9.

Dated:

In witness, whereof, the parties here to ( President, Zila Parishad, Karnal and Chief Executive Officer, Zila Parishad, Karnal on behalf of the lessor and Brach Manager, OBC, G.T. Road, Karnal and Dy. Branch Manager OBC, G.T. Road, Karnal on behalf of the lessee.

( On behalf of the LESSOR )

(On behalf of the LESSEE)

ADC cum- CEO Zila Parishad, Karnal

President Zila Parishad, Karnal

Brach Manager, OBC, G.T. Road, Karnal

Dy. Branch Manager OBC, G.T. Road, Karnal

Format-D (III) For Renewal of lease of existing premises already in possession of the bank Dated From Chief Executive Officer, Zila Parishad, Karnal. To The Regional Head, Regional Office OBC.
Re: Premises occupied by Oriental Bank of Commerce situated at G.T.Road, Karnal.

We are willing to further extend the lease of the above said premises already leased out to the Bank since housing B/O/EC/ATM/CC located at G.T.Road, Karnal on the under noted terms and conditions: Area Covered Area Lease /Rent 3876 Sft. Rs. 1,63,722/- per month inclusive of all present taxes excluding house tax and fire tax. The house (land & Building) tax and fire tax will be born by the lessee. Lease Initially the lease will be for a period of three years w.e.f. Feb. 2012 and can be renewed for further period on the demand of bank. Also allowed 20% increases in lease amount on next renewal. for 2 years.

Escalation in Lease/Rent

Lease Deed Registration

Lease deed registration expenses will be born by the lessee.

Possession

Already with the bank since

Others Terms:

1.

as per existing lease deed & also we agree to carry out face lifting / minor repair including distempering / painting of the leased premises.

2.

any alteration / addition / modification in the existing building will not be allowed without pre permission in writing of the lessor. The electricity and water charges bills etc. will be paid by the lessee. That the Lessee will not assign, sub let or otherwise part with the whole or a portion the demised land or the building erected thereupon without the permission in writing of the lessor, failure there of the lease shall be terminated with a simple notice. The lessor will not responsible for any loss occurred due to fire and any natural calamities. That in case of emergency or urgent necessity of lessor the lessee will have to surrender possession of the demised building to the lessor provided that three months notice in writing is given to the lessee for the same and bank have no right for the compensation whatsoever claim or objection for vacating the premises.

3.

4.

5.

6.

We further confirm/agree that 7. Oil bond distemper and paints/repair of entire premises will be done as per estimate of XEN(PR) after every alternative year, failing which the lessee will be at liberty to get this work done at the cost of lessor and the amount will be deducted from the monthly lease amount payable to lessor. Lessee will intimate in advance to carry out the minor repairs/paints of necessary. Lessee will have the right to vacate the demised premises even before the expiry of initial lease period as well as subsequent lease period by serving three months notice and I/we have no right for the compensation whatsoever claim or objection for vacating the premises by the bank. That in case of any dispute between the lessor and lessee subsequent to this day with respect to the interpretation of the terms of lease, no party shall have a right to go to a court of law, but the matter will be referred to the sole arbitration of the Financial Commissioner & Secretary to Govt. Haryana, Development & Panchayat Department, whose decision in the subject will be final. That the lessee on expiry of the said term shall peacefully and quietly surrender to the lessor possession of the said land.

8.

9.

10.

Dated:

In witness, whereof, the parties here to ( President, Zila Parishad, Karnal and Chief Executive Officer, Zila Parishad, Karnal on behalf of the lessor and Brach Manager, OBC, G.T. Road, Karnal and Dy. Branch Manager OBC, G.T. Road, Karnal on behalf of the lessee.

( On behalf of the LESSOR )

(On behalf of the LESSEE)

ADC cum- CEO Zila Parishad, Karnal

President Zila Parishad, Karnal

Brach Manager, OBC, G.T. Road, Karnal

Dy. Branch Manager OBC, G.T. Road, Karnal