This Lease Deferral agreement template is designed for use in situations where a tenant requires temporary relief from current rent obligations under an existing lease agreement. The document is specifically structured to comply with Indian property and contract laws, including the Transfer of Property Act, 1882, and state-specific regulations. It should be used when both parties have agreed to defer rent payments due to financial hardship, force majeure events, or other justified circumstances. The Lease Deferral agreement maintains the validity of the original lease while documenting the modified payment terms, including the deferral period, repayment schedule, and any additional conditions. It includes essential provisions protecting both landlord and tenant interests, ensuring legal enforceability while providing flexibility in challenging circumstances. This template is particularly relevant in situations such as economic downturns, business disruptions, or other exceptional circumstances where temporary rent relief is warranted.
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1. Parties: Identification of the Landlord/Lessor and Tenant/Lessee with complete details
2. Background: Context of the original lease and circumstances leading to the deferral request
3. Definitions: Key terms used in the agreement including 'Deferral Period', 'Deferred Amount', 'Original Lease', etc.
4. Acknowledgment of Existing Lease: Confirmation of the existing lease agreement and its continued validity
5. Deferral Terms: Specific details of the rent deferral including duration and amount
6. Repayment Schedule: Terms and timeline for repayment of the deferred amount
7. Continuing Obligations: Confirmation of other lease obligations remaining unchanged
8. Default Provisions: Consequences of failing to pay the deferred amount as per schedule
9. Representations and Warranties: Standard declarations by both parties regarding their capacity and authority
10. Governing Law and Jurisdiction: Confirmation of applicable law and courts having jurisdiction
11. Execution: Signature blocks and execution formalities
1. Security Deposit Adjustment: Include when existing security deposit terms are being modified as part of the deferral arrangement
2. Force Majeure: Include specific reference to events (such as pandemic) leading to deferral if relevant
3. Additional Conditions: Any specific conditions that must be met for the deferral to remain valid
4. Landlord's Additional Rights: Any special rights reserved by the landlord during the deferral period
5. Early Repayment Provisions: Include if early repayment of deferred amount is allowed and any associated terms
6. Government Compliance: Include if specific reference to government orders or regulations is needed
7. Guarantor's Consent: Include if the original lease has a guarantor whose consent is required
1. Schedule 1 - Original Lease Details: Summary of key details from the original lease including date, term, and current rent
2. Schedule 2 - Deferred Amount Calculation: Detailed breakdown of the rent being deferred
3. Schedule 3 - Repayment Schedule: Month-wise schedule of repayment of the deferred amount
4. Schedule 4 - Property Details: Description of the leased property as per original lease
5. Appendix A - Original Lease Agreement: Copy of the original lease agreement
6. Appendix B - Financial Statements: If required, tenant's financial statements justifying deferral request
Relevant legal definitions
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Relevant Industries
Real Estate
Retail
Hospitality
Commercial Office Space
Industrial
Manufacturing
Healthcare
Education
Information Technology
Banking and Financial Services
Entertainment and Leisure
Relevant Teams
Legal
Finance
Operations
Facilities Management
Real Estate
Risk Management
Compliance
Property Management
Asset Management
Commercial
Relevant Roles
Property Manager
Real Estate Manager
Legal Counsel
Corporate Lawyer
Chief Financial Officer
Finance Director
Operations Manager
Facilities Manager
Asset Manager
Lease Administrator
Risk Manager
Commercial Director
Business Development Manager
Chief Operating Officer
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