¶¶Òõ¶ÌÊÓƵ

The Periodic Lease Agreement is a fundamental legal instrument used in the Indian real estate market for creating flexible, automatically renewable tenancy arrangements. This document is particularly suitable when parties prefer an ongoing arrangement without a fixed end date, allowing for more flexibility in termination compared to fixed-term leases. The agreement must comply with the Transfer of Property Act, 1882, the Registration Act, 1908, and relevant state-specific rent control laws. It typically includes essential provisions for rent payments, maintenance obligations, notice periods for termination, and other key terms while accommodating the specific requirements of Indian property law. The periodic nature of the lease means it continues indefinitely until either party gives notice to terminate, making it ideal for situations where long-term flexibility is desired.

1. Parties: Identification and details of the lessor (landlord) and lessee (tenant), including their complete addresses and contact information

2. Background: Context of the lease agreement and brief description of the property being leased

3. Definitions: Definitions of key terms used throughout the agreement

4. Demise and Term: Description of the property being leased and specification of the periodic term (monthly/quarterly/yearly)

5. Rent and Payment Terms: Rental amount, payment schedule, mode of payment, and late payment consequences

6. Security Deposit: Amount, payment terms, conditions for refund, and deductions applicable

7. Utilities and Maintenance: Responsibility for utility payments and maintenance obligations of both parties

8. Use of Premises: Permitted use of the property and any restrictions

9. Tenant's Covenants: Obligations and promises made by the tenant regarding property use and care

10. Landlord's Covenants: Obligations and promises made by the landlord regarding property maintenance and tenant's rights

11. Termination: Notice periods and conditions for termination of the lease

12. Governing Law: Specification of Indian law as governing law and jurisdiction details

13. Notices: Process and addresses for serving formal notices between parties

14. Execution: Signature blocks and witness details