Memorandum of Understanding for Rental Agreement India Template

MEMORANDUM OF UNDERSTANDING FOR LEASE/RENTAL AGREEMENT

THIS MEMORANDUM OF UNDERSTANDING (hereinafter referred to as the "MOU") is made and entered into on this ______ day of ________, 20 at ________________________, India.

BY AND BETWEEN

[____________________________________], son/daughter of ________________________, residing at ________________________________________________________________ (hereinafter referred to as the "LESSOR", which expression shall, unless it be repugnant to the context or meaning thereof, be deemed to mean and include his/her heirs, executors, administrators, and assigns) of the FIRST PART.

AND

[____________________________________], son/daughter of ________________________, residing at ________________________________________________________________ (hereinafter referred to as the "LESSEE", which expression shall, unless it be repugnant to the context or meaning thereof, be deemed to mean and include his/her heirs, executors, administrators, and assigns) of the SECOND PART.

(The Lessor and Lessee are hereinafter collectively referred to as the "Parties" and individually as a "Party").

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1. PROPERTY DESCRIPTION

The Lessor is the absolute owner/authorized representative of the property located at:

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(hereinafter referred to as the "Premises").

2. PURPOSE

The Lessor agrees to let out, and the Lessee agrees to take on lease, the Premises for [Residential/Commercial] purposes. This MOU serves as a preliminary agreement defining the terms of the intended Lease Agreement.

3. FINANCIAL TERMS

• Monthly Rent: The Lessee shall pay a monthly rent of INR [__________________] (Rupees ________________________________________ only).
• Security Deposit: The Lessee shall pay a refundable interest-free security deposit of INR [__________________] (Rupees ________________________________________ only) upon execution of the formal Lease Agreement.
• Payment Date: Rent shall be payable on or before the [____] day of every English calendar month.

4. TERM OF LEASE

The lease shall be for a period of [] months/years, commencing from [//20] and expiring on [//20____], with an option to renew upon mutual written consent of both Parties.

5. UTILITIES AND MAINTENANCE

• Maintenance: The Lessee shall be responsible for the payment of electricity, water, and other utility charges based on actual consumption.
• Society Charges: Monthly society maintenance charges shall be borne by the [Lessor/Lessee].

6. PRELIMINARY DEPOSIT (TOKEN AMOUNT)

The Lessee has paid a sum of INR [__________] (Rupees ________________________________________ only) as a token advance via [Cash/Cheque/NEFT/UPI] on [__//20__]. This amount shall be adjusted against the Security Deposit at the time of signing the formal Lease Agreement.

7. EXECUTION OF FORMAL AGREEMENT

The Parties agree to execute and register (if applicable) a formal Lease Agreement embodying the above terms and such other standard clauses as are customary within [____] days from the date of this MOU.

8. GOVERNING LAW AND JURISDICTION

This MOU shall be governed by and construed in accordance with the laws of India. Any disputes arising out of or in connection with this MOU shall be subject to the exclusive jurisdiction of the courts in [________________________].

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IN WITNESS WHEREOF, the Parties hereto have signed this MOU on the day, month, and year first above written.

LESSOR:

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(Signature) Name: [_____________________] Date: _______________________

LESSEE:

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(Signature) Name: [_____________________] Date: _______________________

WITNESS 1:

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Name: [_____________________] Address: ____________________

WITNESS 2:

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Name: [_____________________] Address: ____________________