Land Lease Agreement Template
Basic Credentials of Lesser and Lessee
Contact Number: [Lessor.Phone]
Contact Number: [Lessee.Phone]
The LESSOR hereby declares to lease the property to the LESSEE at ______________________ (Property’s Complete Address). The LESSEE has the complete rights to utilize the property for its intended purpose, adhering to the norms specified by the LESSOR.
The tenant must be able to pay rent and maintain adequate insurance. The tenant may not commit any crimes on the property, use the property for illegal purposes, or violate stipulations that are outlined in this lease agreement.
Duration of the Lease
This land lease agreement will be in force for a duration of ( )years, commencing from the (Date of Commencement) and culminating on the day of (Date of ending), except if the contract gets terminated upon violation of the terms or occurrence of any unforeseeable circumstances. However, the duration of the land lease agreement can be increased by the LESSOR per their wish without any force or coercion by the LESSEE.
Specific Rental Amount
The LESSEE must pay a fixed amount of USD ( ) to the LESSOR on the 1st of every month, starting from (Date of commencement). The mode of payment will be ( ). In case the LESSEE fails to pay the rent on time, the LESSOR will charge a penalty of ( ) in addition to the total monthly rent that the LESSEE is liable to pay.
The specific rental amount will stay unchanged for this period unless both parties make changes to the agreement. The renewal of the rental lease agreement shall take place annually upon the continuation of the contract with mutual consent by both parties, with a yearly increase of ( ) in addition to the rent amount of the preceding year.
Maintenance Charges/ Utility Expenses for the Property
The maintenance charges or additional costs are not included in the monthly rent payment. The LESSEE has to compensate for the costs of the damage arising out of their negligence. The LESSOR will hand over the leased property to the LESSEE in a well-maintained condition. After that, the LESSEE is liable to pay for the repair and maintenance costs of the property.
In addition, the LESSEE will also have to pay for the electricity, water, gas, or any essential utility bills availed during the lease duration of the property. The LESSOR can charge an additional cost if they need to do any work on the property that is not included in the usual routine of maintaining the property. The LESSOR is liable to pay for the below-mentioned utilities or maintenance charges.
Maintenance Charges/ Utility Expenses:
Amount to be paid by the Lessee:
The LESSEE has to give at least ( ) months’ notice in writing before vacating the property. In case the LESSEE doesn’t provide any written notice before vacating the property, then they have to pay ( ) months' worth of rent to the LESSOR as compensation.
However, if the LESSEE has paid ( ) months of rent in advance, they can give a written notice ( ) weeks before vacating the property. If the LESSOR wants the property to be vacated, they must inform the LESSEE at least ( ) months beforehand.