Yuganderen Naicker

LEASE AGREEMENT. DATE 26 August 2015. Lease Agreement Between parties concerned Owner (Lessor) Mr A I D NUMBER:- And Tenant (Lessee) Mr B I D NUMBER:- This is to confirm that I Mr A am hereby offering part of my front section outbuilding for rental purposes to Mr B for an indefinite period for the use of operating a hardware store. Domicilium Citandi: Address where business will be operating will be 5008 Troy peak street Lenasia South The entrance to the business will be on Sheffield Street. The agreed rental between both parties will be R2000-00 for the first four months starting from September 2015 up to period December 2015. Mr B acknowledges that his rental will escalate on a yearly basis. It has been discussed with him and agreed by him that from the 31st of January 2016 his rental payable to Mr A will be R3000-00 per month. It is also agreed by both parties that as from the year 31st January 2017 Mr B will be paying a monthly rental of R4000-00 per month effectively. Yearly rental escalations will be discussed thereafter on the 31st of January each year. Mr A has stated to Mr B that all upgrades to the front section of the outbuilding will be offset at Mr B`s own cost. Mr B also accepts that no monies will be paid to him for any renovations done by him to the front outbuilding. Both parties have come to an understanding and agreement that the front steel structure built by Mr B shall be removed and returned back to Mr B, should Mr B or Mr A decide to terminate this agreement due to unforeseen circumstances. Mr B has stated that the steel structure together with his stock and sign board shall only be removed from Mr A property in the event he vacates the premises. Mr B agrees to respect all rules and regulations of the property at all times. Failure to comply with Mr A`s rules and regulations and agreed monthly rental will result in the termination of this lease agreement and Mr B will be asked to vacate Mr A`s premises with immediate effect. Should any further alterations need to be done by Mr B; it will be given in writing to Mr A for approval. Note again all costs to be incurred by Mr B. Mr A accepts no liability for injury or death to Mr B while utilizing his premises. Mr A also accepts no liability to theft or damage of Mr B`s goods. Notice period: Should either party wish to terminate this agreement due to unforeseen circumstances one months’ notice shall be given. This is a final and binding Lease agreement between both parties. Mr. A Owner (Lessor) _____________________________ Mr. B Tenant (Lessee) ______________________________ WITNESS: Mr. C _____________________________