Agreement For a Hotel Plot
This Agreement Development for Hotel Plot is made at ———————– on this ______ day of ________ (hereinafter referred to as the ‘Agreement’).
BETWEEN
(Hereinafter referred to as ‘Owner’ which expression shall, unless repugnant to the context or meaning thereof include and be deemed to include its successors and assigns) of the First Part;
AND
(Hereinafter referred to as ‘the Developer’ which expression shall, unless repugnant to the context or meaning thereof include and be deemed to include its successors and assigns) of the Second Part;
AND
(Hereinafter referred to as ‘lessee ‘ (which expression shall unless repugnant to the context or meaning thereof include its successors and assigns) of the Third Part;
‘lessee ‘, Developer and ‘Owner’ are hereinafter individually referred to as the ‘Party’ and collectively as the ‘Parties’.
WHEREAS
A) The Owner is in lawful possession of the property by virtue of the allotment/sale deed vide which the said land was purchased by him. The Developer has entered into a development agreement pursuant to which the property is being developed for commercial purposes.
B) Whereas has approached the parties for taking the said land, structure on lease for establishing and running of its own brand on the following terms and conditions:
NOW THEREFORE THIS AGREEMENT TO LEASE WITNESSETH and it is hereby agreed by and between the Parties as under:
1. DEFINITIONS AND INTERPRETATION:
1.1 Definitions
In this Agreement, unless repugnant to or inconsistent with the context or meaning thereof, the following terms, when capitalized, shall have the meanings assigned herein when used in this Agreement. When not capitalized, such words shall be attributed to their ordinary meaning:
“Brand name” shall mean the brand name as given by him to his forthcoming project on the leased premises.
Commencement date shall mean the date of commencement of commercial operations of the after the Owner and the Developer obtains all requisite permissions/approval/ licenses including completion cum occupation certificate for the building and at least 50% of the total commercial area of the Land as allocated by the authority is constructed and become operational.
Competitor means a person or entity which is in the business. “Conditions Precedent” shall have the meaning ascribed to it under Clause 6. “Essential Portion” shall have the meaning ascribed to it under Clause 17.3 (e).
“Extension Period” shall have the meaning ascribed to it under Clause 6.5.
“Extended Term” shall have the meaning ascribed to it under Clause 7.3.
“Franchise Agreement” shall have the meaning ascribed to it under Recital B of the Agreement.
“Force Majeure” shall have the meaning ascribed to it under Clause 16.
“Hotel” Shall mean and include the substructure and superstructure of a fully furnished with the earmarked area constructed, developed, furnished, decorated by the Developer, from within and exterior as per design and specifications prescribed by.
“Lock-in Period” shall have the meaning ascribed to it under Clause 7.2.
“Intellectual Property Rights” shall have the meaning ascribed to it under Clause 23.1.
“Land ” shall have the meaning ascribed to it under Recital A.
“LOI” shall have the meaning ascribed to it under Recital H of the Agreement.
“Lease” shall have the meaning ascribed to it under Clause 2.
“Lease Deed” shall have the meaning ascribed to it under Clause 5.1.
“Lease Rentals” shall have the meaning ascribed to it under Clause 9.2.
“Liquidated Damages” shall have the meaning ascribed to it under Clause 6.5.
“Operations” shall mean the commercial operation of the at its full capacity with all equipment installed therein to be used for the purposes of the, including but not limited to the furniture, fixtures and equipment, other related facilities installed or affixed with any and all additions, modifications, alterations and extensions thereto as may be required/affected by lessee from time to time, for the purpose of