�And also, in consideration of the yearly lease rent hereby reserved and the covenants provisions� and agreement herein contained and on the part of the Lessee. to be respectively paid observed and performed, the Lessor doth hereby demise on lease to the lessee! that plot of land numbered as Group Housing Plot No.GH-5/B, Sector-137, In the NOIDA, Distt. Gautam Budh Nagar (U.P.) contained by measurement 22,565.77 Sq. mtrs. be the same a little more or less and bounded:
On the North by : As per Site On the South by : As per Site On the East by : As per Site On the West by : As per Site And the said plot is more clearly delineated and shown In the attached plan and therein marked red.
TO HOLD the said plot (hereinafter referred to as the demised premises with their appurtenances up to the lessee for the term of 90 (ninety) years commencing from 30, JULY, 2010 except and always reserving to the Lessor.
a) A right to lay water mains, drains, sewers or electrical wires under or above the demised premises, if deemed necessary by the Lessor in developing the area.
b) The Lessor reserves the right to all mine and minerals, claims, washing goods, earth oil, quarries, over & under the allotted plot and full right and power at the time to do all acts and things which may be necessary or expedient for the purpose of searching for working and obtaining removing and enjoy the same Without providing or leaving any vertical support for the surface of the residential plot or for any building for the lime being standing thereon provided always that the lessor shall make reasonable compensation to the Lessee for all damages directly occasioned by the exercise of such rights. To decide the amount of reasonable compensation the decision of the Lessor will be final and binding on the Lessee.
(II) AND THE LESSEE DOTH HEREBY DECLARE AND CONVENANTS WITH THE LESSOR IN THE MANNER FOLLOWING: .
a) Yielding and paying therefore yearly in advance during the said term unto the lessor In the month of MARCH for each year the yearly lease rent indicated below: -
(i) Lessee has paid Rs. 46,14,699;96 say Rs.46,14,700,00 as lease rent being 1% of the plot premium for the first 1O years of lease period.
(ii) The lease rent may be enhanced by 50% after every 10 years i.e., 1.5 times of the prevailing lease rent.
(ii) The lease rent shall be payable In _advance every year. First such payment shall fall due on the date of execution of lease deed and thereafter, every year, on or before the last date of previous financial year.
(iv) Delay In payment of the advance lease rent will be subject to Interest @14% per annum compounded half yearly on the defaulted amount for the defaulted period.
(v) The lessee has the option to pay lease rent equivalent to 11 years @ 1 % of the premium of the plot per year as 'One Time Lease Rent unless the Lessor decides to withdraw this facility: On payment of One Time Lease Rent, no further annual lease rent would be required to be paid for the balance lease� period. This option may be exercised at any time during the lease period provided the lessee has paid the earlier lease right due and lease rent already paid will not be considered� in One Time Lease Rent option.
b) The Lessee shall be liable to pay all rates, taxes, charges and assessment leviable by whatever name called for every description in respect of the plot of land or building constructed thereon assessed or Imposed from time to time by the lessor or any Authority/ Government. In exceptional circumstances the time of deposit for the payment due may be extended by_the lessor. But in such case of extension of time an interest@ 14% p.a. compounded every half yearly shall be charged for the defaulted amount for such delayed period. In case lessee fails to pay the above charges it would be obligatory on the part or Its members/ sub lessee to pay proportional charges for the allotted areas.
c) The Lessee shall use the allotted plot for construction of Group Housing, however, the lessee shall be entitled to a lot the dwelling unit on sublease basis to its allottee and also provide space for facilities like Roads, Parks etc. as per their requirements, convenience with the allotted plot, fulfilling requirements or building bye-laws and prevailing and under mentioned terms and conditions to the lessor.