LEASE AGREEMENT

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May 7, 2023

LEASE AGREEMENT

THIS LEASE AGREEMENT is made on ________________ date by _____________________________of _____________________________________address, hereinafter called “the Landlord” and ___________________of _____________________________________address hereinafter called “the Tenant”. Landlord and Tenant collectively referred to as the “Parties” or individually as the “Party”) and includes that Party’s successors and assigns.

In consideration of covenants and agreements contained in this Agreement, and other good and valuable consideration, the receipt of which is hereby acknowledged, Parties agree to the following terms and conditions and to be bound thereby:

  1. Purpose. The Tenant intends to use the Premises to open a nonprofit STEM (Science, Technology, Engineering, and Math) preschool. The Landlord agrees to lease the Premises to the Tenant, and the Tenant agrees to lease the Premises from the Landlord according to the terms and conditions set forth herein. The Landlord agrees that the leasing of the Premises is subject to the Tenant acquiring the license to operate the preschool.
  1. The Premises. For the time being, the Premises shall comprise a portion (a half) of the Landlord’s property located at ____________________, which the Tenant shall use to establish the preschool.

Specifically, and without limiting the generality of the above, the Premises shall include the first four classrooms on the right side of the Premises’ building, playground, the office at the front of the Premises’ building, and staff cafeteria. Eventually, as the preschool expands, the Tenant intends to lease more of the Landlord’s property.

  1. Term. The Landlord agrees to lease the Premises to the Tenant from 1st June 2022 for a renewable five-year period. If the Term shall not be renewed, the Landlord shall issue a written 12 months’ notice to the Tenant before the expiration of the Term.
  1. Rent. The Tenant shall pay a monthly rent of $­­­­­­­­­­­­__________________. The rent shall fall due on or before the 1st day of the month in respect of which the rent is payable. If rent is not paid on the due date: (select one)

☐There shall be a penalty of $_____________due as ☐ One (1) Time Payment ☐ Every Day Rent is Late. Rent is considered late when it has not been paid within ________ day(s) after the due date.

☐ – There shall be No Late Fee if Rent is late.

The Tenant shall pay the first month’s deposit when executing this Agreement, but the last month’s deposit shall be paid upon the Tenant taking possession of the Premises.

The Landlord agrees to allow the Tenant 2 month’s rent-free occupation to enable the Tenant to make any necessary repairs or updates to the Premises to pass the inspection essential to obtaining their license to operate the preschool.

  • Security Deposit

A refundable security deposit of $ ________________ for the faithful performance of the Tenant under the terms and conditions of this Agreement will be paid upon the Tenant taking possession of the Premises. It will be refunded within __________days after the end of the Term, less any itemized deductions. This Security Deposit shall not be credited towards any Rent unless the Landlord gives their written consent.

  • Possession. Failure of the Landlord to deliver possession of the Premises at the start of the Lease Term to the Tenant shall terminate this Agreement at the Tenant’s option. Furthermore, under such failure to deliver possession by the Landlord, and if the Tenant cancels this Agreement, the Security Deposit (if any) shall be returned to the Tenant along with any other pre-paid rent, fees, including if the Tenant paid a fee during the application process before the execution of this Agreement. The Tenant shall enjoy quiet possession of the Premises subject to them fulfilling their obligations herein. The Landlord shall ensure that the Premises is fit for the purpose in which it is being leased and shall indemnify and hold the Tenant harmless for any damages sustained due to breach of this provision.
  • Access. At the start of the Lease Term, whichever is earlier, the Landlord agrees to give access to the Tenant in the form of keys, fobs, cards, or any keyless security entry as needed to enter the common areas and the Premises. Duplicate copies of the access provided may only be authorized under the consent of the Landlord and, if any replacements are needed, the Landlord may give them for a fee. At the end of this Agreement all access provided to the Tenant shall be returned to the Landlord or a fee will be charged to the Tenant or the fee will be subtracted from the Security Deposit.
  • Indemnification. A Party shall indemnify the other Party from and against all claim, loss, and damage caused by them in connection with this Contract. If the claim, loss, or damage are caused jointly by the Parties, each Party shall bear the claims, loss, or damage in proportion to their degree of contribution to the claim, loss, or damage.
  1. Default notice. A default in any of these provisions by either Party may be cured upon written notice by the other Party within 14 days of receiving such notice (or immediately in case of need). After expiration of such notice and non-compliance, a Party may make good all such defects by executing the necessary work and the cost of which shall be paid to that Party by the defaulting Party on demand.
  • Dispute resolution. Parties agree to settle disputes under this Agreement through (select one)

☐Negotiation                              ☐Mediation                               ☐Arbitration                                      ☐Litigation

  • Termination. Either Party may terminate this lease at any time with no less than 90 days’ notice in writing to the other Party. The termination of this Agreement shall not discharge the liabilities accumulated by either Party. Any Clauses intended by the Parties or this Agreement to survive the termination of this Agreement shall survive the termination of this Agreement by whatever cause.

2. THE TENANT HEREBY AGREES WITH THE LANDLORD as follows, To:-

  •  Pay the rent hereinbefore reserved at times and in the manner aforesaid;
  •  Pay for all utility and services in respect of the Premises unless stated otherwise;
  • To keep the interior of the Premises, including all doors, windows, floors, walls, roofs, and other interior parts ceilings, electrical, sanitary, and water apparatus fittings clean and in good and tenantable repair and condition;
  • To keep such parts of the Premises in a clean and tidy condition;
  •  To repair or replace with new articles of the same kind and quality any fixtures or fittings (other than Tenants’ fittings) upon the Premises which shall have been damaged or removed or become worn out or unfit for use otherwise than from fair wear and tear and Force Majeure events such as accidents, civil commotion, riots, and acts of God; If the Premises is deemed uninhabitable due to damage beyond reasonable repair, the Tenant will be able to terminate this Agreement by written notice to the Landlord. Suppose said damage was due to the negligence of the Tenant. In that case, the Tenant shall be liable to the Landlord for all repairs that can be proved by the Landlord.
  • Comply with all legislation, regulation, rules, or direction as the same shall affect the Premises and should be complied with by the Tenants under the terms hereof and under or by their occupation on the Premises;
  • Not to make or permit any assignment transfer charge underletting or parting with possession, use, or occupation of the Premises or any part thereof or permit any person to occupy the same as a licensee without the prior written consent of the Landlord. The consent by the Landlord to one subtenant, assignee, etc. shall not be deemed to be consent to any subsequent subtenant, assignee, etc.;
  • The Premises or any part thereof shall not be used for any purpose other than opening a nonprofit STEM (Science, Technology, Engineering, and Math) preschool. The Tenant is permitted all normal activities associated with the above purpose.
  • That no alteration or addition shall be made to the Premises without the previous consent in writing of the Landlord PROVIDED that the Landlord may on giving such consent require the Tenants to enter into such covenants as the Landlord may require concerning the execution of any alteration or addition to the Premises and reinstatement of the same;
  • At the expiration or sooner determination of the said Term hereby created peaceably and quietly to yield up the Premises in good and tenable state of the repair, order, and condition as was at the commencement of the Term hereby created (reasonable wear and tear is accepted).
  •  To permit the Landlord or any persons authorized by him after giving reasonable notice of at least twenty-four (24) hours’ notice to enter upon the Premises at normal working hours, for inspection, make necessary repairs, alterations, or improvements, to supply services as agreed or for any reasonable purpose. The Landlord may exhibit the Premises to prospective purchasers, mortgagees, leases, etc. upon reasonable notice.
  • General provisions

This Agreement may be amended only by the written consent of the Parties hereto. If any provision is held to be invalid or unenforceable, it shall not affect the validity or enforceability of any other provision. This Agreement constitutes the entire Agreement between the Parties. It supersedes all prior oral or written agreements or understandings between the Parties concerning the subject matter of this Agreement. The parties will exercise utmost good faith in this Agreement. Except where otherwise provided, failure by either Party to enforce any of these terms or conditions shall not be a waiver of their right to enforce them. The waiver by either Party of a breach, default, delay, or omission of any of the provisions of this Agreement by the other Party will not be construed as a waiver of any subsequent breach of the same or other provisions.

This Agreement may be executed in any number of counterparts, each of which shall be an original and all of which constitute the same instrument. The Article and Section headings in this Agreement are for convenience, and they form in no part of this Agreement and shall not affect its interpretation. Whenever used herein, the singular number shall include the plural, and the plural number shall include the singular. Any references herein to the masculine gender or the masculine form of any noun, adjective, or possessive shall be construed to include the feminine or neuter gender and form, and vice versa. This Agreement shall be governed in all respects by the laws of ________________and its Courts without regard to its conflict of law provisions.

IN WITNESS whereof this Lease Agreement has been duly executed day and year first hereinbefore written.

SIGNED by the Landlord ——————————————             Date ______________________

in the presence of:- )

WITNESS ) _____________________________                              Date ______________________

SIGNED by the Tenant )

in the presence of:- )          _____________________              Date _______________________

WITNESS )                            ___________________________         Date ______________________

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