LEASE TAKEOVER AGREEMENT

This Agreement is entered on this _____ day of _____ 20__ between ___________
(hereinafter referred to as the “Landlord”) and ______________ (hereinafter referred
to as the “Tenant”). Together referred to as “Parties”.
WHEREAS the Tenant has an existing lease agreement dated ___________ with
the original owner _________;
WHEREAS the Landlord is the new owner and is desirous of taking over/making
changes to the lease agreement;
It is hereby agreed as follows; –
1. Property.
The property being leased is located at _________________.
2. Purpose.
Parties agree that the purpose of this agreement is for the Landlord to end the
ongoing lease agreement dated __________ with the tenant and create a new lease
agreement with changes beneficial for both parties.
3. Changes.
Parties herein agree that the changes/modifications that will be made in the new
lease agreement shall be; –
i. The rental period is to change to month–month starting April 1 st .
ii. The rent amount is to be lowered to $1,500.
iii. The tenant will only occupy the warehouse space.
iv. The tenant will relinquish possession of the living space on the 2 nd floor.
v. The tenant will relinquish possession of the room on the 1 st floor.
vi. The tenant will continue to pay all the utilities.
4. Dispute Resolution.
In case of a dispute or conflict between the parties regarding the interpretation or
performance of the terms herein, the parties shall initially try to resolve the conflict
through mediation. The dispute shall be referred to arbitration if it fails, whose
decision shall be final and binding upon the parties.
Parties shall cater for their legal costs.
5. Governing Law.

This agreement shall be governed and interpreted in accordance with the Laws of
the State of Massachusetts.
6. Assignment.
The duties and responsibilities herein shall not be assigned to any third parties.
7. Entire Agreement.
The terms and provisions herein constitute the entire and complete agreement
between the parties in relation to this subject matter. It cancels and supersedes the
lease dated __________ and any prior written or oral agreements, promises, or
undertakings.
8. Severability.
Suppose any provision of this agreement is deemed invalid or unenforceable. In that
case, the same shall be severed from this agreement, and the remaining provisions
shall continue to remain in full force and effect.
9. Amendment.
Any changes or amendments to this agreement shall be in writing and signed by
both parties to be binding and enforceable.
IN WITNESS WHEREOF, the parties have executed on the date indicated below in
anticipation of the preparation of a new lease between the Landlord and the Tenant
with the newly agreed terms; –
By the LANDLORD; –
Name:
______________________________
Designation:
_________________________
Signature:
___________________________
Date:
_______________________________

By the TENANT; –
Name:
______________________________
Designation:
_________________________
Signature:
___________________________
Date:
_______________________________

Email Address:
_______________________

Email Address:
_______________________

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