DEED OF RENEWAL AND EXTENSION OF LEASE
This Deed of Renewal and Extension of Lease ("this Deed") is made at Pune on 1 April 2026.
BETWEEN
Sunrise Estates Private Limited, an individual, having its address at X, PAN X, GSTIN X, acting through Mr Rajeev Menon, Director, duly authorised (the "Lessor", which expression includes its successors and permitted assigns);
AND
Northline Logistics LLP, an individual, having its address at X, PAN X, GSTIN X, acting through Ms Farah Qureshi, Designated Partner, duly authorised (the "Lessee", which expression includes its successors and permitted assigns).
The Lessor and the Lessee are each a "Party" and together the "Parties".
RECITALS
A. The Original Lease. By a Lease Deed dated 2 April 2026 (the "Original Lease"), the Lessor demised to the Lessee the premises described in Schedule I (the "Premises") for a term commencing on 4 April 2026 and expiring on 5 April 2026.
B. Stamping and registration of the Original Lease. The Original Lease was duly stamped. The Original Lease was registered in the Office of the Sub-Registrar at Haveli No. 5, Pune on 3 April 2026 as Document No. HVL5-04217-2019, Book No. 1, Volume 312, Pages 88 to 141.
C. The Parties. The Lessor and the Lessee named in this Deed are the same persons who executed the Original Lease.
D. The present position. Immediately before the Renewal Commencement Date the monthly rent payable under the Original Lease is ₹25,000 (Rupees Twenty Five Thousand only), and the Lessor holds a refundable security deposit of ₹25,000 (Rupees Twenty Five Thousand only) paid by the Lessee under the Original Lease. The Lessee is in possession of the Premises.
E. The renewal. The Parties have agreed to renew and extend the Original Lease in exercise of the option of renewal contained in the Original Lease, on the terms recorded in this Deed.
NOW THIS DEED WITNESSES as follows.
- DEFINITIONS AND CONSTRUCTION
1.1 "Renewal Commencement Date" means 6 April 2026. "Renewal Expiry Date" means 7 April 2026. "Renewed Term" means the period from the Renewal Commencement Date to the Renewal Expiry Date, both days inclusive. "Jurisdiction City" means Pune.
1.2 Words and expressions defined in the Original Lease carry the same meaning in this Deed unless defined differently here.
1.3 This Deed is supplemental to, and shall be read together with, the Original Lease as one instrument. Where the two conflict in relation to the Renewed Term, this Deed prevails.
- RENEWAL AND EXTENSION
2.1 The Lessor renews and extends, and the Lessee accepts the renewal and extension of, the lease of the Premises for a further term of five (5) years commencing on the Renewal Commencement Date and expiring on the Renewal Expiry Date.
2.2 The Premises shall continue to be used for office and back-office use and for no other purpose without the Lessor's prior written consent.
2.3 The Lessee is already in possession and no fresh delivery of possession is required or given. The Lessee accepts the Premises in their present condition and confirms that it has no claim against the Lessor in respect of their condition as at the Renewal Commencement Date.
2.4 Further renewal. The Original Lease confers a further option or right of renewal exercisable after the Renewed Term which has not been exercised, and that option or right survives this Deed and continues unaffected by it; nothing in clause 1.3 or clause 11.1 varies, waives or extinguishes it. This Deed itself confers no further right of renewal beyond the Renewal Expiry Date, and any further extension requires a fresh written instrument, duly stamped and, where the law so requires, registered.
- RENT
3.1 With effect from the Renewal Commencement Date, and subject to any rent-free period expressly granted by this Deed, the Lessee shall pay the Lessor rent of ₹25,000 (Rupees Twenty Five Thousand only) per month, in advance, on or before the 1st day of each calendar month, by electronic transfer to the bank account notified in writing by the Lessor, which as at the date of this Deed is: Account name: Sunrise Estates Private Limited; Account No. 501000123456; IFSC HDFC0000123; HDFC Bank, Baner Branch, Pune.
3.2 Escalation of rent during the Renewed Term shall be as follows. The rent remains fixed for the whole of the Renewed Term and is not subject to escalation.
Rent-free period: notwithstanding clause 3.1, no rent shall be payable for the first 25,000 days from the Renewal Commencement Date, that period being granted to the Lessee for fit-out and upgrade works. Every other obligation of the Lessee under this Deed and the Original Lease, including maintenance charges, utilities and insurance, applies from the Renewal Commencement Date. The escalation dates in clause 3.2 run from the Renewal Commencement Date and are not postponed by the rent-free period.
3.3 Rent or any other sum not paid when due shall carry interest at eighteen per cent (18%) per annum from the due date until payment. The right to interest does not entitle the Lessee to withhold or delay payment.
- GOODS AND SERVICES TAX AND TAX DEDUCTED AT SOURCE
4.1 The Lessee shall pay GST on the rent and other charges at the rate applicable from time to time, in addition to the rent, against a valid tax invoice issued by the Lessor.
4.2 The Lessor shall obtain and maintain GST registration where required by law, shall issue tax invoices complying with that law, and shall report the supply correctly so that the Lessee may claim input tax credit to the extent available to it. Where the Lessor is not registered and the Lessee is registered, the Parties acknowledge that liability to pay tax may fall on the Lessee under the reverse charge mechanism to the extent the law so requires, and the rent shall not be grossed up on that account.
4.3 The Lessee shall deduct tax at source on the rent under section 194-I of the Income-tax Act, 1961 to the extent that section applies, deposit it within the prescribed time and furnish the certificate in Form 16A. Where instead section 194-IB of that Act applies — as it does where the Lessee is an individual or a Hindu Undivided Family not liable to tax audit — the Lessee shall deduct at the rate and at the time that section prescribes, deposit the tax by challan-cum-statement in Form 26QC and furnish the certificate in Form 16C. Payment of rent net of tax so deducted and deposited is a good discharge of the Lessee's obligation to that extent. Each Party's permanent account number is as stated above, and each shall notify the other of any change.
- SECURITY DEPOSIT
5.1 The total refundable, interest-free security deposit to be held by the Lessor throughout the Renewed Term is ₹25,000 (Rupees Twenty Five Thousand only).
5.2 The sum of ₹25,000 (Rupees Twenty Five Thousand only) already held by the Lessor under the Original Lease is carried forward, continues to be held on the terms of this Deed, and is adjusted towards the amount stated in clause 5.1. The Lessor confirms that the said sum is held in full and has not been appropriated.
Top-up of deposit: the Lessee shall pay the Lessor the balance of ₹25,000 (Rupees Twenty Five Thousand only) on or before the Renewal Commencement Date, or on the date of execution of this Deed if that date is later, by electronic transfer to the account referred to in clause 3.1, and the Lessor shall acknowledge receipt in writing.