LETTER OF INTENT / TERM SHEET FOR OFFICE LEASE
This Letter of Intent / Term Sheet (this "Term Sheet") is made at Chandigarh on 1 April 2026.
BETWEEN
Bhatia Commercial Properties Private Limited, an individual, of SCO 45, Sector 34-A, Chandigarh 160022, acting through Karan Bhatia, Director (the "Landlord");
AND
Zenbridge Software Solutions Private Limited, an individual, of Plot No. 12, Industrial Area Phase 8-B, S.A.S. Nagar (Mohali) 160059, acting through Ritika Sood, Chief Operating Officer (the "Prospective Tenant").
The Landlord and the Prospective Tenant are each a "Party" and together the "Parties".
RECITALS
A. The Landlord is the owner of, or is otherwise entitled to offer on lease, the premises described in clause 1 below (the "Premises").
B. The Prospective Tenant wishes to take the Premises on lease for its business, and the Parties have discussed and reached broad agreement on the commercial terms set out in this Term Sheet.
C. The Parties wish to record those terms in writing before instructing the drafting of a full, formal lease deed, so that both sides negotiate the lease deed from a common and current understanding of what has been agreed in principle.
D. The Parties record, and clause 8 states at length, that this Term Sheet is not itself a lease, an agreement to lease, or a document capable of being specifically enforced to compel a lease, and that only clauses 6, 7 and 9 bind the Parties before a lease deed is signed.
NOW THIS TERM SHEET RECORDS AS FOLLOWS.
- THE PREMISES
1.1 The Landlord proposes to let, and the Prospective Tenant proposes to take on lease, the premises known as Third Floor, Tower A, Quark Business Park, Sector 74, S.A.S. Nagar (Mohali), situated at S.A.S. Nagar (Mohali), in the State of Punjab (the "Premises").
1.2 The Premises are proposed to admeasure approximately 8,500 square feet of carpet area, subject to joint measurement before the lease deed is finalised.
- PROPOSED RENT AND ESCALATION
2.1 The Parties propose a monthly rent of ₹9,35,000 (Rupees Nine Lakh Thirty Five Thousand only) for the Premises, exclusive of GST, maintenance charges and statutory outgoings, all of which shall be dealt with in the lease deed.
2.2 The Parties propose that the rent shall increase by 5% of the then-current rent at the end of every 12 months of the lease term.
- PROPOSED SECURITY DEPOSIT
3.1 The Parties propose an interest-free, refundable security deposit of ₹56,10,000 (Rupees Fifty Six Lakh Ten Thousand only), payable in the manner and by the instalments the lease deed states, and refundable on the terms the lease deed states.
- PROPOSED FIT-OUT PERIOD AND LOCK-IN
4.1 The Parties propose a rent-free fit-out period of 45 days from the commencement of the lease term, during which the Prospective Tenant may carry out its fit-out without payment of rent, on terms to be settled in the lease deed.
4.2 The Parties propose a lock-in period of 36 months from the commencement of the lease term, during which neither party to the lease deed may terminate it for convenience, on terms to be settled in the lease deed.
- TARGET TERM
5.1 The Parties target a lease term of 9 years, to commence on a date to be agreed once the lease deed is settled and ready for execution.