SUB-LEASE / SUB-LICENCE AGREEMENT
This Sub-Lease / Sub-Licence Agreement (this "Deed") is made at __________ on __________.
BETWEEN
__________, __________, of __________, PAN __________ (the "Sub-Lessor", which expression includes its successors in interest and permitted assigns);
AND
__________, __________, of __________, PAN __________ (the "Sub-Lessee", which expression includes its successors in interest and permitted assigns).
The Sub-Lessor and the Sub-Lessee are each a "Party" and together the "Parties".
RECITALS
A. The Sub-Lessor holds the premises described in clause 4.2 under a head lease from __________ (the "Head Landlord"), particulars of which are: __________. That head lease is referred to in this Deed as the "Head Lease", and expires, or its current renewed term expires, on __________.
B. __________ Particulars: __________.
C. __________
D. The premises actually being sub-let under this Deed are described in Schedule I and referred to as the "Sub-Let Premises". They are situated at __________, in __________.
E. Three provisions of this Deed each identify the place in which the Sub-Let Premises lie — this Recital and Schedule I, the stamp duty computation in clause 24.2, and the rent statute identified in clause 26.1. The Parties confirm that they have read those three provisions together before executing this Deed and that each of them describes the same jurisdiction.
NOW THIS DEED WITNESSES as follows.
- DEFINITIONS
1.1 "Commencement Date" means __________.
1.2 "Term" means the period stated in the Grant and Term clause.
1.3 "Rent" means the monthly rent or licence fee stated in the Rent clause, as escalated from time to time under this Deed.
1.4 "Rent Commencement Date" means the Commencement Date, unless a rent-free fit-out period is stated in the Rent clause, in which case it means the date stated there.
1.5 "Security Deposit" means the deposit stated in the Security Deposit clause.
1.6 Where this Deed creates a Leave and Licence under clause 2, "Sub-Lessor" also means the Licensor and "Sub-Lessee" also means the Licensee, and "sub-lease" and "sub-tenancy" are then to be read as "licence", for all purposes of this Deed; this clause does not itself decide which this Deed is, which is decided by clause 2 and, ultimately, by the substance of what the Parties actually do under it.
1.7 References to a statute are to that statute as amended or re-enacted, and include a statute as extended to the place where the Sub-Let Premises are situated. Headings do not affect interpretation. The singular includes the plural.
- NATURE OF THIS DEED
2.1 __________
- THE HEAD LEASE AND CONSENT TO SUB-LET
3.1 The Head Lease was executed on __________ and expires, or its current renewed term expires, on __________. Particulars of the Head Lease are as stated in Recital A.
3.2 __________
3.3 Particulars of the Head Landlord's written consent or notice under clause 3.2: __________. Where that consent is annexed to this Deed as Annexure A, it forms part of this Deed.
3.4 The Sub-Lessor warrants that, as at the Commencement Date, the Head Lease is subsisting, is not under notice of forfeiture or termination, and that the unexpired residue of the Head Lease exceeds the Term of this Deed. The Sub-Lessor shall do nothing to bring the Head Lease to an end during the Term otherwise than by its own effluxion of time.
3.5 This Deed, and every right the Sub-Lessee has under it, is granted subject to, and subordinate to, the Head Lease and to every condition, restriction and obligation binding on the Sub-Lessor under it. Nothing in this Deed requires the Sub-Lessor to do anything the Head Lease forbids, or entitles the Sub-Lessee to anything greater than the Sub-Lessor itself holds under the Head Lease.
- GRANT AND TERM
4.1 The Sub-Lessor grants to the Sub-Lessee, and the Sub-Lessee takes, this Deed over the Sub-Let Premises for a term of __________ years commencing on __________ and expiring on __________ (the "Term"), on the terms of this Deed.
4.2 The Sub-Let Premises form part of the premises described as __________, held by the Sub-Lessor under the Head Lease. The part actually comprised in this Deed is: __________.
4.3 The Sub-Let Premises admeasure approximately __________ square feet of __________.
4.4 The Sub-Lessor shall deliver possession, or in the case of a licence access, to the Sub-Lessee on the Commencement Date in the condition described in Schedule II. The Parties shall sign a joint inspection record on the Commencement Date, which shall be annexed to and form part of Schedule II.
- RENT
5.1 The Sub-Lessee shall pay the Sub-Lessor a monthly Rent of __________ for the Sub-Let Premises, in advance, on or before day __________ of each calendar month. Rent for part of a month is payable pro rata.
5.2 Rent accrues from the Commencement Date, unless a rent-free fit-out period is stated in this clause, in which case it accrues from the Rent Commencement Date stated there.
5.3 Rent shall be paid by electronic transfer to the Sub-Lessor's bank account, or to such other account in the Sub-Lessor's name as the Sub-Lessor notifies in writing at least fifteen days in advance.
5.4 __________. Any escalation under this clause is calculated on the Rent payable immediately before the increase, is measured from the Rent Commencement Date, and takes effect from the first day of the month following completion of the relevant period.
5.5 The annual average rent reserved by this Deed, being the average yearly Rent over the whole Term after taking every escalation under clause 5.4 into account, is __________. That figure is the base on which stamp duty on this Deed is computed under the Stamp Duty and Registration clause.
5.6 If Rent or any other sum due under this Deed is not paid within seven days of its due date, the Sub-Lessee shall pay interest at __________ on the overdue amount from the due date until payment.
- SECURITY DEPOSIT
6.1 The Sub-Lessee shall pay the Sub-Lessor, on or before the Commencement Date, __________ as an interest-free refundable security deposit. Delivery of possession or access is conditional on receipt of the Security Deposit.
6.2 The Sub-Lessor may deduct from the Security Deposit only: unpaid Rent; unpaid maintenance, utility or other charges the Sub-Lessee owes under this Deed; the reasonable documented cost of making good damage to the Sub-Let Premises caused by the Sub-Lessee, fair wear and tear excepted; amounts payable by the Sub-Lessee on early termination under the Lock-In, Notice and Termination clause; and the reasonable documented cost of any reinstatement the Sub-Lessee was obliged to carry out under the Expiry and Reinstatement clause and did not.
6.3 The Sub-Lessor shall refund the Security Deposit, less permitted deductions supported by a written statement, within __________ days of the later of handover of vacant possession and settlement of final utility and maintenance bills.
6.4 If the refund is delayed beyond that period, the Sub-Lessor shall pay interest at __________ on the unrefunded amount, and the Sub-Lessee may remain in occupation until refund, continuing to pay the Rent last payable, for no more than thirty days after the end of the refund period in clause 6.3, without that occupation being treated as holding over; the Holding Over clause applies to any occupation after that.
- TAXES
7.1 GST: __________.
7.2 Where the Sub-Lessor is registered under GST, the Sub-Lessor shall raise a proper tax invoice for each month, report it correctly in its returns and pay the tax, so that the Sub-Lessee may take input tax credit where available. Where the Sub-Lessor is not registered under GST and the Sub-Lessee is registered, the Parties acknowledge that tax on this sub-letting may be payable by the Sub-Lessee under the reverse charge mechanism as notified from time to time, and in that case no GST is payable to the Sub-Lessor on the Rent, and the inclusive basis in clause 7.1 does not apply to it.
7.3 TDS: The Sub-Lessee shall deduct tax at source on the Rent under s.194-I of the Income-tax Act, 1961 where it attracts deduction under that section, deposit it within the prescribed time, file the return and furnish Form 16A to the Sub-Lessor. Tax so deducted and deposited is treated as payment of Rent to that extent.
7.4 Municipal property tax on the whole premises held under the Head Lease, as between the Parties, is treated as borne by __________; this clause does not alter who the municipal authority may in law proceed against, which remains the Sub-Lessor as holder of the Head Lease.
7.5 Any new tax, cess or levy imposed on this arrangement after the date of this Deed shall be borne by the Party on whom the law imposes it, unless this Deed provides otherwise.
- MAINTENANCE CHARGES AND UTILITIES
8.1 The Sub-Lessee shall pay for electricity, water, telecommunications, internet and other utilities consumed at the Sub-Let Premises, as metered or fairly apportioned, and shall produce receipts on request.
8.2 Save as expressly provided in this clause, the Rent is not subject to any further maintenance charge payable to the Sub-Lessor.
8.3 Utility and maintenance dues relating to the period before the Commencement Date are the Sub-Lessor's liability, and the Sub-Lessor shall clear them.
- PERMITTED USE AND COMPLIANCE
9.1 The Sub-Lessee shall use the Sub-Let Premises only for __________, being a use the Head Lease itself permits, and for no other purpose without the Sub-Lessor's prior written consent and, where the Head Lease requires it, the Head Landlord's.
9.2 The Sub-Lessor shall make available to the Sub-Lessee a copy of the Head Lease, of the consent or notice recorded in clause 3.2, and of the current property tax receipts for the Sub-Let Premises, and shall not do anything within its control that renders the permitted use unlawful or puts the Head Lease at risk.
9.3 The Sub-Lessee shall obtain and maintain at its own cost every registration, trade licence, fire safety approval and other permission its business at the Sub-Let Premises requires, and shall not do anything that would amount to a misuse under the conditions of the Head Lease or the allotment it derives from. The Sub-Lessee shall indemnify the Sub-Lessor against any misuse charge, penalty or proceeding lawfully brought about by the Sub-Lessee's own use or occupation of the Sub-Let Premises.
9.4 The Sub-Lessee shall not use the Sub-Let Premises for any unlawful, hazardous or nuisance-causing activity, and shall observe the building's rules notified to it in writing.
- FIT-OUT, ALTERATIONS AND SIGNAGE
10.1 The Sub-Lessee may carry out internal, non-structural fit-out and alterations at its own cost with the Sub-Lessor's prior written consent, which shall not be unreasonably withheld or delayed, and which the Sub-Lessor shall not give where the Head Lease itself requires the Head Landlord's separate consent to such works until that consent is also obtained.
10.2 The Sub-Lessee shall not sub-divide, fragment, partition or amalgamate the Sub-Let Premises with any adjoining premises, and shall not alter the structure, external facade, columns or load-bearing elements of the building.
10.3 The Sub-Lessee's trade fixtures, equipment, furniture and removable fit-out remain its property throughout the Term, subject only to the Expiry and Reinstatement clause.
10.4 The Sub-Lessee may display its name at the entrance to the Sub-Let Premises, subject to the Sub-Lessor's consent and to whatever the Head Lease and the building's rules permit, and shall remove it on handover.
- REPAIRS
11.1 The Sub-Lessor shall keep the Sub-Let Premises in the state of repair the Head Lease itself obliges the Sub-Lessor to maintain, or procure that the party responsible under the Head Lease does so, and shall pass on to the Sub-Lessee the benefit of any repair obligation the Head Landlord owes under the Head Lease, so far as it can lawfully do so.
11.2 The Sub-Lessee shall keep the interior of the Sub-Let Premises, its own fit-out and installations in good repair and condition, shall keep the Sub-Let Premises clean, and shall make good damage it or its employees, contractors or visitors cause, fair wear and tear excepted.
- INSURANCE
12.1 The Sub-Lessee shall insure its own fit-out, stock, contents and equipment, and shall maintain public liability cover appropriate to its business, and shall produce evidence of that cover on the Sub-Lessor's written request.
12.2 Neither Party shall do anything at the Sub-Let Premises that voids or prejudices the other's insurance, or any insurance the Sub-Lessor is obliged to maintain, or procure is maintained, under the Head Lease.
- SUB-LESSOR'S COVENANTS
13.1 The Sub-Lessor has the right under the Head Lease and the consent recorded in clause 3.2 to grant this Deed, and there is no subsisting restriction that prevents the Sub-Lessee's quiet enjoyment of the Sub-Let Premises on the terms of this Deed.
13.2 So long as the Sub-Lessee pays the Rent and observes this Deed, the Sub-Lessee shall peacefully hold and enjoy the Sub-Let Premises for the Term without interruption by the Sub-Lessor or anyone claiming through it, other than the Head Landlord exercising a right the Head Lease itself gives it.
13.3 The Sub-Lessor shall pay the rent, ground rent and other sums it owes under the Head Lease so that the Sub-Lessee's occupation or use is not disturbed, and shall comply with clause 17 (Effect of the Head Lease Ending).
13.4 The Sub-Lessor and its representatives may enter the Sub-Let Premises to inspect at reasonable times on forty-eight hours' prior written notice, or without notice in an emergency, or as needed to allow the Head Landlord to exercise any right of entry the Head Lease itself reserves.
- SUB-LESSEE'S COVENANTS
14.1 The Sub-Lessee shall pay the Rent and all other sums when due, use the Sub-Let Premises only as permitted, comply with applicable law in the conduct of its business, permit inspection as provided above, and not part with possession except as this Deed allows.
14.2 The Sub-Lessee shall not do anything that creates a charge or encumbrance on the Sub-Let Premises or on the Head Lease, and shall not claim any right in the Sub-Let Premises beyond what this Deed grants.
14.3 The Sub-Lessee shall comply with every condition of the Head Lease that this Deed has disclosed to it or that is recorded in clause 9.1, so far as it applies to the Sub-Lessee's own use and occupation.
- FURTHER SUB-LETTING AND ASSIGNMENT
15.1 __________.
15.2 Any assignment, further sub-letting or parting with possession that this clause does not permit is void as against the Sub-Lessor and is an event of default.
- LOCK-IN, NOTICE AND TERMINATION
16.1 Neither Party may terminate this Deed before the expiry of the Term except as this clause, the Default clause, or the Effect of the Head Lease Ending clause allows.
16.2 After the expiry of any lock-in period stated in this clause, either Party may terminate this Deed for convenience by giving the other __________ months' prior written notice, or by paying Rent for the unexpired part of that notice in lieu.
16.4 Termination does not affect rights or liabilities accrued before it, and the Sub-Lessee shall hand over the Sub-Let Premises in accordance with the Expiry and Reinstatement clause.
- EFFECT OF THE HEAD LEASE ENDING
17.1 This Deed is granted out of, and is subordinate to, the Head Lease. If the Head Lease ends for any reason before the expiry of the Term of this Deed — whether by effluxion of time, forfeiture, re-entry, surrender, or an order of a court, Rent Controller or other authority — this Deed determines with it, and the Sub-Lessee cannot hold over against the Head Landlord by reason of this Deed alone. Nothing in this clause affects any statutory protection the Sub-Lessee may separately have against the Head Landlord in its own right under the Applicable Rent Law clause.
17.2 Where the Head Lease ends before the expiry of the Term otherwise than by reason of the Sub-Lessee's own default under this Deed or the Sub-Lessee's own act or omission, the Sub-Lessor shall: refund the Security Deposit in full, less only permitted deductions under clause 6.2, within the period stated in clause 6.3; refund a proportionate part of any Rent paid in advance for the period after the Head Lease ends; and pay the Sub-Lessee reasonable documented compensation for loss directly caused by the early ending, except where the Head Lease ended by effluxion of time on a date the Sub-Lessee knew, or from the particulars in Recital A ought to have known, when this Deed was executed.
17.3 The Sub-Lessor shall not do or omit anything that puts the Head Lease at risk of forfeiture, re-entry or premature termination, including failing to pay rent or ground rent due under the Head Lease, and a failure to comply with this clause that causes the Head Lease to end early is a default by the Sub-Lessor under clause 18.4.
17.4 The Sub-Lessor shall promptly give the Sub-Lessee a copy of any notice it receives from the Head Landlord alleging a breach of the Head Lease, threatening forfeiture or re-entry, or proposing to terminate it, and shall take the steps reasonably open to it to preserve the Head Lease.
- DEFAULT AND RE-ENTRY
18.1 Each of the following is a default by the Sub-Lessee: Rent or other sums remaining unpaid for thirty days after written demand; breach of a material term not remedied within thirty days of written notice; an admitted petition for insolvency, winding up or liquidation of the Sub-Lessee not withdrawn or stayed within sixty days; abandonment of the Sub-Let Premises for sixty consecutive days without notice; or an assignment or further sub-letting in breach of this Deed.
18.2 On a default by the Sub-Lessee that continues, the Sub-Lessor may terminate this Deed by fifteen days' written notice and recover possession or access, without prejudice to its right to recover arrears and damages.
18.3 The Sub-Lessor shall recover possession or access only in accordance with law, and where the Applicable Rent Law clause requires possession to be recovered through a statutory forum, only through that forum. The Sub-Lessor shall not take forcible possession, lock out the Sub-Lessee, remove its goods or disconnect utilities otherwise than by due process.
18.4 Each of the following is a default by the Sub-Lessor: failure to comply with clause 17.3; disturbance of the Sub-Lessee's quiet enjoyment or use; or a breach of clause 3.4 that was not true when given. On such a default not remedied within thirty days of written notice, the Sub-Lessee may terminate this Deed by thirty days' written notice, and in that event the Security Deposit is refundable in full and no early-exit compensation is payable.
- EXPIRY, REINSTATEMENT AND HANDOVER
19.1 On expiry or earlier termination, the Sub-Lessee shall hand over vacant possession, or cease its use, of the Sub-Let Premises to the Sub-Lessor in good condition, fair wear and tear excepted, together with all keys, access cards and the Sub-Lessor's fixtures listed in Schedule II.
19.2 Reinstatement: __________.
19.3 The Sub-Lessee shall clear all utility and maintenance dues relating to its occupation or use up to the date of handover and produce the final bills and receipts.
19.4 Anything the Sub-Lessee leaves at the Sub-Let Premises more than fifteen days after handover may, after written notice to the Sub-Lessee, be removed and disposed of by the Sub-Lessor at the Sub-Lessee's cost.
- HOLDING OVER
20.1 Subject to clause 6.4, if the Sub-Lessee remains in occupation or use after expiry or termination without a fresh deed, it does so as an occupant at sufferance and, where this Deed is a sub-lease, as a tenant at sufferance, and not with the Sub-Lessor's assent within the meaning of s.116 of the Transfer of Property Act, 1882.
20.2 For each month or part of a month of such occupation the Sub-Lessee shall pay __________ as mesne profits or compensation for use, and neither the demand for nor the acceptance of that amount creates a fresh sub-lease or licence, extends the Term, or amounts to assent to continued occupation.
20.3 This clause does not limit the Sub-Lessor's right to recover possession or access in accordance with law, and is subject to the Applicable Rent Law clause.
- DAMAGE, DESTRUCTION AND FORCE MAJEURE
21.1 If the Sub-Let Premises are destroyed or rendered substantially unfit for the permitted use by fire, flood, earthquake, tempest, civil commotion or other event not caused by the Sub-Lessee, the Rent and maintenance charges abate proportionately from the date of the event until the Sub-Let Premises are again fit for use. If they are not made fit within sixty days, either Party may terminate this Deed by written notice, in which case the Security Deposit is refundable in full, less only Rent and dues already accrued and unpaid, and no early-exit compensation is payable.
21.2 Neither Party is liable for failure to perform an obligation, other than an obligation to pay money already accrued, where the failure is caused by an event beyond its reasonable control, including the Head Landlord's own default under the Head Lease. The affected Party shall notify the other within seven days and use reasonable efforts to resume performance.
- INDEMNITY AND LIABILITY
22.1 The Sub-Lessee shall indemnify the Sub-Lessor against claims, losses, penalties and reasonable legal costs arising from its use or occupation of the Sub-Let Premises, the acts or omissions of its employees, contractors and visitors, and its breach of this Deed.
22.2 The Sub-Lessor shall indemnify the Sub-Lessee against claims, losses and reasonable legal costs arising from a defect in the Sub-Lessor's right to grant this Deed, the matters warranted in clause 3.4, or the Sub-Lessor's own breach of the Head Lease not caused by the Sub-Lessee.
22.3 Neither Party is liable to the other for indirect or consequential loss, or for loss of profit, except in respect of sums expressly payable under this Deed.
- CONFIDENTIALITY
23.1 Each Party shall keep the commercial terms of this Deed confidential, except that either may disclose them to its professional advisers, auditors, lenders and group companies, to the Head Landlord, and where disclosure is required by law, by a regulator, or for stamping, registration or the enforcement of this Deed.
- STAMP DUTY AND REGISTRATION
24.1
24.2 The Sub-Let Premises are in __________. The annual average rent for that computation is the figure stated in clause 5.5. __________ shall bear the stamp duty, the registration fee, the pasting fee, any facilitation charge and the incidental charges of registration, where this Deed is registered.
24.3 Where this Deed is presented for registration, the Parties shall present it before the __________ within four months of the date of execution, as s.23 of the Registration Act, 1908 requires; s.25 allows the Registrar to condone a further period of up to four months on payment of a fine of up to ten times the registration fee. Both executants, or their power-of-attorney holders authenticated under s.33, shall attend in person with photographs, proof of identity and PAN.
24.4 Two witnesses shall attest this Deed and, where it is presented for registration, shall attend the registering office with the executants. At the office of the Sub-Registrar, Union Territory of Chandigarh the first witness must qualify under para 127 of the Punjab Registration Manual and be known to the registering officer, and both witnesses must be known to each other.
24.5 Neither Party shall dispute the validity of this Deed on the ground of insufficient stamping or non-registration where that state of affairs results from its own failure to perform this clause. If the registering officer or the Collector assesses a deficiency in stamp duty, the Party bearing the duty under clause 24.2 shall pay the deficiency and any penalty and shall obtain the Collector's certificate.
24.6 This Deed is executed in duplicate, or in such greater number of copies as it is presented in. Where it is presented for registration, the Parties shall confirm the number of copies required, and who presents and who collects the registered document, at the registering office when the appointment is booked.
- NOTICES
25.1 Notices under this Deed shall be in writing and delivered by hand against acknowledgment, or by registered post or reputed courier with proof of delivery, to the Sub-Lessor at __________ and to the Sub-Lessee at __________, or to such other address as a Party notifies in writing.
25.2 Email is sufficient for routine correspondence, but a notice of termination, default or revocation must be given by hand, registered post or courier. A notice is deemed received on the date of delivery, or on the fifth day after posting by registered post, whichever is earlier.
- APPLICABLE RENT LAW
26.1 __________
26.2 Nothing in this Deed excludes, and neither Party is to be taken to have waived, any right or protection conferred by a rent statute identified in clause 26.1 as applying to this Deed. Where clause 26.1 records that a rent statute governs and requires possession to be recovered on a statutory ground before a statutory forum, the Lock-In, Notice and Termination, Default, Expiry and Reinstatement, and Holding Over clauses of this Deed operate as between the Parties but do not entitle the Sub-Lessor to recover possession otherwise than through that forum.
26.3 A dispute about recovery of possession that a rent statute reserves to the Rent Controller or to the Rent Authority is not referable to arbitration, and the Dispute Resolution clause does not purport to refer it.
- DISPUTE RESOLUTION AND GOVERNING LAW
27.1 The Parties shall first attempt to resolve any dispute by discussion between their authorised representatives within thirty days of written notice of the dispute.
27.2 __________.
27.3 The seat and venue of any arbitration under this Deed, and the place of any court proceedings, is __________, and the courts at __________ have exclusive jurisdiction, subject to any arbitration agreed above, to the Applicable Rent Law clause, and to any statutory bar on the jurisdiction of the civil court.
27.4 This Deed is governed by the laws of India as in force at the place where the Sub-Let Premises are situated.
- GENERAL
28.1 This Deed, with its Schedules, is the entire agreement between the Parties about the Sub-Let Premises and supersedes all prior discussions and letters of intent, and is at all times read subject to the Head Lease as clause 3.5 records.
28.2 No amendment is effective unless made in writing and signed by both Parties; an amendment to the Rent, the Term or the extent of the Sub-Let Premises shall be made by a supplementary deed, duly stamped and, where this Deed is a sub-lease requiring it, registered.
28.3 A failure or delay in enforcing a right is not a waiver of it, and a single or partial exercise does not prevent further exercise.
28.4 If any provision is held invalid or unenforceable, the rest of this Deed continues in effect, and the Parties shall replace that provision with a valid one of the nearest effect.
28.5 Nothing in this Deed creates a partnership, joint venture or agency between the Parties, and nothing in it creates any relationship at all between the Sub-Lessee and the Head Landlord, who is not a party to it.
28.6 The clauses on Security Deposit, Taxes, Permitted Use, Effect of the Head Lease Ending, Expiry and Reinstatement, Holding Over, Indemnity, Confidentiality, Stamp Duty and Registration, Applicable Rent Law, and Dispute Resolution survive the expiry or termination of this Deed.
SCHEDULE I — THE SUB-LET PREMISES
__________, forming part of __________, situated at __________, in __________, admeasuring approximately __________ square feet of __________.
Boundaries and the floor plan of the Sub-Let Premises are as shown in the plan annexed to this Deed and initialled by both Parties.
SCHEDULE II — FIXTURES AND HANDOVER CONDITION
Shell condition: __________
__________
The joint inspection record signed by the Parties on the Commencement Date under clause 4.4 forms part of this Schedule.
IN WITNESS WHEREOF the Parties have executed this Deed at __________ on __________.
SIGNED AND DELIVERED by the SUB-LESSOR
__________
PAN: __________
Signature: ______________________________
SIGNED AND DELIVERED by the SUB-LESSEE
__________
PAN: __________
Signature: ______________________________
WITNESSES
- __________
__________
Signature: ______________________________
- __________
__________
Signature: ______________________________