TENANT IMPROVEMENT COST-SHARING AGREEMENT
This Tenant Improvement Cost-Sharing Agreement (this "Agreement") is made at Chandigarh on 1 April 2026.
BETWEEN
Trishul Commercial Ventures Private Limited, a company incorporated under the Companies Act, 2013, of SCO 14, Sector 34-A, Chandigarh 160022, PAN AABCT4321F, GSTIN 04AABCT4321F1ZQ, acting through Vikram Ahluwalia, Director (the "Landlord", which expression includes its successors in interest and permitted assigns);
AND
Northline Retail India Private Limited, a company incorporated under the Companies Act, 2013, of Unit 210, Second Floor, Elante Business Park, Industrial Area Phase I, Chandigarh 160002, PAN AAFCN6789L, GSTIN 04AAFCN6789L1ZP, acting through Meera Kapoor, Director (the "Tenant", which expression includes its successors in interest and permitted assigns).
The Landlord and the Tenant are each a "Party" and together the "Parties".
RECITALS
A. By a Lease Deed dated 2 April 2026 between the Parties, registered as Document No. 2214/2026, Sub-Registrar, S.A.S. Nagar (Mohali) (the "Lease"), the Landlord granted, or is granting, the Tenant the right to occupy the premises described in clause 1.1 (the "Premises"), situated in the State of Punjab, for a term expiring on 4 April 2026, rent under the Lease running from 3 April 2026 (the "Rent Commencement Date").
B. The Tenant intends to carry out fit-out works at the Premises (the "Works"), and the Landlord has agreed to contribute towards the Tenant's cost of the Works by way of a Tenant Improvement Allowance, over and above any rent-free period given for the Works under the Lease.
C. The Parties wish to record the amount or basis of that Allowance, the costs it may be applied against, how and when it is paid, released or credited, what happens to any part not used, and what happens to it if the Tenant leaves the Premises before the end of the Term of the Lease.
D. This Agreement is supplemental to the Lease and to the instrument, if any, recording the Landlord's consent to the Works. It does not vary the Lease except as clause 8 expressly states, does not grant that consent, and does not create, transfer or enlarge any interest in the Premises.
IT IS AGREED AS FOLLOWS
- THE PREMISES AND THE LEASE
1.1 The Premises are: Unit 210, Second Floor, Elante Business Park, Industrial Area Phase I, Chandigarh 160002, admeasuring 8,500 square feet of carpet area.
1.2 The Term of the Lease referred to in Recital A is the period from the date the Lease records as its commencement until 4 April 2026 (the "Term").
1.3 A separate Fit-Out Agreement and Landlord's Consent to Works between the Parties governs the scope of the Works, the approved drawings, contractor approval, working hours, statutory approvals and insurance, and this Agreement deals only with the Allowance; nothing in this Agreement is or operates as consent to carry out the Works.
- THE ALLOWANCE
2.1 The Landlord shall contribute towards the Tenant's cost of the Works by way of a Tenant Improvement Allowance (the "Allowance"), calculated on a fixed lump sum stated in this Agreement, payable irrespective of the actual carpet, built-up or chargeable area of the Premises.
2.3 The Allowance shall not exceed ₹42,50,000 (Rupees Forty Two Lakh Fifty Thousand only) in aggregate. Where the Allowance is calculated under clause 2.2, ₹42,50,000 (Rupees Forty Two Lakh Fifty Thousand only) is the figure the Parties intend that calculation to produce on the area stated in clause 1.1, and if the two are inconsistent this clause 2.3 prevails.
2.4 The Landlord owes the Allowance, and any part of it, only in the manner and subject to the conditions stated in clauses 3 to 6, and does not owe it as a debt due on demand independently of them.