Common use of Grant of Lease Rights Clause in Contracts

Grant of Lease Rights. 10.1.1 Both the Parties expressly agree that upon Payment of Lease Premium, Annual Lease Rent, submission of bank guarantees in accordance with the provisions of Recital D and Article XIII of the Development Agreement, the Parties hereto shall execute the Lease Deed (as set out in Annexure A), in respect of all the lands comprising the Site, whereby the Site shall be leased to the Developer on an “as is where is basis” and on the terms and conditions contained therein, and subject to the rights and obligations of the Parties hereto as contained herein ( the "Lease Rights"). The Date of execution of the Lease Deed shall be deemed to be Appointed Date for the purpose of this Agreement. 10.1.2 The execution of the Lease Deed shall entitle the Developer to the following, amongst other rights as specified: a) to design, finance, construct, maintain and market, provided the plans for the Project are duly approved as specified in Article XV of the Development Agreement; b) to allow commercial use of the Project Assets provided the Completion Certificate has been issued by the BSHB; c) to grant sub-lease rights over the Project Assets by execution of a Sub-Lease Deed between the Developer and the Sub-lessee provided the Completion Certificate has been issued by the BSHB. 10.1.3 Further, notwithstanding the Letters of Allotment issued to the Sub-Lessee by the Developer, the Sub-Lease Deed shall not be executed in their favour till the Completion Certificate is issued by BSHB. 10.1.4 The Developer shall not under any circumstances grant sub-lease/sub-license, Land or the whole or substantial part of the Assets on the Site to a single or group of entity, which are related to each other or has substantial interest in each other so to fall within the definition of “Conflict of Interest” as provided in the RFP Document. 10.1.5 The Lease Rights mentioned hereinabove shall be vested solely with the Developer and can be transferred subsequent to the achievement of Commercial Operation, after payment of Transfer Dividend and obtaining prior approval of the BSHB.

Grant of Lease Rights. 10.1.1 Both 3.1 On and from the Parties expressly agree that upon Payment of Lease Premium, Annual Lease Rent, submission of bank guarantees in accordance with the provisions of Recital D Commencement Date and Article XIII of the Development Agreement, the Parties hereto shall execute the Lease Deed (as set out in Annexure A), in respect of all the lands comprising the Site, whereby the Site shall be leased subject to the Developer on an “as is where is basis” and on the terms and conditions contained thereinset forth in this Agreement, DMRC grants and authorizes the Lessee the right to develop, design, construct, complete, manage, operate and maintain the Project at its own cost, expense and risk for the Lease Period of 30 (Thirty)years. The Lease entitles the Lessee the following benefits, privileges, authorizations and entitlements, to be exercised at its own cost, expense and risk in accordance with Applicable Laws: (i) To develop, design, engineer, finance, procure, construct, operate and maintain the Project, including the building, the paved access-ways, landscaped green areas, utilities and services, telecommunication infrastructure, etc. in conformity with the Layout Plan (as approved by DMRC in accordance with Article 6.1); (ii) To market the Property development project and enter into agreements for transfer of leasehold rights of the project for a lease period which is coterminous with the Lease Period at any point of time. (iii) The Lessee shall confine its operations to the Project Site. The Lessee shall take all necessary precautions to keep persons and equipment within such areas, and subject to keep and prohibit them from encroaching, damaging or degrading or adversely affecting the surrounding DMRC area and property, or otherwise cause any interference to the rights passengers, visitors, employees, representatives and obligations agents of the Parties hereto DMRC. Any failure or default of the Lessee to comply with the provisions as contained herein ( above mentioned shall present DMRC with a right to issue a notice to Lessee to rectify such failure or default within a stipulated time. If the "failure or default is not rectified within the stipulated time, a fine upto Rs. 10.0 lakh (Rupees Ten Lakh only) may be imposed by DMRC. 3.2 With effect from Commencement Date, the DMRC grants the leasehold rights to the Selected Bidder on the Project Site for the Lease Rights")Period, for development and construction of a Property development (warehouse) project. The Date Lessee hereby also agrees that it is acquiring the leasehold rights on the Project Site to develop the projectonly as specified under this Agreement. However, the ownership rights over the building constructed on the Project Site shall at all times vest with DMRC only. 3.3 For avoidance of doubt, it is clarified that the Lessee is exclusively responsible for the execution of the Lease Deed Project and it shall bear the financial, technical, commercial, legal and other risks in relation thereto regardless of any escalation in cost, Change in Law, other contingencies, circumstances and/or hazards that may be deemed to be Appointed Date for the purpose of this Agreement. 10.1.2 The execution of encountered (foreseen or not unforeseen) during the Lease Deed shall entitle the Developer to the following, amongst other rights as specified: a) to design, finance, construct, maintain and market, provided the plans for the Project are duly approved as specified in Article XV of the Development Agreement; b) to allow commercial use of the Project Assets provided the Completion Certificate has been issued by the BSHB; c) to grant sub-lease rights over the Project Assets by execution of a Sub-Lease Deed between the Developer and the Sub-lessee provided the Completion Certificate has been issued by the BSHBPeriod. 10.1.3 Further, notwithstanding the Letters of Allotment issued to the Sub-Lessee by the Developer, the Sub-Lease Deed shall not be executed in their favour till the Completion Certificate is issued by BSHB. 10.1.4 The Developer shall not under any circumstances grant sub-lease/sub-license, Land or the whole or substantial part of the Assets on the Site to a single or group of entity, which are related to each other or has substantial interest in each other so to fall within the definition of “Conflict of Interest” as provided in the RFP Document. 10.1.5 The Lease Rights mentioned hereinabove shall be vested solely with the Developer and can be transferred subsequent to the achievement of Commercial Operation, after payment of Transfer Dividend and obtaining prior approval of the BSHB.

Grant of Lease Rights. 10.1.1 Both the Parties expressly agree that upon Payment of Lease Premium, Annual Lease Rent, submission of bank guarantees in accordance with the provisions of Recital D and Article XIII of the Development Agreement, the Parties hereto shall execute the Lease Deed (as set out in Annexure A), in respect of all the lands comprising the Site, whereby the Site shall be leased to the Developer on an “as is where is basis” and on the terms and conditions contained therein, and subject to the rights and obligations of the Parties hereto as contained herein ( the "Lease Rights"). The Date of execution of the Lease Deed shall be deemed to be Appointed Date for the purpose of this Agreement. 10.1.2 The execution of the Lease Deed shall entitle the Developer to the following, amongst other rights as specified: a) to design, finance, construct, maintain and market, provided the plans for the Project are duly approved as specified in Article XV of the Development Agreement; b) to allow commercial use of the Project Assets provided the Completion Certificate has been issued by the BSHB; c) to grant sub-lease rights over the Project Assets by execution of a Sub-Lease Deed between the Developer and the Sub-lessee provided the Completion Certificate has been issued by the BSHB. 10.1.3 Further, notwithstanding the Letters of Allotment issued to the Sub-Lessee by the Developer, the Sub-Lease Deed shall not be executed in their favour till the Completion Certificate is issued by BSHB. 10.1.4 The Developer shall not under any circumstances grant sub-lease/sub-license, Land or the whole or substantial part of the Assets on the Site to a single or group of entity, which are related to each other or has substantial interest in each other so to fall within the definition of “Conflict of Interest” as provided in the RFP Document. 10.1.5 The Lease Rights mentioned hereinabove shall be vested solely with the Developer and can be transferred subsequent to the achievement of Commercial Operation, after payment of Transfer Dividend and obtaining prior approval of the BSHB.