Letter of Intent to Lease Residential Property

Letter Of Intent To Lease Residential Property

Date: [06-02-2021]

Landlord:

[Patricia]
[123 Main Street]
[Parkside Avenue]
[+22 555 777]
[[email protected]]

Tenant:

Linda
[Sunset Boulevard]
[456 Elm Avenue]
[+22 777 888]
[[email protected]]

Property Details

Property Address: Sunset Boulevard
Property Size: 1000 Sq. ft.

Term of Rental

This Rental Agreement is for the period from MARCH -15 -2027 to MARCH -16-2028. The tenant shall have possession of the property during this time.

Terms and Conditions

Rent Payment

The tenant agrees to pay the landlord a monthly rent of [45 lakhs]. The rent payment shall be due on the [Day] of each month. Late payment shall incur a penalty fee of [80,000] per day until the rent is fully paid.

Security Deposit

Upon signing this agreement, the tenant shall provide the landlord with a security deposit of [Amount]. The security deposit will be returned to the tenant within [Number of Days] after the termination of the rental term, subject to any deductions for damages or outstanding rent.

Maintenance and Repairs

The tenant shall maintain the property in good condition and promptly report any damages to the landlord. The landlord will be responsible for major repairs and maintenance unless caused by the tenant's negligence or intentional actions.

Utilities

The tenant shall be responsible for all utility costs incurred during the rental period, including electricity, water, gas, and any other applicable fees.

Termination

This agreement may be terminated by either party with a written notice of [40] prior to the desired termination date.

Governing Law

This agreement shall be governed by and interpreted in accordance with the laws of [State]. Any disputes arising from this agreement shall be resolved in the state courts of [State].

By signing this Rental Agreement, both parties acknowledge that they have read and understood the terms and conditions stated above.

___________________________
[Patricia]
Landlord

__________________________
[Linda]
Tenant