Residential Lease Agreement

This Residential Lease Agreement ("Lease") is entered into on [Date], between [Your Name], hereinafter referred to as "Landlord," and [Tenant's Name], hereinafter referred to as "Tenant."

I. Property Details

Property Address: [Insert Property Address]
Unit/Room Details (if applicable): [Insert Unit/Room Details]

II. Term of Tenancy

The period of validity for this Lease, often referred to as "term", is set to begin on the 20th day of March, in the year 2050. This duration will remain effective and thus continue through to the 19th day of the very next year, 2051. Following this fixed term, there exists an understanding or provision within this Lease, that allows for the possibility of its renewal or extension. However, this can only come into effect if and only if there is a shared or mutual agreement between all the involved parties upon the decision for this extension or renewal.

III. Rent Amount and Payment Terms

The monthly rent for the premises shall be $1,200, payable in advance on the 1st day of each month.
Rent payments shall be made by bank transfer or certified check.
Rent payments shall be delivered to [YOUR NAME] and [YOUR COMPANY ADDRESS].

IV. Security Deposit

The individual or individuals who are the tenants are obligated to deposit a sum of $1,500. This deposit functions as a form of security, ensuring faithful performance and adherence to the designated terms laid out in this lease agreement. The previously mentioned deposit has the potential to be returned or refunded, however, there are certain conditions in which this may not occur. If damages are incurred that go beyond the classification of normal wear and tear, these damages may warrant deductions from the original deposit amount.

V. Utilities and Maintenance Responsibilities

Tenant(s) shall be responsible for paying all utilities including electricity, water, gas, and internet services during the term of the lease.
The landlord shall be responsible for maintaining the structural integrity of the premises, including repairs to the roof, walls, plumbing, and electrical systems. Additionally, the Landlord shall be responsible for providing and maintaining major appliances, such as the stove, refrigerator, and heating/cooling systems.

VI. Use of Property

The premises being referred to herein, according to the terms and conditions set out, are intended to be utilized for residential purposes exclusively. This means that the usage of the property for commercial activity or any other non-domestic use is not permitted under any circumstances. Use of the premises for any other purpose is considered a breach of this agreement. Furthermore, any subleasing of the aforementioned premises is strictly prohibited unless prior authorization is obtained in written form from the owner of the premises, the Landlord. Any attempts to sublease the premises without obtaining the necessary written consent from the Landlord will be regarded as a violation of the agreement in place.

VII. Repairs and Maintenance

Tenant(s) agree and are obligated to immediately communicate with the Landlord with regards to any necessary repairs or maintenance concerns that may arise. Likewise, the Landlord agrees and promises to ensure that the premises are always in good condition. In addition, the Landlord has agreed to take prompt, responsive action to any requests made by the Tenant(s) for repair work.

VIII. Entry to the Property

The owner of the property, also known as the landlord, is obligated to provide the individuals renting the premises, referred to as the Tenant(s), with a reasonable and sufficient notice period before the aforementioned landlord attempts to enter into the premises. The only exception to this obligation will be in cases where there is an urgent situation or an emergency that demands immediate attention and entry into the premises.

IX. Termination Clause

Either party may terminate this Lease upon 30 days written notice to the other party.
Upon termination of the Lease, Tenant(s) shall vacate the premises and return possession to the Landlord in the same condition as when received, subject to normal wear and tear.

X. Legal Provisions

This Lease agreement, as well as all of its provisions and conditions, is to be fully governed and interpreted by the laws and legal statutes of the specified jurisdiction. In the event of any disagreements, conflicts, or issues that may arise and occur within the context of this Lease agreement, they are to be addressed and conclusively resolved through the processes of arbitration or mediation as far as possible.

XI. Signatures:

In Witness Whereof, the parties have executed this Lease as of the date first above written.

[YOUR NAME]

[DATE SIGNED]

[TENANT'S NAME]

[DATE SIGNED]