Common use of IT IS MUTUALLY AGREED AS FOLLOWS Clause in Contracts

IT IS MUTUALLY AGREED AS FOLLOWS. (i) The LESSOR and the LESSEE shall be governed by the provisions of Delhi Rent Control Act, 1958 and the statutory modification and/ or amendments thereto. (ii) The term of the lease under this agreement shall be for 11 months commencing from 01-November- 2011 to 30th September, 2012. The lease may be renewed further in writing with the mutual consent of the parties. (iii) That in case the LESSEE desires to vacate the said premises earlier than the lease period of 11 (eleven) months or during the extended period thereof it can be done so by giving at least One month written notice to the LESSOR in advance. (iv) That on termination of the lease, the LESSEE shall hand over vacant peaceful physical possession of the said premises to the LESSOR without any demur, cost, demand, and compensation of any sort. (v) That all the expenses of this Lease Deed including its cost of stamp papers etc. shall be borne and paid by both the LESSOR and the LESSEE equally. (vi) That in case of dispute or differences arising between the parties in respect of their rights/ obligations under this Agreement as regards interpretation or in respect of any matter attached to or arising out of this agreement, at any time, such dispute shall be settled by arbitration by an arbitral tribunal consisting of three arbitrators, in accordance with the provisions of the Arbitration and Conciliation Act, 1996, as amended from time to time. Each party shall appoint an arbitrator and the third arbitrator shall be appointed by the two arbitrators so appointed. The seat of arbitration shall be New Delhi and the language of arbitration shall be English. (vii) This agreement shall be governed by Indian law and the courts in New Delhi shall have exclusive jurisdiction in respect of matters arising under or in relation to this agreement.

IT IS MUTUALLY AGREED AS FOLLOWS. (i) The LESSOR LESSORS and the LESSEE shall be governed by the provisions of Delhi Rent Control Act, 1958 and the statutory modification and/ or amendments thereto. (ii) The term of the lease under this agreement shall be for 11 months commencing from 01-November- 2011 to 30th September, 201230- September-2012. The lease may be renewed further in writing with the mutual consent of the parties. (iii) That in case the LESSEE desires to vacate the said premises earlier than the lease period of 11 (eleven) months or during the extended period thereof it can be done so by giving at least One month written notice to the LESSOR LESSORS in advance. (iv) That on termination of the lease, the LESSEE shall hand over vacant peaceful physical possession of the said premises to the LESSOR LESSORS without any demur, cost, demand, and compensation of any sort. (v) That all the expenses of this Lease Deed including its cost of stamp papers etc. shall be borne and paid by both the LESSOR LESSORS and the LESSEE equally. (vi) That in case of dispute or differences arising between the parties in respect of their rights/ obligations under this Agreement as regards interpretation or in respect of any matter attached to or arising out of this agreement, at any time, such dispute shall be settled by arbitration by an arbitral tribunal consisting of three arbitrators, in accordance with the provisions of the Arbitration and Conciliation Act, 1996, as amended from time to time. Each party shall appoint an arbitrator and the third arbitrator shall be appointed by the two arbitrators so appointed. The seat of arbitration shall be New Delhi and the language of arbitration shall be English. (vii) This agreement shall be governed by Indian law and the courts in New Delhi shall have exclusive jurisdiction in respect of matters arising under or in relation to this agreement.