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A lease of immovable property is a transfer of a right to enjoy such property, made for a certain time, express or implied, or in perpetuity, in consideration of a price paid or promised, or of money, a share of crops, service or any other thing of value, to be rendered periodically or on specified occasions to the transferor by the transferee, who accepts the transfer on such terms.
The transferor is called the lessor, the transferee is called the lessee, the price is called the premium , and the money, share, service or other thing to be so rendered is called the rent.
In the absence of a contract or local usage to the contrary, the lessor and the lessee of immovable property, as against one another, respectively. Possess the rights and are subject to the liabilities mentioned in the rules next following, or such of them as are applicable to the property leased:
between the lessor and a lessee for possession and enjoyment of the profits of the land on the one side and recompense by rent or other consideration on the other. The lessor must be a person competent to contract and having title or authority to create the grant. Similarly, the lessee must be a person also competent to accept contract on the date of the lease and shall further accept the demise of the estate. A lease of immovable property is not a mere contract. But it operates as a conveyance or transfer of the right to enjoy such property, made for a certain time, express or implied. Most importantly in perpetuity in consideration of a price paid or promised. Or of money, a share of crops, service or any other thing of value, to be rendered periodically or on specified occasions, to the transferor by the transferee who accepts such transfer on terms.
Bound to disclose to the lessee any material defect in the property. The lessor is bound, on the lessees request to put him in possession of the property, otherwise he is not entitled for any kind of rent or consideration. The lessor will be deemed to contract with the lessee that if the latter pays the rent reserved by the lease and performs the contract binding on him the lessee may hold the property during the time limited by lease without interruption.
If during the continuance of lease, any accession is made to the property, such accession will be deemed to be comprised in the lease. If by fire, tempest or flood or any other irresistible forces any material part of the property be wholly destroyed or rendered substantially or permanently unfit for the purposes for which it was late out, the lease will, at the option of the lessee, be void.
If the lessor neglects the make within a reasonable time any notice, any repairs which he is bound to make to the property, the lessee can make the same himself and deduct the expenses incurred for such repairs with interest from the rent, or otherwise recover it from the lessor.
A lease of immovable property may be determined by surrender, by yielding up the interest of the lessee under the lease to the lessor by mutual agreement. The surrender of lease for tenancy takes effect like a contract by mutual consent, by surrender, by tenant of the tenancy and acceptance of the surrender by the owner or the lessor. A deed of surrender can be registered but it is optional, the stamp duty is payable under section 61 of the stamp act. An agreement to surrender can be enforced by specific performance. In surrender, the delivery of possession is essential. If surrender of tenancy is coupled with the transfer of any assets, then the stamp duty will be payable on the documents as a deed of surrender as also as transfer of the assets.
The surrender of lease is not a transfer but mere yielding up by the lessee of his interest under the lease to the lessor by mutual agreement. Renewable of a lease is creation of a fresh lease and it must be by a registered documents. Premises, taken on lease or doing business of a specific nature cannot be put to use for a different kind of business in violation of the condition of the lease and hence tenant is liable to be evicted on that ground.