lease agreement with bank
2 years ago
In the agreement, if bank fix the below condition, will it be an issue, if v terminate it in 11 months. "That the owner will extend the period of tenancy for further period of 11 months, with two extensions of similar period, if requested by the bank. If for any reason, the bank fails to notify its option to the owner, it shall be presumed that the bank has exercise its option to remain in possession of the premises, for the said period"
A.Hello
When you rent your house to Bank sometimes it happens that they forget to renew the lease agreement for that they are adding this clause so that in case they fails to notify it's option owner, in that case it would br automatically renewed from their side.
But it would be suggested to enter into a new agreement after the expiration of the previous agreement.
Thanks.
When you rent your house to Bank sometimes it happens that they forget to renew the lease agreement for that they are adding this clause so that in case they fails to notify it's option owner, in that case it would br automatically renewed from their side.
But it would be suggested to enter into a new agreement after the expiration of the previous agreement.
Thanks.
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Hello
I would consider this clause oky as it's just saying the bank will automatically renew agreement and remain in possession i case they forget to renew the same. It won't be a problem if you in future wants them to vacate the house.
Thanks
If you find this advice helpful please rate.
I would consider this clause oky as it's just saying the bank will automatically renew agreement and remain in possession i case they forget to renew the same. It won't be a problem if you in future wants them to vacate the house.
Thanks
If you find this advice helpful please rate.
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A.Its not problematic but just that they are saying that even if they fail or forget to say that they want to renew it will be assumed that they have conveyed to renew. Basically its a pain for a bank employee to take house on rent for 11 months then shift and again for another house so they want a surety kind of.
In my opinion its ok
In my opinion its ok
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Tanmoy Chattopadhyay
Responded 2 years ago
A.Now if the clause is such then even if you terminate that agreement the bank will not vacate the premises and it is you who have to approach the court to get the building vacated and then the court may not allow your application since the clause speaks otherwise. hence you may not be able to recover the possession and therefore the termination might loose its essence.
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Saumitra Salunke
Responded 2 years ago
A.You need to ensure what exactly is your intention. I assume you want to do leave and license and not tenancy. If you are giving out your flat on a leave and license basis, it is advisable that you enter into a fresh leave and license after the expiration of the term of the earlier leave and license.
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