LEAVE AND LICENCE AGREEMENT

THIS LEAVE AND LICENCE AGREEMENT made and entered into at

Virar on this 1st day of April in the Christian year Two Thousand

Twenty-Three (2023).

BETWEEN

M/S SAI DEEP ENTERPRISES, (Pan no: ACDPT1830G )a Private

Limited Company incorporated under the provisions of the Companies

Act, 1956/2013, having its registered office at Virar, Through its

Authorized Person 1) MR. SETHRAJ NARSINGHRAJ NAHTA an Adult,

Indian Inhabitant age 57 years having (Pan no: ABYPN6644A) & 2)

MR. SANDEEP PANDURANG VARTAK an Adult, Indian Inhabitant

age 53 years having (Pan no: ACEPV1278P) . Hereinafter called and

referred to as the “LICENSOR” (which expression shall mean and

include his heirs and executors, administrators and assigns) of the

FIRST PART.
 AND

M/S INDIAQO HOSPITALITY, (Pan no: AAIF3473M) a Private Limited

Company incorporated under the provisions of the Companies Act,

1956/2013, having its registered office at Virar, Through its

Authorized Person 1) MR. HARDIK SANJAY JOSHI an Adult, Indian

Inhabitant age 32 years having (Pan no: AMSPJ0072B Aadhar card

No. 7108 4638 5615) Residing at A/101, Vishnu Govind nagar CHS,

Agashi Road, Kamanwala Complex, Virar West, Palghar-401303. & 2)

MR. AMEY SUNIL MORE, an Adult, Indian Inhabitant age 34 years

having (Pan no: AWEPM5890Q Aadhar card No. 2284 2728 4924),

Residing at B/103, Om Sai Darshan Apartment, P.P. Marg, Chanakya

Chowk, Near Mahavir Bungalow, Virar West, Palghar-401303. & 3) MR.

PRANAV GULSHANKUMAR JAITLY, an Adult, Indian Inhabitant age

33 years having (Pan no: AKMPJ0409L Aadhar card No. 3257 6390

5827), Residing at Ashirwad Bungalow. Bhaji Gully, Vidhya Vihar

English High School, Virat Nagar, Virar West, Palghar-401303.

Hereinafter called and referred to as the LICENCSEE (Which

expression shall mean and include his heirs, executors, administrative

and assigns) of the SECOND PART:

WHEREAS the Licensor is owner in use, occupation and

possession of the said Gala No.02 which is situated at Unity Industrial

Estate, Naikpada Road, Waliv Village, Vasai East, Palghar- 401208.

WHEREAS : - the Licensor is absolutely seized and possessed of

and or otherwise well and sufficient entitled to all that constructed

hereafter for the Sake of brevity Called or referred to as Licensed

Premises and is/are desirous of giving the said premises on Leave basis

under Section 24 of the Maharashtra Rent Control Act, 1999.

AND WHEREAS the License herein is in need of temporary

premises for Commercial use has/have approach the Licenser with a

request to allow the Licensee herein to use and occupy the said

premises on Leave

and License basis for a period of 60 Months (Five Years) commencing

from 01/04/2024 and ending on 31/03/2029, on term and subject to

conditions hereafter appearing.

AND WHEREAS the license have agreed to allow the License

herein to use and occupy the said License premises for his aforesaid

Commercial purpose only , on Leave and License basis for above

mentioned period, on term and Subject to conditions hereafter

appearing ;

NOW THREFORE IT IS HEREBY AGREED TO DECLARED AND

RECORDED BY AND BETWEEN THE PARTIES HERETO TO AS

FOLLOWS :-

1) Period: That the Licensor hereby grants to the Licenses

herein a revocable leave and License, to occupy the Licensed

Premises, described in Schedule I Hereunder written without

creating any tenancy rights or any other rights, title and

interest in favour of the Licensee for a period of 60 Months

(Five Years) commencing from 01/04/2024 and ending on

31/03/2029. After the expiry of the agreement mentioned

above, Both the parties (Licensor and Licensee) will

another 6 (Six) years

2) License Fee : That the Licensee shall pay to the Licensor Rs.

1,80,000/- (Rupees One lakhs Eighty Thousand Only) as

rent for the said Property on or before 15th of every month.

And the rent mentioned above is not include TDS, ( TDS will

be paid by Licensee ) and Also, the said rent will increase by

10% percent every year, the details are as mentioned below

MONTHS FROM TO RENT

FIRST 12 MONTH 01-04-2024 31-03-2025 1,80,000/-

NEXT 12 MONTHS 01-04-2025 31-03-2026 1,98,000/-

NEXT 12 MONTHS 01-04-2026 31-03-2027 2,17,800/-

NEXT 12 MONTHS 01-04-2027 31-03-2028 2,39,580/-

NEXT 12 MONTHS 01-04-2028 31-03-2029 2,63,538/-

3) Payment of Deposit: That the Licensee have paid / shall pay

the above-mentioned deposit/ premium as mentioned above

by Cash. Amount Rs.21,00,000/- (Twenty-One Lakhs

Only)

4) Maintenance charges: That the all outgoings including all

rates, taxes, levies, assessment, maintenance charges, non

occupancy charges, etc. in respect of the said premises shall

be paid by the Licensor.

5) INVESTMENT: - M/S INDIAQO HOSPITALITY is going to invest

Rs.1,80,00,000/- (Rupees One Crore Eighty Lakhs Only) to

develop the said Hotel.

electricity bills directly for energy consumed on the licensed

premises and should submit original receipts to Licensor

indicating that the electricity bills are paid.

7) Use: That the Licensed premises shall only be used by the

Licensee for Commercial purpose. The Licensee shall maintain

the said premises in its existing condition and damage, if any,

caused to the said premises, the same shall be repaired by

the Licensee at its, own cost subject to normal wear and tear.

The Licensee shall not do anything in the said premises which

is or is likely to cause a nuisance to the other occupants of the

said building or to the prejudice in any manner to the rights of

Licensor in respect of said premises or shall not do any

unlawful activities prohibited by state or Central Government.

If any misplace of the said gala or any damage caused to the

it the party in use shall be held responsible for it.

8) Alteration: That the Licensee shall not make or permit to do

any alteration or addition to the construction or arrangements

(Internal or external) to the Licensed Premises without

previous consent in writing from the Licensor.

9) Not Tenancy: That the Licensee shall not claim any tenancy

right and shall not have any right to transfer, assign, and

sublet or grant any license or sub-license in respect of the

Licensed Premises or any part thereof and also shall not

mortgage or raise any loan against the said premises.

10) Inspection : That, the Licensor shall on reasonable notice

given by the Licensor to the Licensee shall have a right of

authorized representative to enter, view and inspect the

Licensed premises at reasonable intervals.

11) Cancellation : That, Subject to the condition of lock in

period (6 months), if the Licensee commits default in regular

and punctual payments, of payments of monthly

compensation as herein before mentioned or commit/s breach

of any of the terms, covenants, and conditions of this

agreement or if any Legislation / prohibiting the Leave and

License is imposed, The Licensor shall be entitled to revoke

and /or cancel the License hereby granted, by giving notice in

writing of three month and the Licensee too will have the right

to vacate the said premises by giving a notice in writing of

one month to the Licensor as mentioned earlier.

12) Possession : That the immediately at on the expiration or

termination or cancellation of this agreement the Licensee

shall vacate the said premises without delay with all his goods

and belongings. In the event of the Licensee failing and / or

neglecting or remove himself and /or his articles from the said

premises on expiry or sooner determination of this

Agreement, the Licensor shall be entitled to recover damages

at the rate of doubt the daily amount of Compensation per

day and or alternatively the Licensor shall be entitled to

remove the Licensee and his belongings from the Licensed

premises, without recourse to the Court of Law.

SCHEDULE - I
 All that Constructed portion Gala No.02 which is situated at Unity

Industrial Estate, Naikpada Road, Waliv Village, Vasai East, Palghar-

401208.

IN WITNESS WHEREOF the parties have hereinto set and subscribed

their respective hands on the day and year first hereinabove written.

SIGNED SEALED AND DELIVERED by )

M/S SAI DEEP ENTERPRISES )

Through its Authorised Person )

1.MR. SETHRAJ NARSINGHRAJ NAHTA )

&

2. MR. SANDEEP PANDURANG VARTAK )

The within named “LICENSOR” )

In the presence of ………………………… ) ( LICENSOR )

1)

2)

SIGNED SEALED AND DELIVERED by )

M/S. M/S INDIAQO HOSPITALITY )

Through its Authorised Person )

1. MR. HARDIK SANJAY JOSHI )

&
2. MR. AMEY SUNIL MORE )

&

3. MR. PRANAV GULSHANKUMAR JAITLY )

The Withinnamed “LICENSEE” )

In the presence of ………………………… ) ( LICENSEE )

1)

2)

Date : 1st April 2024.

Place : Virar