VEHICLE LEASE AGREEMENT

This Vehicle Lease Agreement (hereinafter referred to as “the Agreement”) is made on [INSERT DATE ON WHICH THE AGREEMENT COMES INTO FORCE] hereinafter referred as the “Effective Date”) between:

[INSERT NAME OF THE LESSOR], having registered office at [INSERT ADDRESS OF THE LESSOR] (hereinafter referred as the “Lessor” which expression shall, unless repugnant to the context or meaning thereof, means and includes its legal representatives, executors, administrators and permitted assigns) and

[INSERT NAME OF THE LESSEE], having registered office at [INSERT ADDRESS OF THE LESSEE] (hereinafter referred as the “Lessee”). which expression shall, unless repugnant to the context or meaning thereof, means and includes its legal representatives, executors, administrators and permitted assigns);

The “Lessor” and the “Lessee” shall be collectively referred as “Parties” and individually as “Party”.

WHEREAS

1. The Lessor is the owner of [INSERT THE DESCRIPTION OF THE VEHICLE] (hereinafter referred to as “VEHICLE”)
2. The Lessor is willing to lease the Vehicle to the Lessee on the terms and conditions set forth herein.
3. The Parties acknowledge and agree that the terms and conditions contained in this Agreement shall govern the rights and obligations of the Parties during the term of the lease.

NOW, THEREFORE IN CONSIDERATION OF THE MUTUAL COVENANTS, THE PARTIES HERETOAGREE AS FOLLOWS:

1. LEASED VEHICLE
   1. The Lessor agrees to lease the following vehicle to the Lessee:[INSERT DESCRIPTION OF THE VEHICLE]
2. TERM OF LEASE
   1. The term of this lease shall commence on [INSERT THE COMMENCEMENT DATE OF THIS AGREEMENT] and shall continue for a period of [INSERT TERM OF THE AGREEMENT] years, ending on [INSERT THE END DATE OF THIS AGREEMENT]. The lease term may be extended or renewed by mutual written agreement of the Parties.
3. LEASE RENT AND SECURITY DEPOSIT
   1. The Lessee agrees to pay a rent of [INSERT RENTAL AMOUNT PAYABLE TO LESSOR] due on or before the [INSERT PAYMENT DUE DATE] of each month.
   2. Rent payments shall be made via [INSERT PAYMENT METHOD] to the Lessor’s designated account.
   3. A late fee of [INSERT THE AMOUNT CHARGED FOR LATE PAYMENT ] shall be charged if rent is not received by the Lessor within [INSERT NUMBER OF DAYS ALLOCATED AS GRACE PERIOD] days of the due date.
   4. The Lessee shall provide a security deposit of [INSERT SECURITY DEPOSIT AMOUNT] upon signing this Agreement. This deposit will be held to cover damages beyond normal wear and tear and any unpaid rent.
   5. The security deposit will be returned to the Lessee within [INSERT THE NUMBER OF DAYS WITHIN WHICH THE SECURITY DEPOSIT WILL BE RETURNED] days after the end of the lease term, less any deductions for damages or unpaid rent.
4. MAINTENANCE AND REPAIRS
   1. The Lessor shall maintain the vehicle and promptly address repairs that affect the vehicle’s functionality.
   2. The Lessee shall promptly report any maintenance or repair issues to the Lessor.
5. DEFAULTS
   1. If Lessee fails to perform or fulfill any obligation under this Lease, Lessee shall be in default of this Lease. Subject to any statute, ordinance or law to the contrary, Lessee shall have [INSERT THE SPECIFIED NUMBER OF DAYS ALLOWED FOR REMEDYING THE DEFAULT] days from the date of notice of default by Lessor to cure the default. In the event Lessee does not cure a default, Lessor may at Lessor's option (a) cure such default and the cost of such action may be added to Lessee's financial obligations under this lease; or (b) declare Lessee in default of the Lease.
   2. In the event of default, Lessor may also, as permitted by law, re-take possession of the Vehicle. Lessor may, at its option, hold Lessee liable for any unpaid rent.
6. RIGHT OF INSPECTION
   1. Lessee agrees to make the Vehicle available to Lessor or Lessor's agents for the purposes of inspection, making repairs, or to show the Vehicles to prospective buyers or renters, or in case of emergency.
7. RIGHTS AND OBLIGATIONS
   1. Lessee shall operate and maintain the Vehicle at all times in conformity with this Agreement.
   2. The Lessee shall comply with all rules and regulations notified by Lessor from time to time.
   3. The rights, which Lessee shall have in relation to the Vehicle, are only those set out in this Agreement.
   4. Lessee shall not sub-lease, assign any of its rights, or interest in this Agreement in favour of any third party at any time and for any reasons whatsoever without written approval from the Lessor.
8. TERMINATION
   1. The Lessor may terminate the Lease in case of default of payment of rent for more than [INSERT THE NUMBER OF MONTHS OF UNPAID RENT THAT WILL BE CONSIDERED A DEFAULT] months or for the violation of any of the terms of this agreement by giving [INSERT THE NUMBER OF DAYS OR MONTHS OF ADVANCE NOTICE THAT THE LESSOR IS REQUIRED TO PROVIDE TO TERMINATE THE AGREEMENT] notice, while the Lessee shall have the right to terminate the Lease by giving [INSERT THE NUMBER OF DAYS OR MONTHS OF ADVANCE NOTICE THAT THE LESSEE IS REQUIRED TO PROVIDE TO TERMINATE THE AGREEMENT] notice.
9. FORCE MAJEURE
   1. Neither party shall be held liable for any failure or delay in performing its obligations under this Agreement if such failure or delay is caused by events beyond the reasonable control of the affected party, including but not limited to acts of God, natural disasters (e.g., floods, earthquakes, hurricanes), war, terrorism, riots, labour strikes, governmental actions, epidemics or pandemics, power outages, or other similar events ("Force Majeure Events").The affected party shall promptly notify the other party in writing of the occurrence of a Force Majeure Event, providing reasonable details of the event, its expected duration, and the steps being taken to mitigate its impact. Failure to provide timely notice may result in the affected party forfeiting its rights under this clause. If a Force Majeure Event continues for a period exceeding [INSERT THE NUMBER OF DAYS CONSTITUTING PERIOD EXCEEDING WHICH, IF THE FORCE MAJEURE CONTINUES, EITHER PARTY MAY TERMINATE THE AGREEMENT] days, either party may terminate this Agreement upon written notice to the other party without further liability, except for obligations accrued prior to the Force Majeure Event.
10. WAIVER
    1. No failure by either party to exercise, nor any delay by either party in exercising, any right, privileges, power, authority or remedy hereunder shall operate as a waiver of that or any other right, privileges, power, authority or remedy of the Company, nor shall any single or partial exercise of any right, privileges, power, authority or remedy preclude any other or further exercise of that or any other right, privilege power, authority or remedy.
11. SEVERABILITY
    1. If any clause or section of the present debenture agreement is found to be unenforceable or unlawful, the rest of the provisions shall continue to be in force unless the arbitrator or competent courts order otherwise
12. GOVERNING LAW AND JURISDICTION
    1. The terms of this Agreement shall be governed and construed in accordance with the laws of [INSERT STATE/COUNTRY OF APPLICABLE LAWS]. In regard to any disputes or disagreement arising under the Agreement, the parties shall submit to the exclusive jurisdiction of [INSERT THE PLACE OF THE COURT WHICH SHALL HAVE EXCLUSIVE JURISDICTION IN CASE OF DISAGREEMENT].
13. NOTICES
    1. Any notice or communication under or in connection with this Agreement shall be in writing and may be delivered personally or by post or facsimile to the addresses given in this Agreement or may also be delivered via electronic mail specified by the Parties. The Electronic Signatures shall be acknowledged as valid signatures for all the purposes of this Agreement.
       1. LESSOR: [INSERT THE EMAIL ID OR/AND ADDRESS OF LESSOR]
       2. LESSEE: [INSERT THE EMAIL ID OR/AND ADDRESS OF LESSEE]
14. ENTIRE AGREEMENT
    1. This agreement constitutes the entire understanding and agreement of the parties with respect to its subject matter and supersedes all prior and contemporaneous agreements or understandings, inducements or conditions, express or implied, written or oral, between the parties.
    2. No amendments and/or modifications to this agreement shall be valid unless executed in writing and signed by both parties.
15. DECLARATION
    1. The parties hereby understand and expressly agree to the provisions laid down in the present agreement and in good faith, undertake that both parties shall follow the terms of this agreement in good conscience in order to secure better growth of both the Parties.

IN WITNESS WHEREOF, the parties, intending to be legally bound, have each executed this agreement as of the effective date.

Signed, sealed and delivered on behalf of Lessor

Name: [NAME OF LESSOR/SIGNING AUTHORITY AND DESIGNATION]

Signature:

Date: [SIGNING DATE OF LESSOR]

Signed, sealed and delivered on behalf of Lessee

Name: [NAME OF LESSEE/SIGNING AUTHORITY AND DESIGNATION]

Signature:

Date: [SIGNING DATE OF LESSEE]