DEED OF SURRENDER AND TERMINATION OF LEASE
This Deed of Surrender and Termination of Lease ("Deed") is made at Bengaluru, Andhra Pradesh, on 1 April 2026.
BETWEEN
Sunrise Estates Private Limited, an individual, of X, PAN AABCS1234F (the "Lessor", which expression includes its successors in interest and permitted assigns) of the ONE PART;
AND
Northline Technologies Private Limited, an individual, of X, PAN X (the "Lessee", which expression includes its successors in interest and permitted assigns) of the OTHER PART.
AND
X, of X (the "Guarantor"), who joins in this Deed for the limited purpose of taking the benefit of the release of its guarantee recorded below.
The Lessor and the Lessee are each referred to as a "Party" and together as the "Parties".
RECITALS
A. By a Deed of Lease dated 2 April 2026, registered with the Sub-Registrar, Gandhi Nagar, as Document No. 4521 of 2022 (the "Lease"), the Lessor demised to the Lessee the premises described in Recital B (the "Premises") for a term commencing on 3 April 2026 and expiring on 4 April 2026, to be used for office purposes.
B. The Premises are: Unit 402, 4th Floor, Meridian Tower, 18 Residency Road, Bengaluru 560025, admeasuring 4,250 sq ft of chargeable area, together with 4 car parking bays in the basement.
C. The monthly rent payable under the Lease immediately before the date of this Deed is ₹4,25,000 (Rupees Four Lakh Twenty Five Thousand only). The Lessor holds a refundable security deposit of ₹25,50,000 (Rupees Twenty Five Lakh Fifty Thousand only) paid by the Lessee under the Lease (the "Security Deposit").
D. The Lessee has requested the Lessor to accept a surrender of the Lease before its scheduled expiry, and the Lessor has agreed to accept that surrender on the terms recorded in this Deed.
E. The Parties now wish to record the surrender of the Lease, the settlement of all amounts between them, and their mutual release.
NOW THIS DEED WITNESSES as follows:
- 1. SURRENDER AND TERMINATION
1.1 In consideration of the mutual covenants recorded in this Deed, the Lessee surrenders to the Lessor, and the Lessor accepts, the whole of the Lessee's leasehold interest in the Premises under the Lease, with effect from the close of business on 5 April 2026 (the "Surrender Date").
1.2 With effect from the Surrender Date the Lease shall stand determined by express surrender within the meaning of section 111(e) of the Transfer of Property Act, 1882, and shall cease to have effect, save for those provisions of the Lease which are expressed to survive its determination and are not inconsistent with this Deed, and save for the accrued rights and liabilities settled by this Deed.
1.3 Except where this Deed provides that two obligations are to be performed simultaneously, neither Party may withhold performance of an obligation that has fallen due on the ground that the other Party has not performed an obligation that has not yet fallen due.