Hi,
Lock in period clause in the lease agreement means neither the tenant can vacate the property before the specified period nor the landlord can ask the tenant to leave the property. The clause of the lock-in period states that both the parties have agreed to set a lock-in period of ____ months during which neither the licensor shall ask the licensee to vacate the premises, nor the licensee shall vacate the premises on his own during the lock-in period. In spite of this mandatory clause, if the licensee leaves the premises for whatsoever reason, he shall pay the licensor license fee for the remaining lock-in period at the rate agreed upon in the agreement. On the other hand, the Licensor shall compensate the Licensee for loss and inconvenience caused to the Licensee if he has been asked to vacate the premises.
Now for a 2-year lease agreement, the minimum lock-in period for a rent agreement can be 24 months.
You can go through the following answer to understand what a lock-in period means.
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What is the Locking Period for a 2nd-year new lease agreement?
kafeel.qasim@gmail.com
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1 Year
2023-05-08T09:31:35+00:00 2024-11-25T11:41:01+00:00Comment
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