MEMORANDUM OF UNDERSTANDING - FOR RENTED PROPERTY

Detail of Property

1 Complete Address of the Property B-405, Sattelite Town,Commercial Market,Rawalpindi

2 Total Area of the Property (Floor wise) 2,009Sq.Ft (GrounD Floor 2,009 Sq.Ft)
3 Usable Area 2,009Sq.Ft (GrounD Floor 2,009 Sq.Ft)
4 Frontage of Property 40 Feet Excluding stair case on front
5 Name of Lessor / Owner of the Property Muhammad Aman Ullah Khan
6 Lessee / Tenant of the Property Soneri Bank- Mustaqeem Islamic Banking
7 Lease Period From 2021 to 2025 (5 Years)
8 Rent Demanded (by owner / Broker) Rs.390,000/-
9 Rent Start Date From Date of Possession
10 Advance Rent ( Number of Months) 1 Year
11 Adjustment of Advance Rent Yearly
12 Enhancement in Rent after (mentioned year) 1 Year (Every Year)
13 Enhancement in Rent in % 7%
14 Disbursement of Rent after 1st Advance Yearly
15 Broker Commission Demanded
16 Facilities / Fixtures Lessor will provide water connection, one three Phase Electricity
Meters and one single phase.
17 Purpose Bank Purpose.
1. Generator will be installed back side/ outside the bank premises.
2. Antenna will be installed on Roof Top of buidling at no extra charge/
rent.
3. Lessee will install its Air Conditioning system in premises as per their
requirements at no extra charge/ rent.

4. Lessee will install / fix sign board at entrance / front/ side to the
extent of its limits of the premises rented by the bank. Panaflex sign
18 Other Conditions will be affixed on the wall of the aquired gloors of the buidling at no
extra charge/ rent after mutual agreement and aproval of
design/layout by Landlord.
5. Lessee will have the right to remove any or all of the
items/furniture / fixures installed at the premises by them at the time
of vacating the said premises.

6. water connection will be provided for which bank is willing to pay

maintenance charges as determined by landlord / association.

Only Lessee will have the right to terminate the lease agreement by
19 Termination Notice providing an advance written notice of 3 months to the lessor any time
during the term of the lease agreement and outstanding advnace rent
if any will be immediately refunded by the lessor subject to clearance
of all bills/ dues by the bank.
20 Property Dealer Name + Address
21 Agreed Commission
22 Estimated cost of renovation / construction 7 Million (Cost bear by Lessee )
1. Title Deed/ Chain of Ownership Documents
2. Mutation Record.

23 Copies of Documents due from Lessor after signing of MOU 3. No Dues Certificate from concerned authority / corporation / Board.
4. Approved Building / Site plan / Completion Certificate.
5. Search Certificate
6. Proof of commercial property.

NOTE:

This Memorandum of Understanding shall be executed on the stamp paper as applicable in the province.
This Memorandum of Understanding is subject to formal approval from competent authority of Soneri Bank Limited and legal clearance by bank's law
officer.
The Lessor undertakes to bind by the above terms & conditions and will not enter into any Lease Negotiations with any party without the validity of
this MOU. This MOU is valid for 45 days from the date of it signing.
For : Soneri Bank Limited (Lessee) FOR LESSOR