RESIDENTIAL PREMISES LEASE AGREEMENT

IN RESPECT OF THE FIRST FLOOR

RESIDENTIAL UNIT 1 AT HULHUMALE LOT 11011, HULHUMALÉ

EFFECTIVE
15th of November 2023

BY AND BETWEEN

Mr. Mohamed Mufeed

(as the “Landlord”)

AND

Mr.Rasal Ajinkya Ajit

(as the “Tenant”)

Hulhumale Lot 11011, Lansimoo Magu, Maldives

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 [A] - INTRODUCTION AND PARTIES

THIS RESIDENTIAL PREMISES LEASE AGREEMENT (the “Agreement”) is made on 15th of November 2023

BY AND BETWEEN

(1)
Name: Mohamed Mufeed
Identity Card No: A036494
H.Hazel, Roashanee Goalhi, Republic of Maldives
Mobile No: 7773720 / 9700041

(the “Landlord”)

AND

(2)
Full Name of Person: Rasal Ajinkya Ajit
Passport No: Z3101125
Mobile No: +91 97681 27378

(the “Tenant”)

(hereinafter collectively referred to as the “Parties” and individually as a “Party”).

WHEREAS

(A) Hulhumale Lot 11011 is a high-end development, and the Landlord is the owner of the property.
(B) The Tenant expressed interest to the Landlord to lease, and Landlord agreed to lease to the
Tenant, the lease of the Premises as defined in Clause 1 of this Agreement.

NOW THEREFORE, in consideration of the above recitals and the premises, terms, conditions,
covenants, warranties and representations hereby contained and intending to be legally bound,
the Parties agree as follows:

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 [B] - PROPERTY, TERM, RENT, PENALTY, USE & SECURITY DEPOSIT

Premises

1. The premises leased under this Agreement shall be the Residential unit on the First floor of
Hulhumale Lot 11011,Lansimoo Magu, Hulhumale’ (the “Premises”) more precisely
defined in Schedule 1 of this Agreement.

Term

2. The duration of the lease shall be 5 (five) years commencing from the 15th November 2023,
or any other date as is mutually agreed in writing between the parties (the “Term”). For the
avoidance of doubt, the Agreement will expire at the end of the Term, and the Premises
shall be handed over to the Landlord unconditionally in a peaceful manner, and in
accordance with this Agreement.

Monthly Rent

3. The rent payable by the Tenant for the lease of the Premises shall be USD 1,900.00 (One
Thousand Nine Hundred United States Dollars) per calendar month. For the purpose of this
agreement, this monthly payment would be henceforth referred to as (the “Rent”).

4. The Rent is to be paid by cash or direct debit to the Landlord’s bank account stated below or
any other account as may be instructed from time to time.

Name: Mohamed Mufeed

Account no: 7730-000438-369
Bank: Main Branch, Bank of Maldives PLC, Malé

5. The Rent shall be payable by the Tenant in monthly payments by no later than the 10 th day
of each calendar month for which the rent is due. All the rent shall be paid by “USD
currency”.

Penalty for Late Payment

6. The Tenant shall pay a penalty of USD 20.00 (Twenty United States Dollars) per day for any
delay in Rent payments, calculated from the Rent due date stated in Clause 5 of this
Agreement.

Limits on Use and Occupancy

7. The Tenant shall use the Premises as a Residential Apartment, and shall not use or permit the
Premises to be used for any other purpose.

8. The Tenant shall not allow any other person, company or body (other than the Tenants
immediate family, staff and employees) to use or occupy the Premises. The maximum number
of occupants per bedroom shall be 2 (two) persons. Additionally one child under the age of 5
(five) years is allowed to share his/her parents bedroom.

9. Sublease of the Premises is expressly prohibited.

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Security Deposit

10. The Tenant shall pay the Landlord USD 2,850.00 (Two Thousand Eight Hundred Fifty United
States Dollars) as a security deposit (the “Deposit”). The Deposit shall be paid at the time of the
handover of the Premises, or execution of this Agreement, whichever is earlier. The Deposit
shall be kept by the Landlord as security against any breaches of this Agreement by the
Tenant, including (without Limitation) non-payment of Rent, non-payment of any utility bills,
non-payment of penalty for late payment which the Tenant is obliged to pay hereunder, repair of
damage to the Premises or the public area of the building, or failure to settle any outstanding
payments or rectify any damages, etc. at the time of vacating the Premises at the end of the
Term or pursuant to an earlier termination of this Agreement.

11. The Deposit shall not be used by the Tenant, under any circumstances, as an advance
payment on Rent or the settlement of any other payment or obligation under this Agreement.

12. Upon the expiry or earlier termination of this Agreement, the Deposit shall be returned to the
Tenant within 30 days of the Tenant vacating Premises subject to any deductions from the
Deposit the Landlord is entitled to make. Notwithstanding anything else contained in this
Agreement the Landlord shall be entitled to fully use the Deposit and or forfeit it in its entirety
always subject to the extent of the breach.

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 [C] - DUTIES AND OBLIGATIONS OF THE TENANT

13. The Tenant shall carry out the following throughout the Term of the tenancy: -

(a) to pay the Rent at the time and in the manner aforesaid.

(b) to use the premises for residential purposes only. For the avoidance of doubt, the Premises
shall not be used as commercial space, office, factory, café, eatery of any kind, workshop,
or warehouse space, etc.

(c) not carry out any unlawful activity, profession, trade or business on or at the Premises or
use it for any improper, immoral or illegal purpose, nor permit others to engage in such
activities in the Premises either.

(d) to promptly make payments to the relevant authorities upon receipt of the invoice for utilities
and other such services including but not limited to all electricity, water, telephone and
internet services to the Premises during the tenancy.

(e) to pay to the relevant authority all charges arising from the use of the electricity and water
supply meters at the Premises specified in Schedule 2 of this agreement and to arrange
with the relevant authorities for all accounts in respect of all telecommunication lines at the
Premises to be addressed to the Tenant in its own name and to pay all charges arising from
the use of the same during the tenancy;
(f) to use the Premises in a proper tenant-like manner and in particular do the following:-

I. keep in good condition and repair the Premises (including drains, gutters and
external pipes where applicable), except where any damage was caused by the
negligence of the Landlord or the Landlord’s employees, agents or servants
II. keep the interior of the Premises and all fixtures and fittings therein (including any
items on the Inventory) in the same state and condition and repair as it was at the
date hereof (fair wear and tear excepted);

III. (if any) preserve the Landlord’s furniture, equipment and effects from being
destroyed, damaged or removed from the Premises and make good, repair or
replace with articles of a similar kind and of equal or higher value any item that has
been destroyed, lost, broken or damaged (fair wear and tear excepted);
iv. keep in proper working order facilities and amenities necessary for proper operation
of the Premises including (without limitation) installations for the supply of
electricity and for sanitation (including basins, sinks, baths and sanitary
conveniences);
V. not to cause or permit any damage, injury or spoilage to the Premises nor make any
alteration or additions to the Premises or the structure thereof;

dispose of all rubbish and other refuse in the correct and appropriate manner, and
VI. not to leave any
rubbish at the common areas, staircases, ground floor entrance path etc.;
not do or omit to do anything on or at the Premises which may be or
VII. become a nuisance or
annoyance to the Landlord, other tenants, or occupiers of adjoining or nearby
premises, and to
refrain from (without limitation) creating nor permit the creation or continuation
of any noise
(including music) or nuisance which, in the opinion of the Landlord may or does
disturb the comfort

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 or quiet enjoyment of the building or common elements by other residents or
their respective
families, guests, visitors, servants and persons having business with them;
to keep the common areas of the building (including, without limitation, the
VIII. staircase, walkways,
entrance, outside of the building etc.) clean, neat, and tidy, and in a manner that is
appropriate for
residential and office use, and specifically, to refrain from disposing anything
(rubbish or other
refuse) onto these areas or other apartments;
not to permit an infestation of pests, insects, vermin, or rodents to exist in the
IX. Premises or common
areas. The Tenant shall notify the Landlord of any such infestation in the Premises
and shall co-
operate and provide access to the Premises for the purpose of conducting a Pest
Control program
to eliminate such infestation.

(g) to permit the Landlord or anyone authorized by the Landlord at reasonable hours in the
daytime and upon reasonable prior notice (except in emergency or where the Tenant is in
breach of this Agreement) to enter, view, repair or undertake maintenance work on the
Premises for any proper purpose (including the checking of compliance with the Tenant’s
obligations under this Agreement);

(h) under any circumstances whatsoever not to assign, sublet, charge or part with or share
possession or otherwise dispose of the Premises without the Landlord’s prior written
approval.

(i) to yield up the Premises at the end of the Term peacefully and without cavil;

(j) at the end of the Term or following termination of this Agreement, to render the Premises
(including all interiors and outlook, including, without limitation, paint on all interior walls,
standard of rooms, toilets, and toilet items, doors, door handles, keys, bulbs and its fixtures,
ceiling, windows, tiles, walls, electrical fittings, air-conditioners, air-conditioner remotes,
etc.) to the condition that it was at the commencement of this Agreement;

(k) to be solely responsible for payment of taxation of any kind whatsoever arising from or in
connection with the Tenant’s occupation of the Premises under this Agreement if and when
such is imposed by law in the future;

(l) to be solely responsible for any personal injuries or damage or loss to any property
belonging to the any persons visiting the Premises at any time;

(m) to be solely responsible for any damages to the premises or to any other apartments in the
building (in which the Premises are situated) or any other adjoining buildings as a result of
any willful or negligent act or omission of the Tenant or its Residents (fire, flooding etc.), and
the Tenant shall fully indemnify and compensate the Landlord for any loss, damage, costs,
or expenses the Landlord may incur or suffer as a result of such negligent or willful acts of
the Tenants or Residents.

(n) not to make any alterations to the premises (including interiors, paint etc.), the building, or
the common areas, without the written consent of the Landlord, and to restore any minor
alterations (if allowed) to its original condition prior to vacating the premises for whatever
reasons;

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 (o) In the event the Tenant undertakes any alterations (which shall always be with the consent
of the Landlord) the Tenant shall be solely responsible to restore the Premises to the
original state if such restoration is required by the Landlord.

(p) not to paint the doors and outside walls of the Premises with a color that is inconsistent with
the color scheme of the whole building, and in any case, to obtain the Landlord’s written
consent prior to coloring or painting any part of the Premises (including the interiors and
interior walls of the rooms within the Premises).

14. In the event that the Tenant breaches Clause 13 of this Agreement the Landlord shall serve a
written notice upon the Tenant to remedy the breach within a period of 14 (fourteen) days of
receipt of the notice (or an increased period of time if the breach is such that, in the opinion of
the Landlord, it reasonably warrants an increased period), and if the Tenant does not
adequately remedy the breach before the date specified in the notice (or the remedial work is
not commenced within the fourteen-day period and pursued in good faith to completion within a
reasonable time) and the Landlord subsequently notifies the Tenant to vacate the Premises in
accordance with this Agreement, the Tenant hereby agrees that he/she/it shall not in any
manner whatsoever, oppose any attempt by the Landlord to vacate the Tenant from the
Premises.

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 [D] - DUTIES AND OBLIGATIONS OF THE LANDLORD

15. Subject to the Tenant paying the Rent and performing its obligations under this Agreement, the
Landlord shall carry out the following throughout the Term of the tenancy: -

(a) allow the Tenant to peacefully hold and enjoy the Premises during the term save for any
lawful interruption from the Landlord or any person rightfully claiming under or in trust for it;
and

(b) allow the Tenant to make any non-structural alterations or additions or improvements to the
interior or the exterior of the Premises, provided always that: -

I. the Tenant obtains the prior written permission of the Landlord for such alterations
or additions or improvements; and

II. the Tenant undertakes to rectify and return the Premises at the end of the Term in
the original condition as at the commencement of the Term upon request of the
Landlord.

[E]- LOCKS AND SECURITY DEVICES

16. Tenant will not, without Landlord’s prior written consent, alter, re-key, or install any locks to the
Premises or install or alter access control system into the building or premises. Tenant will
provide Landlord with a key or keys capable of unlocking all such re-keyed or new locks. If
Landlord does not possess keys which Tenant does possess, Tenant must provide their key(s)
for copy upon request. All keys must be returned upon vacating the Premises. Each lost or
missing key will incur the penalty listed below, plus the actual cost of replacing keys and/or
changing locks. Tenants were provided the listed number of keys in Schedule 1.

Lost or Missing Key Penalty: USD 5.00 per Keycard and USD 10.00 per Key

Replacement Cost: USD 2.00 per Keycard and USD 5.00 per Key

[F]- PARKING

17. Parking tenant’s vehicle(s) on property is allowed upon if space is available only. However,
tenant vehicles can be parked in front of the house parking zone.

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 [G]- BREACH OF AGREEMENT ANDTERMINATION

Breach of Agreement Requiring Remedy

18. In the event of breach of any of the terms of this Agreement by the Tenant, the Landlord shall
serve a written notice upon the Tenant to remedy the breach within a period of 14 (fourteen)
days of receipt of the notice (or an increased period of time if the breach is such that, in the
opinion of the Landlord, it reasonably warrants an increased period)

Termination of Agreement by Landlord due to Breach of Agreement

19. The Landlord may terminate this Agreement by serving 7 (seven) days written notice upon
the Tenant of its intention to do so in the event that any one or more of the following
occurs:-

(a) the tenant fails to pay the Rent within a period of 7 days after the due date (whether
demanded or not); or
(b) the Tenant fails to remedy a breach of this Agreement within the time period specified in the
Notice; or
(c) any material change in the constitution or ownership of the Tenant (if a company).

In such event the Landlord may enter the Premises (or any part thereof) upon expiration of the
termination notice period. Under such circumstances, the Tenant hereby further agrees not to
contest the termination by the Landlord, and not to dispute such eviction in any way (including
filing a complaint at the Maldives Police Services or a case at the Civil Court of Maldives or any
other relevant authority having jurisdiction to entertain disputes arising from or in connection
with this agreement).

The rights conferred to the Landlord under this Clause shall in no way prejudice any of its
accrued rights under this Agreement (including its right to recover any unpaid Rent from the
Tenant, unpaid utility or other bills, and repair costs of the Premises) by instituting proceedings
in a court of law or filing complaints at the relevant authorities or in any other lawful manner that
it so deems fit.

Termination of Agreement by Landlord or Tenant on a “No-Fault” Basis

20. The Landlord or the Tenant may terminate this Agreement on a “No-Fault” basis by serving at
least 3 (three) months’ written notice upon the other party of its intention to do so for any reason
whatsoever; the Tenant may however only exercise this right if all outstanding payments
(unpaid Rent, unpaid Utility or other bills, and repair costs of the Premises) are fully paid by the
date of termination, and any existing breaches are rectified in full to the satisfaction of the
Landlord.

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 [H] - MISCELLANEOUS

Assignment

21. The Tenant may not under any circumstances whatsoever assign any of its rights, obligations,
or responsibilities under this Agreement without the prior written consent of the Landlord. The
Landlord may assign its rights under this Agreement at any time in its absolute discretion.

Waiver

22. The failure by any party to exercise or enforce in any instance any of the terms or conditions of
this Agreement, or to insist upon strict performance by the other party of any of the provisions
of this Agreement, shall not constitute or be deemed a waiver of that party’s rights under this
Agreement.

Notices

23. All notices, requests, demands or other communications to or upon the respective parties to
this Agreement shall be in English or Dhivehi at the address set out below (or at such other
address as the party concerned may
hereafter specify to the other in writing):
FOR THE LANDLORD:

Name: Mohamed Mufeed

Full Address: Hulhumale’ Lot 11011, Hulhumale, Maldives
Mobile Phone No: 7773720

FOR THE TENANT:

Full Name of Person: Rasal Ajinkya Ajit

Passport No: Z3101125
Mobile No: +91 97681 27378

Amendments

24. Any amendments to this Agreement shall be made in writing and executed by both parties to this
Agreement.

Entire Agreement and Copies

25. This Agreement constitutes the entire agreement between the parties with respect to the subject
matter contemplated herein and supersedes all oral statements and prior writings. This
Agreement shall be executed simultaneously as 2 (two) original copies, each of which when
executed and delivered shall constitute an original, but all copies shall together constitute but
one and the same instrument.

Governing Law

26. This Agreement shall be governed by, construed, and enforced in accordance with the laws of
the Republic of Maldives, and shall be subject to the non-exclusive jurisdiction of the Maldivian
Courts.

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 [I] - SIGNATURES

IN WITNESS WHEREOF the Landlord and the Tenant have executed this Agreement on the
respective dates specified below with the effect from the date specified above.

SIGNED BY THE LANDLORD

……………………………………….
Signature
Signed: Mohamed Mufeed
Date: 15th November 2023

IN THE PRESENCE OF:

……………………………………….
Signature of Witness

Name and address: Nashid Ali, M.Fonihelebelige, Male’

Identity Card No. A361996

SIGNED BY THE TENANT

……………………………………….
Signature
Date:

IN THE PRESENCE OF:

……………………………………….
Signature of Witness

Name and address: Ramley Ammein

Passport No. 562255653

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 SCHEDULE 1
DESCRIPTION OF PREMISES AND INVENTORY

Residential Unit on the First Floor of Hulhumale Lot 11011, Lansimoo Magu, Hulhumale’, Maldives

The Premises consist as follows:

1. First floor referred to as Apartment 1.
2. Access to the Premises by way of the main entrance is provided through a door phone security
system.
3. Access to the Premises from the building is by way of the main stairs and elevator on the Ground
Floor.
4. The Premises is a fully finished air-conditioned space with tiled floors and appropriately lighted.
5. The Premises contains Three bedrooms each with a fully fitted bathroom and fully furnished, a
drying balcony, a fully fitted kitchen with Induction Stove, canopy hood, oven and microwave oven,
a living and dining space with access to a balcony. Please refer to the Inventory List for details.
6. [ - ] Keycards granting access to the main building are provided to the Tenant
7. [ 1 ] Keys to main door, [ 1 ] Keys to bedroom 1 door, [ 1 ] Keys to bedroom 2 door, [ 1 ] Keys to
bedroom 3 door

The Premises has been let on a fully furnished basis.

The Landlord and the Tenant confirm the above at the commencement of the tenancy.

1) For the

Landlord:

Date:

Signature: …………………………………………………………………………………………………
Mohamed Mufeed
A036494

2) For the

Tenant:

Date:

Signature: …………………………………………………………………………………………………

Full Name of Person: Rasal Ajinkya Ajit

Passport No: Z3101125
Mobile No: +91 97681 27378

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 SCHEDULE 2
RECORD OF COMMENCING METER READING

Date:

Electricity Meter No: XXXXXX

Electricity Meter Account No: XXXX

Water Meter No: XXXXXXX

Water Meter Account No: XXXXXX

For the Tenant

Signature: …………………………………………………………………………………………………
Name: Rasal Ajinkya Ajit
Passport No: Z3101125

For the Landlord

Signature: …………………………………………………………………………………………………
Name: Mohamed Mufeed
ID Card No: A036494

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 01ST FLOOR INVENTORY

Supplier Description Qty Unit Price - USD Total - USD Remarks

IKEA WARDROBE 3 283.00 849.00 FURNITURE
IKEA TV RACK 1 143.00 143.00 FURNITURE
IKEA DININGTABLE 1 257.00 257.00 FURNITURE
IKEA DINING CHAIR 4 65.00 260.00 FURNITURE
IKEA CHAIR PAD 4 6.60 26.40 FURNITURE
IKEA SOFA 1 703.00 703.00 FURNITURE
IKEA BED SIDE TABLE 3 52.00 156.00 FURNITURE
IKEA CHEST DRAWER 3 123.00 738.00 FURNITURE
IKEA BED 150X200 3 400.00 1,200.00 FURNITURE
IKEA MATTRESS 3 343.00 1,029.00 FURNITURE
IKEA MATTRESS PROTECTOR 3 48.00 144.00 LINENS
IKEA PILLOW 6 7.50 45.00 LINENS
IKEA PILLOW CASE 12 6.50 78.00 LINENS
IKEA BEDDING SET 6 22.50 135.00 LINENS
IKEA QUILT 3 20.00 60.00 LINENS
IKEA QULT COVER 6 12.00 72.00 LINENS
NAGOYA CURTAIN 4 200.00 800.00 DÉCOR
NAGOYA SHEER CURTAIN 4 200.00 800.00 DÉCOR
BUILDUP TOILET SEAT 3 375.00 1,125.00 FIXTURES & FITTINGS
BUILDUP WASH BASIN 3 180.00 540.00 FIXTURES & FITTINGS
BUILDUP BIDET 3 38.00 114.00 FIXTURES & FITTINGS
BUILDUP FAUCET 3 180.00 540.00 FIXTURES & FITTINGS
BUILDUP SHOWER HEAD 3 480.00 1,440.00 FIXTURES & FITTINGS
BUILDUP TOWEL RAILING 3 130.00 390.00 FIXTURES & FITTINGS
4350/GAWIN KITCHEN SET 1 2,485.00 2,485.00 FURNITURE
4350/GAWIN SINK 1 100.00 100.00 KITCHEN APPLIANCE
4350/GAWIN SINK FAUCET 1 80.00 80.00 KITCHEN APPLIANCE
4350/GAWIN OVEN 1 330.00 330.00 ELECTRIC EQUIPMENTS
4350/GAWIN ELECTRIC STOVE 1 330.00 330.00 ELECTRIC EQUIPMENTS
4350/GAWIN HOOD 1 120.00 120.00 ELECTRIC EQUIPMENTS
4350/GAWIN MICROWAVE 1 220.00 220.00 ELECTRIC EQUIPMENTS
REDWAVE TV 50" 2 453.00 906.00 ELECTRIC EQUIPMENTS
ASTERS WASHING MACHINE -MIDEA 1 324.00 324.00 ELECTRIC EQUIPMENTS
REDWAVE REFRIGERATOR -SHARP 1 466.00 466.00 ELECTRIC EQUIPMENTS
BUILDUP 12000BTU AC 3 518.00 1,554.00 ELECTRIC EQUIPMENTS
BUILDUP 18000 BTU AC 1 778.00 778.00 ELECTRIC EQUIPMENTS
BUILDUP CEILING FAN 5 162.00 810.00 ELECTRIC EQUIPMENTS
BUILDUP DINING SET DOWNLIGHT 1 15.00 15.00 ELECTRIC EQUIPMENTS
BUILDUP DOWNLIGHTS WHITE 6 18.00 108.00 ELECTRIC EQUIPMENTS
BUILDUP DOWNLIGHTS WARM 15 12.00 180.00 ELECTRIC EQUIPMENTS
BUILDUP SHOWER HEATER 3 324.25 972.75 ELECTRIC EQUIPMENTS
USD 21,423.15