RENTING CONDITIONS

  1. The Tower 3 – Commercial Tower – office Floors / individual separated spaces are only for renting the ownerships remains to AVIC INTL.
  2. Rentable time period – Minimum of ten years.
  3.  The rentable agreements should be registered with the Sri Lanka Land Registry.
  4. Re-renting agreements should also be registered at the Sri Lanka Land Registry. And such renting agreements time period should match with the time period of the main agreement with AVIC INTL.
  5. Any structural changers damaging the perimeter walls will not be allowed any internal modification with the given spaces are allowed with obtaining prior approval from AVIC INTL.
  6. The business of the re renting should be all legalized businesses in Sri Lanka. The premises exclusively can be used as a business office to carry on business as provided for in its Articles of Association, as permitted under the laws and regulations of the Sri Lanka obtaining all required approvals and licenses for the carrying on of the said office to be carried at the demised premises from the relevant competent authorities, at its own cost and expense and pay all statutory dues impositions and levies due and payable on the said business or as may be required or be payable by the law from time to time including business taxes, trade taxes, income tax, labor tax and etc. shall in no manner be liable to pay or meet any of the taxes, statutory dues impositions and levies.
  7. The premises should not be used as an industrial premises, pilgrims rest, restaurant, apartment, tourist lodging, boarding house or any unlawful activity and use same in a careful and proper manner in a good state and condition.
  8. The renting party shall comply with all rules and regulations of the Urban Development Authority, Colombo municipal Council and all Laws of the Government of Sri Lanka.
  9. AVIC INTL doesn’t hold any responsibility of any issues raised by the re renting parties at any situation.
  10. The agreed rent should be paid without any delay or deductions. Further together with in additionally any Value Added Tax (VAT) and any other statutory imposition/levy if any payable on the aforesaid lease rentals.
  11. Delay in paying the rent on the agreed date there will be an additional damage payment of 0.1% of amount per day.
  12. If the delay the payments more than 30 days the without prior notification will compelled to terminate the agreement and then peacefully handover the building to AVI INTL.
  13. Thought the full occupation is not full filled in re renting the office spaces the agreed rent to be paid to AVIC INTL as agreed.
  14. The Handing over Date – Oct. 2019.
  15. The premises shall maintain and keep the premises in a clean and sanitary state and in accordance with the Laws and by-laws of the Colombo Municipal Council and/or any other relevant Local Authority and keep AVIC INTL freed and indemnified from all prosecution and fines which may be imposed in consequence of the breach or nonperformance of any laws by laws as for as the demised premises are connected.
  16. All common area maintenance fees to be bared by the renting party and form the maintenance cooperation to coordinate etc. with the other three towers maintenance cooperation adhering to the laws of the Condominium Management Authority of Sri Lanka.
  17. All electricity, water, air-condition, Telecommunication and any other applicable service chargers bills to be bared by the renting party.
  18. Every year the renting prices will be increasing by 8% starting from 2020.
  19. Key Money / refundable deposit of 6 MONTHS Rent to be kept as a security Bond and will only be released at the end of the five years if requested with a three months prior notice.
  20. at the expiration upon vacant possession of the premises having been handed over to AVIC INTL in good order and condition fair wear and tear excepted and all such aforesaid electricity, water and telephone bills being settled in full and after setting-off against any damages caused to the demised premises and all rentals having being paid the balance held in deposit shall be refunded by AVIC INTL within 60 days thereof.