AGREEMENT OF TENANCY

This Agreement of Tenancy (“Agreement”) is made at Port Qasim, Karachi

on 16th day of March-2023

BETWEEN

Irfan Ahmed, S/o Ikhlas Ahmed, CNIC No. 42201-7868091-1, Muslim, Adult, R/o 17/5 New
Karachi Cooperative Housing Society, Fazlur Rehman Road, Karachi East, hereinafter called
Owner/Lessor Party of the One Part.

AND

PAK TURK AGRO CHEMICLAS through his proprietor Mr. Nasar Ur Rehman Butt S/o
Muhammad Riaz Butt, CNIC NO. 36603-2570307-3, Muslim adult resident of House No. 06, Street
No. 01, Rehman Pura, Multan., hereinafter called the Tenant/Lessee Party of the other Part (Both

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expression shall whenever the context so permits, means and include their heirs, executors,
administers, successors and assigns).

WITNESSETH AS UNDER

Whereas the Owner is the sole and absolute Owner of warehouse bearing No W4/06 North West
Industrial Zone Port Qasim Authority, measuring 4.625 Acres with covering area of 143083 Sq ft,
situated at Port Qasim, Karachi hereinafter called the “Said Premises”.

WHEREAS the Owner has agreed to let out the “Said Premises” to the aforesaid Tenant on monthly
rent of 38.44/-per Sq ft. totalling Rs 5,500,000/- per month (Plus SRB amount and inclusion of
Withholding Tax). A 10% increase in rent will be effective on every 12th calendar month on the
following terms and condition:

1. That this agreement of tenancy is for a period of 11 calendar months and can be further
extended / renewed for any such further period as mutually agreed between the Owner and
the Tenant.

2. The Tenant will deposit a sum equivalent to Rs. 16,500,000/- (two months’ rent as security
deposit, which will be refundable (without interest) and one month rent).

3. The tenancy shall commence on the 16th of March 2023. The Tenant shall pay the rent to the
Owner on or before the 5th of every calendar month till the expiry of this Agreement.

4. That the Tenant shall allow the Owner or any person(s) authorized by him to visit and inspect
condition of the Said Premises from inside and outside, with a 24 hour prior notice to the
Tenant.

5. Establishment of firefighting points and construction of fire exit ways inside the shed,
provision of lighting arrangements will be done by the Lessor.

6. Eleven post dated cheques for an equivalent amount of monthly rent, for the entire period of
tenancy shall be handed over to the Lessor by the Lessee.

7. That the Tenant shall use the Said Premises for the purpose only for which the Said Premises
has been handed over by the Owner to the Tenant. The Tenant shall not sub-let or handover
possession of the Said Premises or any portion thereof to any other person(s).

8. That the Lessee shall not involve or utilize the Said Premises for any illegal activity or for any
purpose prohibited by law. Furthermore, the Tenant will not do any act which will create any
hindrance or disturbance for the neighbors.

9. The Lessee will utilize the Said Premises as a warehouse of fertilizer, coal, and small machines
for his production.

10. That the Tenant can make alteration or addition etc., in the Said Premises only with the prior
consent/approval of the Owner. During such alteration or addition, if any damage is incurred
to the fittings and fixtures, etc., the cost of repairs / replacement shall be borne by the Tenant.

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 11. That the Owner has agreed to hand over the vacant peaceful possession of the Said Premises
to the Tenant with all necessary fittings and fixtures, hence this Agreement shall come into
force with effect from the above mentioned date and shall be valid for a period of 11 months
years from 16th March 2023 and expire on 15th February 2024.

12. That the Tenant shall pay utility charges (water, electricity, gas, sewerage etc.) whereas, the
Owner shall pay property taxes, Port Qasim yearly bill. The Tenant shall be responsible to
handover paid utilities bill to the Owner every month.

13. That the Tenant will be responsible for maintaining the property in good condition and will
hand over the possession of the property to the Owner upon termination of the Agreement.

14. That if the Owner wants to get the Said Premises vacated or if the Tenant want to vacate the
Said Premises, either party shall provide a 60 days written notice in advance to the other party.

15. If the Owner will get trade transfer permission from Port Qasim the cost of that would be paid
by the Lessee. For changing the status of premises from commercial to industrial, change of
category charges would be borne by the Tenant. Whereas, if the Lessor wants to revert the
category of premises from industrial to commercial, the Lessor shall not claim any charges
from Tenant.

16. Fire safety insurance should be done by the Lessee and a copy of the same shall be provided
to the Lessor.

17. That on expiry of the Agreement the Tenant is liable to immediately hand over free and vacant
possession to the Owner, unless the tenancy is extended / renewed as per mutual consent of
the Tenant and Owner.

In WITNESS WHEREOF, the parties set their respective hands before the witnesses here at Karachi.

WITNESSES:

Tenant ___________________ Owner ________________________

Name: Mr. Nasar Ur Rehman Butt Name: Irfan Ahmed Allahwala
CNIC No: 36603-2570307-3 CNIC No: 42201-7868091-1

Witness No 1 Witness No 2
Name ______________ Name _______________
CNIC No: ___________________ CNIC No: __________________

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