LETTER OF INTENT (“LOI”)

Date: - 22/05/2024

To,

Finland international School

Sub: Commercial premises bearing no. 301 & 302 Admeasuring 5410 square feet built up area located
on 3st floor, Office No. 301 & 302 , Delta, Hiranandani Garden Powai Mumbai – 400076.

This has reference to our on-going discussion in respect of captioned premises where you have
expressed your interest in occupying the same on Leave & License basis. Basic commercial terms on
which the captioned premises would be used and occupied on Leave & License basis are summarised as
under:

Intending Licensor Mr. Yashpal B Pichholiya and Mrs. Vandana Y Pichholiya

Address - Tivoli CHS Limited, Flat No – 501, Hiranandani
Garden Powai Mumbai – 400076.

Intending Licensee Finland international School.

Demised Premises Commercial premises bearing no. 301 & 302

admeasuring 5410 Square feet built up area located at
Delta, Hiranandani Garden Powai Mumbai – 400076. On
3st floor, Office No 301 & 302 , along with 5 Car parks
within the said building.

License Commencement The Parties shall enter into a Leave & License
Date Agreement (“Leave & License Agreement”) recording
inter alia grant and demise of premises by the Intending
Licensor in favour of the Intending Licensee on or
before 1st, July 2024, subject.
5. License Fees and Escalation Rs. 7,000,00 /- ( Rs. Seven Lakhs only ) Plus applicable
GST will be extra, the initial Period of 60 (Sixty) months
commencing from the Leave & License Commencement
Date. The Leave & License Rent shall be paid in advance
on a monthly basis on or before 5th day of
commencement of every month during the Leave &
License Term. The Leave & License Rent shall be
escalated after every 12 months at the rate of 5% (Five
percent) per annum on the last paid Leave & License
fees.
TDS as applicable, will be deducted by the Licensee
from the License fee as per the provisions of the Indian
Income Tax Act., 1961.

6 Use of the Demised Premises
8 License-Fees
Commencement Date
The Intending Licensor represents that the Demised
Premises is permitted to be used for commercial/Pre
School purpose and the Intending Licensee shall be
allowed to carry out their business activities from the
Demised Premises.
Subject to execution of the Leave & License Agreement,
the obligation of the Intending Licensee to pay the
Leave & License Rent shall commence from 1sh of Sep
2024.

9 Interest Free refundable A sum of Rs.42,000,00/- (Rupees Forty two Lakhs Only)
Security Deposit has been agreed to be deposited by the Intending

Page 1 of 4
 Licensee with the Intending Licensors, as interest free
refundable security deposit.

The Licensee shall pay Rs. 7,000,00/- ( Seven Lakhs

Only ) through Cheque no - ……….. dated - ……….. at the
time of Signing of LOI (Letter Of Intent) and rest security
deposit of Rs. 35,000,00/- ( Thirty Five Lakhs Only ) at
the time of signing of Leave and License agreement on
or before 20th June 2024

10 Leave & License Term and The Leave & License term shall be 60 (Sixty) months
Renewal commencing from Leave & License Commencement
Date i.e, 1st of July 2024 (“Leave & License Term”) and
may be renewed on the terms as may be mutually
agreeable to the parties. If the parties decide to renew
the Leave & License Term beyond 5th years, then a fresh
agreement for such renewed Leave & License term shall
be entered into writing between the parties.

11 Lock-in & Notice Period The Intending Licensee and Licensor shall not be
entitled to terminate the Leave & License Agreement
for a period of 54 (Fifty Four) months, If either of the
Licensor or Licensee fail to honour the lock-in period
then they need to compensate the other party with the
license fees for the balance tenure till the lock in expires
and this condition to be also mentioned in the Leave
and License Agreement.

Notice Period will be 6 months after finishing initial 54

months lock-in period.

12 Sale of Property during lock- In the event of sale of said premises during the lock-in
in period period the licensor will ensure that the new owner will
continue the lock-in period on the same terms and
conditions, for the terms as, stated in clause. 10, and
this condition to be also mentioned in the Leave and
License Agreement. In case if the same does not take
place then, the point no 11 to be made applicable.
13 Maintenance & Repairs The Intending Licensor shall be responsible for all
structural repairs and maintenance of the Demised
Premises including any leakages, seepages etc.

14 Property taxes and other All existing taxes, charges, Insurance of the demised
taxes, charges, cesses etc. Premises, water charges, cesses and other outgoings
including property taxes as well as future (increase or
fresh) taxes, charges, cesses including property taxes
and other outgoings in relation to the Demised
Premises shall be borne at all times by the Intending
Licensor alone. The Licensor shall pay timely to the
Government of India, the GST amount collected from
the Licensee as per the provisions (applicable) of the
GST Act.

15 Charges towards utilities During the Leave & License Term, the Intending
availed/used Licensee shall be responsible to bear the charges at
actuals towards the utilities such as internet, telephone,
electricity bill etc. used by the Intending Licensee from
the Demised Premises.
As regards the common area Society maintenance
charges or any other miscellaneous charges, the
Intending Licensee shall not be required to pay any
amount towards common area maintenance charges as
the same have already been included in the Leave &
License Rent and escalations contemplated herein.

Page 2 of 4
 16 Handover / Termination The licensee shall vacate the license premises in good
order & condition, within 15 days from expiry of this
agreement.

17 Event of Default In event of default, during/before the lock-in period by

either party, the affected party is entitled to receive an
amount equivalent to the License Fees for the
unexpired period of the Lock-in period
18 Signage Intending Licensee will be allowed, free of cost, to put
up a signage, name boards, logos.

19 Stamp duty and Registration Stamp duty and registration fees payable on the Leave
fees & License Agreement to be entered into between the
parties for the Demised Premises shall be borne and
paid by the parties in equal proportion.

20 Possession Handover for Licensor shall give initial Two (2) months’ time for
Furniture’s Fit out furniture fit out / renovation period from 1st of July
2024 to 30th of August 2024.

21 Society Permission The Licensor shall bear the responsibility to ensure that
all necessary permissions and No Objection Certificates
(NOCs) from relevant authorities or societies are
obtained for the uninterrupted operation of school
activities.
In the event that a society raises an objection,
 The Licensor shall be directly responsible for resolving
the issue.
 Should the Licensor fail to resolve such issues, they
shall be liable to compensate the other party for any
resulting damages, including those incurred for the
remainder of the agreement's term

The parties acknowledge that this LOI accurately reflects their intention and understanding in respect of
the Demised Premises.

The above terms and conditions are accepted and agreed by the Intending Licensor and Intending
Licensee and the parties intend to enter into a legally binding agreement incorporating inter alia the
above terms and conditions.

We request you to sign this LOI and return a copy of the same to us as your confirmation to the
arrangement.

Yours sincerely,

Mr. Yashpal B Pichholiya

Mrs.Vandana Y Pichholiya

(Owner )

We hereby acknowledge the foregoing LOI and confirm our acceptance of its terms.

Read and accepted:

_____________________________

Page 3 of 4
M/s. Finland international School

Authorise Signatory

Mr. ……………………….

Page 4 of 4