Delivery of Object House and Lease Term Clause Samples

Delivery of Object House and Lease Term. 1. Party A and Party B agree that Party A delivers Object House to Party B on January 1, 2017 (date of delivery). The term of lease contract lasts for ten (10) years and it is calculated since the date of delivery of Object House as per anniversary, i.e. from January 1, 2017 to December 31, 2026. 2. When Party A delivers Object House to Party B, Party B and Party A (including property management personnel of Object House entrusted by Party A) to clearly check Object House and its auxiliary facilities, decorative materials, other articles and public facilities. Party A guarantees that elevator, fire protection and security system, public toilets, tap water system and pump house of Object House are under normal service statuses. If such facilities are damaged, Party A shall finish the repair work itself or by entrusting professional organization within 3 days or other time limit approved by Party B. The parties will jointly sign Confirmation of Delivery on this basis as a voucher indicating Party A’s completion of its delivery obligation. 3. Upon expiry of lease term, Party A has the right to take back Object House while Party B shall return it as scheduled. If Party B needs to continuously rent Object House, it shall submit a written request for renewal of lease to Party A 3 months before expiry of lease term. The lease contract can be resigned after Party A consents. 8. Party A shall rent out Object House to Party B under same conditions after expiry of lease term.