Tenants

Please note that adherence to timely rent payment is crucial to maintain a harmonious tenancy. Failure to comply with these provisions, including late payments and persistent refusal to sign the side letter, may result in further actions, including eviction measures

1. Rent Payments:

PTA (*Provided in Tenancy Agreement)

The monthly rent amount for the premises is set at USD [*PTA ] equivalent to TZS [*PTA ] based on the prevailing exchange rate of 1 USD = TZS [*PTA ] for the current rent period of three months. Please note that the rent amount is referenced in United States Dollars (USD) for informational purposes only.

The Tenant shall make rent payments in Tanzanian Shillings (TZS) as required by the Bank of Tanzania regulations. The exact TZS rent amount will be calculated using the prevailing exchange rate determined by CRDB Bank PLC’s prevailing Sell Rate at the time of each future rent payment. This rate will be applicable to the specific payment date and will be provided in a separate side letter for each payment period.

The Tenant is required to pay a minimum of three months’ rent at a time. Based on the current rent amount of USD [*PTA ], the minimum payment for three months would be USD [*PTA ] (equivalent to TZS [*PTA ]*). Rent payments are due on the [*PTA ] of every three months for a duration of one year, starting from the [*PTA ], preferably paid electronically to the MponjoliMpeli Developers Limited Bank Account.

2. Late Payments:

In the event of late rent payments, the following provisions shall apply: Late payments of fifteen (15) days and over shall incur a penalty fee of 10% of the agreed
quarterly/semi-annually rent amount. The penalty fee must be paid within thirty (30) days from the Rent Due Date

This provision shall remain in effect throughout the term of the lease agreement and any subsequent renewals or extensions thereof, unless otherwise mutually agreed upon in writing by both parties.

1. 1 Months notice:

The tenant must provide one (1) month’s notice before the expiration of this agreement (mandatory). Upon the lease renewal, the Landlord may amend the terms and conditions of the new lease. To ensure compliance with the revised terms and conditions, the tenant should review them before signing the renewed lease. To avoid automatic termination of the lease, the tenant must sign the updated lease within the allotted timeframe. If the tenant does not renew the lease, the lease may be terminated, and the property vacated.

2. Failure to provide notice:

Furthermore, in the event that the tenant chooses not to renew the lease and fails to provide at least one month’s notice prior to the expiration of this agreement, the tenant shall be deemed to have forfeited their deposit. The deposit shall be retained by the Landlord as liquidated damages and compensation for the inconvenience caused by the tenant’s failure to comply with the notice requirement.

3. Forfeiture of the deposit:

It is explicitly understood that the forfeiture of the deposit in such circumstances shall serve as an adequate remedy for the Landlord, and the tenant shall have no further claims or rights in connection with the deposit. The tenant acknowledges and agrees that the deposit represents a reasonable estimate of the Landlord’s potential losses resulting from the tenant’s failure to provide sufficient notice.

4. legal action and jurisdictions:

This provision shall be enforceable to the fullest extent permitted by applicable laws, and any legal action arising from the forfeiture of the deposit shall be subject to the jurisdiction of the appropriate court in the locality where the leased property is situated. The tenant acknowledges that they have read and understood the terms of this forfeiture provision, and by signing this agreement, they expressly agree to be bound by its terms andconditions.

5. Tenant’s responsibility:

It is the tenant’s responsibility to ensure that they comply with the notice requirement and any other obligations set forth in this agreement. Failure to adhere to the notice provision shall result in the tenant’s forfeiture of the deposit without recourse or exception.

The inclusion of this no refund provision, except for the security deposit, in the Lease Agreement is a material consideration for the Landlord entering into this agreement, and the Tenant acknowledges that it forms an essential basis of the bargain between the parties.

1. No Refunds:

The Tenant acknowledges and agrees that all fees associated with this Lease Agreement, excluding the security deposit, are non-refundable. The Tenant further acknowledges that no exceptions shall be made to this policy, and it applies without limitation to any circumstances under which the Tenant ceases to use the property.

2. Early termination:

The Tenant expressly understands and acknowledges that in the event of early termination or non-utilization of the leased property, they shall remain responsible for the full payment of all outstanding amounts due under this Lease Agreement, with the exception of the security deposit. The Tenant understands that the security deposit may be eligible for refund, subject to compliance with all terms and conditions of the contract, and provided that the Tenant has not caused excessive damage to the apartment beyond fair wear and tear.

3. Security deposit exemption:

This no refund policy, except for the security deposit, is intended to be strictly enforced and shall prevail over any contrary understanding, representation, or agreement, whether written or oral, between the Landlord and the Tenant. The Tenant acknowledges that they have carefully read and comprehended this provision, and by signing this Lease Agreement, they unequivocally accept and consent to be bound by its terms and conditions.

4. Tenant’s responsibilities:

It is the Tenant’s sole responsibility to fulfill their financial obligations as outlined in this Lease Agreement, regardless of the circumstances leading to the termination or non-utilization of the property. The Tenant expressly waives any claims or rights to reimbursement, compensation, or refund for unused time or services, except for the security deposit, which may be eligible for refund in accordance with the terms of the Lease Agreement.

5. Term of the Lease Agreement & any extensions:

This provision shall remain in full force and effect during the entire term of the Lease Agreement and any extensions or renewals thereof, unless modified by written agreement signed by both parties. In the event of any dispute arising from the application or interpretation of this provision, the appropriate court in the locality where the leased property is situated shall have exclusive jurisdiction.