Who should keep BOT lease?
One sub-lease agreement has been registered for 15 years on Built Operate and Transfer mode, the lessee (2nd Part) has paid the fees towards the registration of the deed. Now my question is who should keep the original deed?
Answered by Madhavi Horo, Lawfarm Researcher:
Thank you for writing to us.
In general Lease Agreement, the original deed is mostly in the hands of the lessor(the landlord) and the certified copy stays with the lessee(the tenant). It resides with the lessee when the lease agreement itself contains a clause where it mentions that the original deed should be kept with the lessee. Normally the parties need not worry as either one of them can produce their copy of the document when a dispute arises.
Here, in your case since it is a built-operate-transfer sub-lease agreement, we believe that the original deed with be with the public authority who would have first assigned the lease. In case the deed is with the lessee, please check the content of the contract as to whether it specified anything about the ownership of the lease deed? If the original deed was with the lessor during the sub-lease registration process, again the new contract would enable the new lessee to hold the original deed. If the sub-lease agreement is silent, the deed shall lie with the body who held it immediately before the sub-lease registration. However you need not worry about the ownership of the original document as a lease document becomes a public document once a registration process is complete. Hence you can very well use the copy of the same.
Hope you find this answer helpful.
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