Hello Gentlemen!
I am in a state of chaos, regarding cancellation of the lease deed related to one of my properties. I have entered into a lease agreement and given the possession of the property for 18 years. It's been one and half year since then, and I am looking to cancel the agreement. But, it doesn't look that easy. Hence, I am looking for some valuable piece of advice. Here are the main clauses of the lease deed.
1)The lessor(me) giving the schedule property on lease to the lessee to the property as it is for a period of 18 years from the date of this deed.
2)The lessee already paid afore mentioned entire lease amount to lessor and the same are hereby admitted and acknowledged by the lessor.
3)The lessor hereinafter not entitled to get any amount from the lessee towards the rent.
4)During the subsistence of this lease deed, if anybody including any financial institutions claim any sort of right, title or interest whatsoever in any nature, the lessor shall pay the received amount in double to the lessee.
5)The lessor shall not cancel this deed till the completion of lease period in any circumstances.
6)The lessee at his option can cancel the lease by giving 3 months prior notice to the lessors.
7)The lessee is permitted to sub-let the schedule property to the third parties without any prior consent of the lessors.
Now, I blindly agreed to the above mentioned clauses and signed the deed. But, it was too late when I realized that I am the looser. Now, under this circumstances what options do I have to cancel the deed and get back my property. And, one more important factor is that the property was and is mortgaged by a bank. And, the lessee was completely aware of it when he entered the lease agreement.
Therefore, now what should I do to cancel the agreement. Should I pay the lease amount or should I pay the double amount? Can I approach the registration office and apply for cancellation or Should I go with the lease amount to the court and file for cancellation?
Any sort of help will be appreciated. Thank you all in advance for your precious advises. Have a good day gentlemen!
