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UTL:DR – Property at risk of being encumbered, need help with precautionery steps.
Need some advice to deal with the below specified situation in a fool proof manner.
1. A shipping company approached us to lease our office space to update their address with the ROC and obtain the digishipping license.
They requested us for an NOC to use our address wrt to updating the ROC. Post their address was updated with the ROC, they signed a lease agreement with us wherein, them and us both had the same registered address. Us by the virtue of being the owners, them by the virtue of the NOC.
2. As of today, they have our address as their operating address with the ROC and Digishipping.
However, there have been some questionable actions by the company:
a) The office has rarely been used as an office space.
b) The company expressed their desire to terminate the agreement once their registration was done with digishipping and ROC. To which we responded by saying we would only agree to it if you change your registered address and inform the regulatory bodies of the same.3. We fear that the property might get encumbered, personally we would prefer to have a change of tenants or sell the property off.
However, we fear that it might go into litigation and then well…
My humble request to you all would be to help me out with the following:
i) How can I protect my property and self from any possible litigations from the tenant or a third party. (This was a clause in the agreement and the NOC, but if there is anything else we can or should do, please suggest)
ii) How can I proceed with terminating the agreement myself at the same time ensuring that the ROC and Digishipping both come to know about this.
iii) If there are any other legal ramifications that I should prepare for or Im missing out please let me know.
Any help would be appreciated. Thanks for reading up.
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UIt depends a lot on which state you are in but usually States have registry where the property is registered in name of a particular person so until the properties registered in your name I don’t think there be a lot of problem but still one has to check all the papers you can contact me if you want with regards to ROC you don’t have to tell them the regulate the companies so the company as to tell them you only have to ensure that proper cancellation agreement is done it also depends on whether the agreement is registered or not arised in case they are not using it for company use then your tenancy agreement should only state that they will use it for a particular purpose only if it doesn’t state that usual you are giving them licence to use it for any purpose but any good lawyer would have drafted it in such a way that a purpose for which the tenancy will be used will be written in the agreement
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