you can give your share of land and building to partnership firm on rent for 5 years
2) there would be clause that if there is no agreement on renewal of agreement after expiry of 5 years they would vacate your portion of premises given on rent
Hi, I have a land and building property which is jointly owned by 4 partners who operate a restaurant on the property premises. I am leaving the restaurant business and want to claim rent for the land and building the restuarant (remaining 3 partners) will be using. Can that be done? Also, if i sign a rental/lease agreement for 5 years. What happens if we are not able to reach an agreement toward the rent for 6 year onwards? Is there a legal recourse to sue them in year 6. Please advise.
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you can give your share of land and building to partnership firm on rent for 5 years
2) there would be clause that if there is no agreement on renewal of agreement after expiry of 5 years they would vacate your portion of premises given on rent