Mode of payment in the renewal of lease agreement.
My 11 months Lease agreement will expire by this month end. For my flat rent is Rs 2000 and interest free security deposit is Rs 10Lakhs. I have mentioned the mode of payment as check and check, bank details for the security deposit ( as it is huge amount) At the time of making the lease agreement.
Now we mutually agreed to renew the Lease agreement with the same terms and conditions. Can you pls answer my below queries to renew the lease agreement.
1. Owner is insisting to type all the content in a new 500 stamp paper as same as old Agreement content just modifying the dates. Is it wright approach
2. In a new stamp paper what I need to mention the payment details (mode of payment)for the security deposit as here we are not exchanging any money physically. I don't want to mention payment mode as cash, as it is not legally strong in the case of any feature disputes.
Pls suggest for above 2 queries and any suggestions and precautions I need to take at the time of renewing this Lease agreement.
Your valuable answers and suggestions are highly appreciated.