Late Rent Clause : ezLandlordForms

R

Risa M

started a topic over 12 years ago

I've been a landlord of just one duplex unit for many years, and the biggest problem I have is habitual late rent. I'd like to add a clause about late rent in the late fees section on the lease agreement. I'd like to add something like: Paying rent late more than 3 times during the term of the lease will be considered a breach of the lease and may result in an increase of the monthly rent due, or termination of the lease. Any advise or experience with this problem would be appreciated.

J

Jeanelle L

said about 12 years ago

We do already have an Entry clause in our lease.And that's all we needed? So if we sign a renewed lease with our current tenants for another year, and then the place gets sold or the bank takes it over, the tenants can't get come against us because we couldn't complete their duration of the lease?

B

Bob R

said about 12 years ago

Yes and Correct.

J

Jeanelle L

said about 12 years ago

@Rob: I took your information, and in preparation to present a lease renewal to my current tenants, I went ahead and created a draft of new lease with the EZ Landlord Forms lease wizard (as if they were to be new tenants). I wanted to see if I was in compliance, to see if I needed to add anything that should have been in our lease, or needed to add any updates for new laws. This is so that I can ammend the lease or have a lease addendum with the renewal. What I found might be what I was looking for to address the concern about what our lease obligation to the tenant is if we have to sell or no longer own the condo: "Section 27 SUBORDINATION: This Lease Agreement is subject and subordinate to any lease, financing, loans, other arrangements, or right to possession with regards to the building or land that the Landlord is obligated to now or in the future including existing and future financing, and/or loans or leases on the building and land." Well, I'm not entirely sure what that means. Maybe you could explain that to me. And since ownership in a condo isn't necessarily the building or the land, but the "space" from the walls inward kind of thing, maybe I can replace the words "building or the land" with "The Premises". In my current lease with the tenants I have a clause "27. SUBORDINATION TO ENCUMBRANCES: This Agreement shall be automatically subordinated to any voluntary lien or encumbrance placed on the property of which the Premises form a part by the Owner or Owner of such property." Does my current Subordination clause mean the same thing as the one from EZ Landlord Forms? And does it release us from obligation if we no longer own the condo?

B

Bob R

said about 12 years ago

You need to address your question to the owners of this Forum. Since laws change all the time and depending on the type of sale you have, I suggest that you speak with a Real Estate Lawyer . -----Disclaimer: Since I’ve been answering a lot of questions, I thought I would make the following statement. I’m not affiliated with EZlandlord Forms. I’m just here (not sure how long) to help those that have questions. Having 40+ yrs with Rental Property and done well, it’s my way of “Pay it Forward (check out the movie).” However, it is up to you to become familiar with your State/Local laws. I always like to know if the suggestions I offer are helpful. Feel free to comment anytime. Thanks in Advance.