VIEWS: 51 PAGES: 3 CATEGORY: Real Estate POSTED ON: 1/10/2012
A condominium is a combination of co-ownership and individual ownership. Those who own an apartment house or buy a condominium are co-owners of the land and of the halls, lobby, and other common areas, but each apartment in the building is individually owned by its occupant. In some states, the owners of the various units in the condominium have equal voice in the management and share an equal part of the expenses. In other states, control and liability for expenses are shared by a unit owner in the same ratio as the value of the unit bears to the value of the entire condominium project. The bigger condominium owners would have more say-so than the smaller condominium owners.
Short Form Condominium Lease Lease Agreement made on the (date), between (Name of Lessee) of (street address, city, state, zip code), referred to herein as Lessee, and (Name of Lessor), of (street address, city, state, zip code), referred to herein as Lessor. 1. Premises Leased. For and in consideration of $__________ paid by the Lessee, which is acknowledged to have been received as part payment of rent accruing under this Lease, and in further consideration of the terms and conditions of this Lease, Lessor hereby leases to Lessee Condominium Unit Number ____, hereinafter called the Unit, of (Name of Condominium), hereinafter referred to as the Condominium, together with a _____% undivided interest in the common areas and facilities of the Condominium as described in this Lease, and together with the exclusive right to use Storage Bin Number (number) and Parking Space Number (number). The Unit and the rights appurtenant to the Unit are hereinafter called the Premises. 2. Term of Lease. The term of this Lease is from (date) to and including (date), for the total rent of $_____________. 3. Payment of Rent. Lessee agrees to pay Lessor rent in the amount of $___________ per month, due and payable in advance to Lessor on the _______ day of each month. Lessee further agrees to pay any and all condominium common area and facilities maintenance payments for the terms of this Lease. Such payments are presently $___________ per month, and are payable to (Name of Condominium Association). Lessee agrees to pay for any additional increases in the common area and facilities maintenance costs that may occur during the term of this Lease. 4. Condition of Unit. The parties agree that the Unit has been rented in good order and repair. Lessee acknowledges that he has inspected the Unit, and the Unit is in good order except as otherwise noted in writing to Lessor. 5. Utilities. The following utilities are the sole expense of Lessee: (Name Utilities). 6. Lessee’s Covenants A. Lessee agrees not to use or permit the Premises to be used for any illegal, immoral, or improper purposes; not to make or permit any disturbance, noise or annoyance detrimental to the Premises or to the comfort and peace of any of its inhabitants or neighbors; and not to use the Premises for any purpose other than as a private dwelling for Lessee and the members of Lessee's family. Lessor reserves the right to terminate this Lease at any time this condition is violated. B. Lessee agrees not to assign this Lease or to sublet any part of the Premises except with the written consent of Lessor. C. Lessee agrees to pay the cost of repairing all damage to the Premises caused by Lessee or members of Lessee's family, and agrees to leave the Premises in an orderly, clean and sanitary condition identical to that in which the Premises are rented (with the exception of ordinary wear and the decay and damage by fire or the elements only). D. Lessee agrees that if default is made in the payment of rent, or if any of the terms of this Lease are violated, Lessee waives all right of notice to vacate, and Lessor will be entitled to re-enter and retake possession immediately, and the entire rent for the next rental period will be due and payable at once. 7. Lessor’s Right to Inspect and Show Premises. Lessor agrees that Lessee is entitled to the quiet and peaceful enjoyment of the Premises. However, Lessor reserves the right to inspect the Premises as necessary, and to show the Premises to prospective tenants during the (number) days prior to the expiration of this Lease. If this Lease is executed by more than one
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