Residential Lease Agreement

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Residential Lease Agreement Powered By Docstoc
					                          Residential Lease
                                 Apartment

    This Lease contains the agreements between
 ________________________________________and
 ___________________________________________________________________________
 ______ (the “Owner”), the fee simple owner of the
 ___________________________________________________________________________
 ______ [home here] [or apartment buildings], located at
 ___________________________________________________________________________
 ______ , City of _________________________________________ and State of
 _________________________________________ (the “Building”), concerning your rights
 and obligations and the rights and obligations of Owner.

    You should read this Lease and its attached parts carefully. If you have any questions, or if
 you do not understand any words or statements, you should obtain clarification. Once you and
 Owner sign this Lease you and Owner will be presumed to have read it and understood it.
 You and Owner admit that all agreements between you and Owner have been written into this
 Lease. You understand that any agreements made before or after this Lease was signed and
 not written into it will not be enforceable.

   THIS LEASE is made on
 ___________________________________________________________________________
 ______ , 20__ between Owner, whose address is c/o
 _________________________________________
 ___________________________________________________________________________
 ___________________________________________________________________________
 ____________ and you, the Tenant
 ___________________________________________________________________________
 ___________________________________________________________________________
 ____________ , whose address is
 ___________________________________________________________________________
 ___________________________________________________________________________
 ____________ .



1. APARTMENT AND USE


       Owner agrees to lease to you Apartment ________ (the “Apartment”) on the ________
    floor in the Building.

       The Apartment must be used only as a residential Apartment to live in and for no other
    reason. Only a person(s) signing the Lease and members of that person(s)'s immediate
    family may use the Apartment. All adult persons living in the Apartment must sign the

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    Lease and be pre-approved by the Landlord. Failure to do so constitutes a default under
    Section 11 of the Lease.


2. LENGTH OF LEASE


       The initial term (that means the length) of this Lease is one year, beginning on
    _________________________________________________________________________
    ________ , and ending
    on_______________________________________________________________________
    __________ . The Lease may be renewed at your option for additional one year terms, by
    signing a renewal rider (“Renewal Rider”) to be furnished to you by Owner prior to each
    anniversary date. Your right to renew the Lease is subject to (a) compliance by you with
    the terms of the Lease; (b) the right of the Owner to convert the Building to cooperative,
    condominium or other form of ownership; (c) modifications to the form of Lease; and (d)
    changes in law. If you do not do everything you agree to do in this Lease, Owner may have
    the right to end it before the above date, as extended through any renewal.


3. RENT, ADDED RENT


       Your annual rent for the Apartment for the initial term is
    $_________________________________________ to be paid in advance in Monthly
    Installments of $_________________________________________ each.

       You must pay the Owner the rent in advance, on the first day of each month, either at
    Owner's office or at another place that Owner may designate. RENT WILL ONLY BE
    ACCEPTED FROM THE TENANT NAMED ON THE LEASE. You must pay the first
    month's rent to Owner when you sign this Lease. You will pay the rent in installments as
    they become due, without any deductions.

        You may be required to pay other charges to Owner under the terms of this Lease,
    including but not limited to attorney's fees payable by you hereunder, the cost of repairs
    under Section 16, fees for returned checks under Section 39, lock-out charges under
    Section 43 and late fees under Section 44. These charges are to be called “added rent.”
    This added rent is payable as rent, together with the next monthly installment of rent due.
    If you fail to pay the added rent on time, Owner shall have the same rights against you as if
    you failed to pay rent and may obtain a possessory and money judgment for unpaid rent.

      Upon a renewal of this Lease as set forth in Section 2, your annual rent for the
    Apartment will be adjusted as set forth in Section 12 of this Lease.


4. SECURITY DEPOSIT


       You are required to give Owner the sum of
    $_________________________________________ when you sign this Lease as a security
    deposit (the “Security Deposit”) for the payment of rent and other charges and the
    performance of your obligations under this Lease. Owner will deposit the Security Deposit
    in an account with
    _________________________________________________________________________

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    ________ Bank. You will receive a credit for any security deposit presently held by the
    Owner on your behalf.

       At the time of any rent increase, you are required to pay the difference between the
    Security Deposit you have on deposit and the new monthly rent amount. You will be billed
    for the additional Security Deposit on your rent bill. Your failure to pay the additional
    Security Deposit shall be deemed a breach of a substantial obligation of your tenancy.

       Delivery of this Lease with Owner's signature is acknowledgment by Owner of receipt
    of your Security Deposit. If you carry out all of your agreements in this Lease, at the end of
    each calendar year, Owner or the bank will pay to Owner 1% interest on the deposit for
    administrative costs and will pay to you all other interest earned on the Security Deposit.

        Any amounts owed by you under this Lease, including the cost to restore the Apartment
    to the same condition it was in when you first occupied it, except for ordinary wear and
    tear, and the cost to repair any damage to the Building caused by you, other than ordinary
    wear and tear, shall be deducted from the amount of the Security Deposit returned to you.
    If you carry out all your agreements in this Lease, your Security Deposit (less any
    deductions permitted under this Lease, if applicable) will be returned within six weeks of
    move out.

       If Owner sells or leases the Building, Owner may deliver the Security Deposit to the
    person buying or leasing (the Lessee) the Building, you will look only to the Buyer or
    Lessee for the return of the Security Deposit under the terms of this Lease.


5. FAILURE TO GIVE POSSESSION


       Owner shall not be liable for failure to give you possession of the Apartment on the
    beginning date of the Term. Rent shall be payable as of the beginning of the Term, unless
    Owner is unable to give possession. Rent shall then be payable as of the date possession is
    available. Owner will notify you as to the date possession is available. The ending date of
    the Term will not change.


6. DEFAULT BEFORE POSSESSION


       If, before the beginning date of this Lease, you default in the performance of any
    agreement made by you contained in any other Lease from Owner to you, Owner shall
    have the option to avoid this Lease from going into effect and you shall not be permitted to
    obtain possession of this Apartment.


7. REPRESENTATIONS, CHANGES IN LEASE, NO ORAL CHANGES


       You have read this Lease. All promises made by the Owner are in this Lease. There are
    no others. This Lease may be changed only by an agreement in writing signed by and
    delivered to you and Owner.
       It is expressly understood and agreed that this Lease cannot be changed orally.


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      Taking possession of this Apartment shall be conclusive evidence that the Apartment
    and the Building were in satisfactory condition at the time you took possession.


8. REPRESENTATIONS BY YOU


       You represent and warrant the accuracy of all statements made in the application
    submitted in connection with this Lease and in any report of household income or
    composition made by you or on your behalf. It shall be a default under this Lease if any
    statement contained in your application or supporting documents shall prove inaccurate at
    any time.


9. PARAGRAPH HEADINGS


       In any dispute arising under this Lease, in the event of a conflict between the text and a
    paragraph heading, the text controls.


10. APARTMENT NOT SUBJECT TO RENT REGULATION


      The Owner and you acknowledge that, notwithstanding any other provisions of this
    Lease, the Apartment is not subject to any form of rent regulation.


11. LEASE NOT BINDING UNTIL SIGNED AND DELIVERED


        It is agreed that this Lease is submitted to you for signature with the understanding that
    it shall not bind the Owner or you unless and until it has been executed by the Owner or the
    Owner's management agent (the “Owner's Agent”) and delivered to you.

       This Lease, once signed by Owner and you and delivered, is binding on Owner and you
    and its and your heirs, distributees, executors, administrators, successors and lawful
    assignees.


12. RENEWALS; RENT INCREASES AFTER INITIAL TERM.


       At least 60 days before the expiration of the Term of this Lease (including any renewals
    of the Term), Owner shall notify you that this Lease will soon expire and offer you a
    Renewal Rider. The Renewal Rider shall contain the renewal Term and the rent as adjusted
    in accordance with this section of this Lease, and any modifications to the form of Lease.
    You shall have 30 days to sign the Renewal Rider and return it to Owner. If you wish to
    remain in occupancy beyond the expiration of this Lease, you may not refuse to sign the
    Renewal Rider. If you refuse to sign the Renewal Rider, Owner shall have the right to end
    this Lease.
       Owner is entitled to increase your rent when you renew this Lease. Upon each renewal
    of this Lease, your rent shall increase by an amount equal to 103% of your rent
    immediately prior to the renewal date of this Lease.
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13. WARRANTY OF HABITABILITY AND QUIET ENJOYMENT



         A. Owner represents that the Apartment and the Building are fit for human habitation
       and that there will be no condition which will be detrimental to life, health or safety.

          B. You will do nothing to interfere or make more difficult Owner's efforts to provide
       you and all other occupants of the Building with the required facilities and services. Any
       condition caused by your misconduct or the misconduct of anyone under your direction
       or control shall not be a breach of these warranties by Owner.

          C. As long as you are not in default of any provisions of this Lease, you may
       peaceably and quietly have, hold and enjoy the Apartment for the Lease Term.


14. MOVE IN PROCEDURE


       Once your Lease has been signed and delivered, you may pick up the keys to your
    Apartment at the management office on weekdays between the hours of 9:00 a.m. and 5:00
    p.m. You must schedule an appointment to reserve an elevator. You will be responsible for
    any damage which is caused as a result of your move, whether caused by you or those who
    assist in your move. A representative of the Owner's Agent will conduct an inspection of
    the Apartment in your presence immediately prior to your move-in.


15. CONDITION OF THE APARTMENT


       When you signed this Lease, you did not rely on anything said by Owner, Owner's
    Agent and/or employees about the physical condition of the Apartment or the Building, or
    on any promises as to what would be done, unless what was said or promised has been
    agreed to in writing signed by both you and Owner. You have inspected the Apartment,
    found that it is in good order and repair, and you accept it in its present condition “as is.”


16. REPAIRS



          A. You must take good care of the Apartment and all equipment and fixtures in it.
       You shall promptly notify the Owner's Agent of any defects in the plumbing, fixtures,
       appliances, heating and cooling equipment or any other parts of the Apartment or
       related facilities. You shall not undertake repairs yourself or arrange yourself to have
       repairs done.

          B. You are responsible for the cost of repairing any damage to your Apartment as a
       result of your negligence or carelessness, including, but not limited to damage from
       penetration of rain through open windows, overflowing sinks, tubs and showers, and
       damages to any items listed in Section 16.A above. If the repair work is to be done by
       the Building maintenance staff, you will pay the Owner the staff member's hourly wage
       for the time spent in making the repair, plus the cost of materials; if the repair work is
       done by outside contractors, you will pay the Owner the cost incurred by the Owner to
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      have the repairs done. You are liable for damage to other apartments as a result of your
      negligent or careless action.


17. PROPERTY LOSS, DAMAGES OR INCONVENIENCE


       Unless caused by the negligence or misconduct of Owner or Owner's Agent and/or
    employees, Owner, Owner's Agent and/or employees are not responsible to you for any of
    the following: 1) any loss of or damage to you or your property in the Apartment or the
    Building due to any accidental or intentional cause, even a theft or another crime
    committed in the Apartment or elsewhere in the Building; 2) any loss of or damage to your
    property delivered to any employee of the Building (i.e., superintendent, etc.); or 3) any
    damage or inconvenience caused to you by actions, negligence or violations of a lease by
    any other tenant or person in the building, except to the extent required by law.


18. WINDOW CLEANING


       You shall not require, permit or allow any window in your Apartment to be cleaned
    from the outside under any circumstances.


19. CARE OF YOUR APARTMENT - END OF LEASE - MOVING OUT



         A. You will take good care of the Apartment and will not do or permit others to do
      any damage to it, except for damage which occurs through ordinary wear and tear. You
      will move out on or before the ending date of this Lease and leave the Apartment in
      good order and in the same condition as it was when you first occupied it, except for
      ordinary wear and tear.

         B. When this Lease ends, you must remove all of your movable property. You must
      also remove at your own expense any wall covering, bookcases, cabinets, mirrors,
      painted murals or any other installation or attachment you may have installed in the
      Apartment, even if it was done with Owner's consent. You must restore and repair to its
      original condition those portions of the Apartment affected by those installations and
      removals. You have not moved out until all persons, furniture and other property of
      yours is also out of the Apartment. If your property remains in the Apartment after the
      Lease ends, Owner may either treat you as still in occupancy and charge you for use, or
      may consider that you have given up the Apartment and any property remaining in the
      Apartment. In this event, Owner may discard the property. You agree to pay Owner for
      all costs and expenses incurred in removing and disposing such property. The
      provisions of this paragraph will continue to be in effect after the date of this Lease.

         C. “Apartment” as used in this paragraph shall include, but not be limited to the
      dishwasher, refrigerator, stove and any other appliances or fixtures located in your
      Apartment provided by Owner.




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20. MOVE OUT PROCEDURE



        A. Prior to lease expiration, you must contact the Owner's Agent to reserve an
     elevator for your move out. Moves may be scheduled Monday through Friday, 9:00 a.m.
     to 5:00 p.m. No weekend moves are permitted. Requests for an elevator cannot be
     honored on the same day as the request is made. To insure the availability of an
     elevator, an appointment should be scheduled at least two weeks prior to your planned
     move out date. Moves are scheduled on a first come first served basis. Movers should
     be advised of the importance of arriving on time so that your move does not interfere
     with others scheduled after you. If the movers will be required to pack for you, have
     them pack everything before your scheduled elevator time.

        B. You must schedule an appointment with Owner's Agent to return Apartment keys,
     mail box and other Building keys on or before your lease expiration date. You will be
     charged for each additional day after the expiration date that the keys remain in your
     possession.
        C. Owner's Agent will conduct an inspection of the Apartment following your move-
     out. If you have given due notice of your move-out, you may accompany Owner's Agent
     during the inspection. You will be responsible for any damage which is caused as a
     result of your move, whether caused by you or those who assist in your move.


21. CHANGES AND ALTERATIONS TO APARTMENT



        A. You cannot build in, add to, change or alter the Apartment in any way, including
     wallpapering, painting, repainting or other decorating, or changing or removing any part
     of the appliances, fixtures or equipment in the Apartment, without getting Owner's prior
     written consent. Without Owner's prior written consent, you cannot install or use in the
     Apartment any of the following: signs, aerials, antenna, satellite dishes or other
     electrical connections, awnings, window guards, clothes washing or drying machines,
     electric stoves, garbage disposal units, fans, heaters, air conditioners, diathermy
     machines, pressing machine, electric broilers, dishwashers, freezers or any other wiring
     or electrical equipment which is not furnished by Owner and, in Owner's reasonable
     opinion, will overload the existing wiring installation in the Building or interfere with
     the use of such electrical wiring facilities by other tenants of the Building. Also, you
     cannot place in the Apartment water-filled furniture.

        B. If consent is given, the alterations and installations shall become the property of
     the Owner and shall remain with and as part of the Apartment at the end of the Term.
     However, Owner has the right to demand that Tenant remove the alterations and
     installations before the end of the Term. The demand shall be by notice, given at least
     20 days before the end of the Term. Owner is not required to do or pay for any work
     unless stated in this Lease.




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22. LIABILITY



          A. Owner is not liable for loss, expense or damage to any person or property, unless
       due to Owner's negligence or intentional acts. Owner is not liable to you for properly
       permitting or refusing entry of anyone into the Building.

          B. You must pay for damages suffered and reasonable expenses of Owner relating to
       any claim arising from any act or neglect by you, members of your immediate family,
       other household members, servants, employees, assignees, sub-tenants or people
       visiting you. If an action is brought against Owner arising from your act or neglect, you
       shall defend Owner at your expense with an attorney of Owner's choice.

         C. You are responsible for all acts or neglect of you, your immediate family, other
       household members, servants, employees or people visiting you.


23. SERVICES AND FACILITIES.



           A. Required Services. Owner will provide cold and hot water and heat as required
       by law, repairs to the Apartment, as required by law, elevator service and any portion of
       utilities included in the rent, as set forth in sub-paragraph B. You are not entitled to any
       rent reduction because of a stoppage or reduction of any of the above services unless it
       is provided by law.

          B. Utilities included in Rent. Gas and electricity are included in the rent.

          C. Appliances. Appliances supplied by Owner in the Apartment are for your use.
       They will be maintained, repaired and replaced as required, by Owner, but if repair or
       replacement is made necessary because of your negligence or misuse, you will pay
       Owner for the cost of such repair or replacement as added rent.


24. INABILITY TO PROVIDE SERVICES


       If, because of labor trouble, government order, lack of supply, Tenant's act or neglect, or
    any other cause not fully within Owner's reasonable control, Owner is delayed or unable to
    (a) carry out any of Owner's promises or agreements, (b) supply any service required to be
    supplied (c) make any required repair or change in the Apartment or Building or (d) supply
    any equipment or appliances Owner is required to supply, this Lease shall not be ended or
    Tenant's obligations affected, except as otherwise provided by law, rule, regulation or court
    order.


25. APARTMENT DOOR LOCKS


       Your Apartment door is equipped with a mortise cylinder lock. You shall not change the
    cylinder or lock, or install additional or different locks or gates on any doors or windows of
    the Apartment, without written permission of the Owner or Owner's Agent. Unauthorized
    changing of the cylinder or lock is a default under this Lease. If Owner's permission is
                                               8
   given, you must give a set of the new keys to the Owner's Agent. Failure to provide keys in
   a timely manner is a default of this Lease. If the Owner's Agent does not have a set of
   key(s), and an emergency arises requiring entry into your Apartment, you will be
   responsible for any damage to your Apartment door and lock resulting from your failure to
   provide keys, plus any damage to other Apartments resulting from the delay in obtaining
   entry.


26. ENTRY INTO APARTMENT


     During reasonable hours and with reasonable notice, except in emergencies, Owner or
   Owner's Agent or employees may enter the Apartment for the following reasons:


        A. To erect, use and maintain pipes and conduits in and through the walls and
     ceilings of the Apartment; to inspect the Apartment and to make any repairs or changes
     Owner decides are necessary. Your rent will not be reduced because of any of this work,
     unless such rent reduction is required by law.

         B. To clean, maintain, repair or replace heating and ventilation units at regularly
     scheduled intervals as part of a preventive maintenance program upon general notice to
     all Apartments.

       C. To repair, maintain or replace the Building intercom system, circuit breakers,
     smoke detectors and window guards.

        D. To shut off gas to the stove in the event of a gas leak or repair.

        E. In the event of a significant rainstorm, to close windows which may have been left
     open, to prevent damage to Apartment floors, walls and contents and damage to
     apartments below yours.

        F. To conduct annual Apartment inspections when Tenants have failed to keep
     scheduled appointments.

       G. To show the Apartment to persons who may wish to buy or lease the entire
     Building or may be interested in providing financing to the Owner.

       H. For four months before the end of the Lease, to show the Apartment to persons
     who wish to rent or buy the Apartment.

        I. To conduct a preliminary inspection of the Apartment prior to move-out, for the
     purpose of determining the extent of damage for preparation of a cost breakdown of
     repair and replacement charges. Such cost breakdown will be given to you and you will
     have the option to make repairs satisfactory to the Owner or to pay for the Owner to
     make such repairs prior to move-out.

       J. If at any time you are not personally present to permit Owner or Owner's Agent
     and/or employees to enter the Apartment and entry is required to respond to an
     emergency or is otherwise permitted by law, Owner or Owner's Agent and/or employees
     may, nevertheless, enter the Apartment. Owner may enter by force in an emergency.
        K. Owner, Owner's Agent and/or employees may keep all equipment necessary to
     make repairs or alterations to the Apartment in the Apartment. Owner is not responsible
     for disturbance or damage to you because of work performed or keeping the equipment
                                             9
     in the Apartment, but is required to use care to avoid damage to your property in the
     Apartment. Owner's use of the Apartment for this purpose does not give you a claim of
     eviction, unless otherwise permitted by law.


27. YOUR DUTY TO OBEY AND COMPLY WITH LAWS, REGULATIONS AND
LEASE RULES



        A. Government Laws and Orders. At your expense, you will obey and comply
     promptly with all present and future city, state and federal laws, orders, rules, requests
     and directions of all federal, state and local government agencies, Owner's insurers,
     Board of Fire Underwriters or similar regulatory entities. Notices received by you from
     any agency or other entity must be promptly delivered to Owner. You may not do
     anything which may increase Owner's insurance premiums. If you do, you must pay the
     increase in premium as added rent.

        B. Rules and Regulations Affecting you. You will obey all rules and regulations
     attached to this Lease (as they may be amended, the “Rules and Regulations”) and all
     future reasonable rules of Owner or Owner's Agent and/or employees. Notice of all
     additional rules shall be delivered to you in writing or posted in the lobby or other
     public space in the Building. Owner shall not be responsible to you for not enforcing
     any rules, regulations or provisions of another tenant's lease except to the extent
     required by law.

        C. Your Responsibility. You are responsible for the behavior of yourself, your
     immediate family, other household mem
				
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Description: Residential lease agreement basic agreement suitable for monthly rental of apartment or freestanding homes. Pages: 18
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PARTNER Ted  Prosser
L. Ted Prosser, MANAGING PARTNER Landmark Asset Management Inc, Sequoia Properties, LLLP, Sequoia Equity Partners Ted has been involved in commercial real estate development and construction since 1977. His experience includes developing office parks and ski resorts in Colorado, as well as historic renovation around the country. He has completed over one million square feet commercial office and historic renovations including a large part of downtown Asheville. He is the President and Founder of Landmark Asset Management and the Managing Partner of Sequoia Properties, LLLP and Sequoia Equity Partners. He is a graduate of the University of Georgia and Cornell Advanced Investments and Valuations Program. He is a Certified Commercial Investment Member Candidate (CCIM) having completed all of the required coarse work. Ted is also a US Coast Guard licensed Boat Captain Cell and Voice Mail 828 242-4722 E-mail: tedpro@landmarkam.com