Lease Information

Rent Checks
Rent checks are due on or before the first of the month. Rent checks must include current address and apartment number to ensure proper credit to your account. A $30.00 service fee will be charged to any tenant whose check is returned from the bank for any reason.

Early Termination of Lease
In the event a Tenant ("Original Tenant") intends to terminate a lease early, the following must occur:

  • Tenant must notify Investment Properties Ltd., in writing, of the intention to terminate the lease early.
  • Landlord will list the apartment with a real estate broker and will attempt to find a New Tenant ("New Tenant").
  • If or when a New Tenant is located and approved, a new lease will be signed for the apartment.
  • Landlord will then consent to the termination of the original Lease and present a Termination of Lease Agreement for the Tenant to sign.
  • The following charges will be assessed to the Tenant relative to the termination:

    1. $50.00 administrative fee is charged upon signing of the Termination Agreement.
    2. The pro-rata share of any brokerage commissions that were paid by Landlord to the real estate broker when Tenant rented the apartment.
    3. The negative difference (if any) between Tenantís rent and the New Tenantís rent for the remainder of the original Lease term.

All of the above conditions must be met in order for Landlord to release Tenant from their Lease Agreement. In the event these terms are not met in full, Tenant is responsible for paying rent under the terms of the Lease until its expiration date.

In the event that Tenant terminates the Lease early, Tenant may not use the last monthís rent deposit to pay for the last month of tenancy. The last monthís rent deposit will be refunded to Tenant after the apartment is re-rented and the New Tenant has signed a lease.

Subletting
Only those individuals who are named on the lease may occupy apartments. Under no circumstances may tenants change roommates without prior Landlord approval, as this constitutes a violation of the lease. Any potential sublettor must complete the application process including credit and reference checks in order to be approved. An administrative fee payable to the real estate broker will be charged at the time of application.

In the event that the Landlord consents to a sublet in accordance with the terms of the Lease, the original Tenantís name shall remain on the lease for the entire term and Tenant shall be primarily responsible for the full performance of the lease.

 
 
 
 
 
 

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