Lease Agreement free essay sample

Team Project Contract-Lease Assignment This Residential Lease Agreement (hereinafter â€Å"Lease†) is entered into this the 10-01-11, by and between the Lessor: George Murphy, (hereinafter referred to as â€Å"Landlord†), and the Lessee(s): Benjamin Potter for the Potter Corporation. All Lessees (hereinafter referred to collectively as â€Å"Tenant†), are jointly, severally and individually bound by, and liable under, the terms and conditions of this Lease. 1. GRANT OF LEASE: Landlord does hereby lease unto Tenant, and Tenant does hereby rent from Landlord, solely for use of space on the building roof for the construction of a sign owned by The Potter Corporation. The building is located in Clark County, with the address of: 1234 S. County Line Road Roderick, IN. 2. TERM OF LEASE: This Lease shall commence on the 1st day of October, 2011, and extend until its expiration on the 31th day of October, 2013. 3. SECURITY DEPOSIT: Upon execution of this Lease, Tenant shall deposit the sum of ,000. 0; to be held by Landlord as a security deposit for reasonable cleaning of, and repair of damages to, the premises upon the expiration or termination of this Lease, or other reasonable damages resulting from a default by Tenant. Tenant shall agree that if the Tenant shall fail to take possession of the premises or shall repudiate the lease before the beginning of the term, the Landlord shall keep the deposit as liquidated damages for such breach and any other money paid in reference with this lease agreement. Tenant shall be liable to Landlord for all damages to the leased premises upon the termination of this Lease, ordinary wear and tear excepted. Tenant is not entitled to interest on the security deposit. Tenant may not apply the security deposit to any rent due under this Lease. If Landlord sells or assigns the leased premises, Landlord shall have the right to transfer Tenant’s security deposit to the new owner or assignee to hold under this Lease and upon so doing Landlord shall be released from all liability to Tenant for return of said security deposit. Under Indiana Code  § 32-7-5-12: Upon termination of a rental agreement, all of the security deposit held by the landlord shall be returned to the tenant, except for any amount applied to: (1) The payment of accrued rent; (2) The amount of damages that the landlord has or will reasonably suffer by reason of the tenants noncompliance with law or the rental agreement; and (3) The landlord is not liable until supplied by the tenant in writing with a mailing address to which to deliver the notice and amount prescribed by this subsection. The tenant is not entitled to apply a security deposit to rent. . RENT PAYMENTS: Tenant agrees to pay rent unto the Landlord during the term of this Lease in equal installments of $400. 00 for each month for 24 months being due and payable on or before the 1st day of the month (or the first day for the accrual period), the first full rent payment under this Lease being due on the 1st Day of October, 2011, along with the Security Deposit of $1,000. The total of $12,000. 00 is due for the term of the lease. Tenant agrees that if rent is not paid in full on or before the 10th day of the month, Tenant will pay a late charge of $25. 0 and an additional $10. 00 per day as allowed by applicable Indiana law. Rent payments shall be made payable to George Murphy via check or cashier check, however if the check is returned due to insufficient funds there will be a $25. 00 service charge. Monthly payments are to be sent to the attention of the Landlord at P. O. Box 123, Roderick, Indiana 46123. All notices from Tenant to Landlord under this Lease and applicable Indiana law shall be delivered to P. O. Box 1234, Roderick, IN 46123. 5. CONSEQUENSES OF BREACH BY TENANT: If Tenant, by any act or omission, Tenant shall be considered in breach of this Lease. In case of such breach Landlord may deliver a written notice to the Tenant in breach specifying the acts and omissions constituting the breach and that the Lease Agreement will terminate upon a date not less than ten (10) days after receipt of the notice if the breach is not remedied within a reasonable time not in excess of ten (10) days; and the Lease Agreement shall terminate and the Tenant shall surrender possession as provided in the notice subject to the following: If the breach is remediable by repairs, the payment of XXXX damages, or otherwise, and the Tenant adequately remedies the breach prior to the date specified in the notice, the Lease Agreement shall not terminate; (b) In the absence of a showing of due care by the Tenant, if substantially the same act or omission which constituted a prior noncompliance of which notice was given recurs within six (6) months, the Landlord party may terminate the Lease Agreement upon at least ten (10) days written notice specifying the breach and the date of termination of the Lease Agreement; If the Lease Agreement is terminated, Landlord shall return all prepaid and unearned rent, and any amount of the security deposit recoverable by the Tenant, unless to be retained for liquidated damages. However, under Indiana Code  § 32-7-1-5, if the breach by the Tenant is nonpayment of rent, the Landlord shall not be required to deliver thirty (30) days written notice as provided above. In such event, the Landlord may serve Tenant with a ten (10) day written notice of termination, whereupon the Tenant must pay the unpaid rent in full or surrender possession of the premises by the expiration of the ten (10) day notice period. Furthermore, the Tenant may be terminated by a three (3) day written notice delivered by Landlord if the Tenant has committed a substantial violation of the Lease Agreement or applicable law that materially affects health and safety. Tenant expressly agrees and understands that upon Tenant or Landlord’s termination of this Lease, the entire remaining balance of unpaid rent for the remaining term of this Lease shall ACCELERATE, whereby the entire sum shall become immediately due, payable, and collectable. Landlord may hold the portion of Tenant’s security deposit remaining after reasonable cleaning and repairs as a partial offset to satisfaction of the accelerated rent. 6. UTILITIES: ) The Landlord is responsible for the Utilities of the building. b) If there is a service interruption (e. g. electricity to light the sign) the Landlord needs to repair within 72 hours or the Tenant will be entitled to a decrease on rent payment. 7. OBLIGATIONS AND DUTIES OF LANDLORD: Landlord agrees to: (a) Comply with the requirements of applicable building and housing codes materially affecting health and safety; 8. OBLIGATIONS AND DUTIES OF TENANT: Tenant agrees to: ) Keep that part of the premises that he occupies and uses as clean and as safe as the condition of the premises permits; b) Not deliberately or negligently destroy, deface, damage, impair or remove any part of the premises or knowingly permit any other person to do so; c) Conduct himself and require other persons on the premises with his consent to conduct themselves in a manner that will not disturb his neighbors peaceful enjoyment of their premises; d) Inform the Landlord of any condition of which he has actual knowledge which may cause damage to the premises; e) Not engage in any illegal activity upon the leased premises as documented by a law enforcement agency. Tenant agrees that any violation of these provisions shall be considered a breach of this Lease and will forfeit all rights to the contract. 9. CONDITION OF LEASED PREMISES: Tenant hereby acknowledges that Tenant has examined the leased premises prior to the signing of this Lease, or knowingly waived said examination. Tenant agrees not to damage the premises through any act or omission, and to be responsible for any damages sustained through the acts or omissions of Tenant. If such damages are incurred, Tenant is required to pay for any resulting repairs at the same time and in addition to the next month’s rent payment, with consequences for non-payment identical to those for non-payment of rent described herein. At the expiration or termination of he Lease, Tenant shall return the leased premises in as good condition as when taken by Tenant at the commencement of the lease, with only normal wear-and-tear expected. Tenant shall have the right to remove from the premises Tenant ’s fixtures placed thereon by Tenant at his expense, provided, however, that Tenant in effecting removal, shall restore the leased premises to as good, safe, sound, orderly and good condition as before the addition of Tenant’s fixture. Failing this, Tenant shall be obligated to pay for repairs as stated above. a) The Landlord requires the sign to be placed on the roof to be a tasteful sign with no â€Å"lurid† or â€Å"sexual† content on the sign. b) The Landlord has agreed to a tasteful representation of fun and alcohol. ) The size of the sign will be no larger than 10 X 12 in accordance with the town ordinances. d) The Tenant must show the Landlord the proposed sign at least six (6) weeks prior to signing the lease. e) The Landlord has tem (10) business days to review and approve the proposed sign. 11. BUILDING ENTRY a) Access to building is available for the Tenant from 9am – 9pm, Monday thru Friday. b) Access is restricted on Weekends and Holid ays. c) The Tenant can have access to the roof through the stairwell and freight elevator. d) If Tenant needs access other than the times specified above then the Tenant needs to receive special permission and arrangement from the Landlord. 12. NOTICE OF INJURIES: In the event of any significant injury or damage to Tenant suffered in the leased premises or in any common area, written notice of same shall be provided by Tenant to Landlord at the address designated for delivery of notices as soon as possible but not later than five (5) days of said injury or damage. Failure to provide such notice shall constitute a breach of this Lease. 14. DAMAGES: a) Both parties are required to carry insurance. b) The Landlord needs insurance coverage on his building and any damages that may occur through the installation and /or removal of the sign. 15. REPAIRS a) The Tenant will be responsible to make repairs to the sign. b) The Landlord will be responsible to make repairs to the Building. ) Repairs must be made within 5 business days Tenant agrees that if any repairs to be made by Landlord are delayed by reasons beyond Landlords control, there shall be no effect on the obligations of Tenant under this Lease. 16. DESTRUCTION OF PREMISES: In the event the leased premises shall be destroyed or rendered totally untenable by fire, windstorm, or any other cause beyond the control of Landlord, then this Lease shall cease and terminate as of the date of such destruction, and the rent shall then be accounted for between Landlord and Tenant up to the time of such damage or destruction of said premises is the same as being prorated as of that date. In the event the leased premises are damaged by fire, windstorm or other cause beyond the control of Landlord so as to render the same partially untenable, but repairable within a reasonable time, then this lease shall remain in force and effect and the Landlord shall, within said reasonable time, restore said premises to substantially the condition the same were in prior to said damage, and there shall be an abatement in rent in proportion to the relationship the damaged portion of the leased premises bears to the whole of said premises. 17. GOVERNING LAW: This Lease is governed by the statutory and case law of the State of Indiana. If the above lease agreement is acceptable to you, please sign the Lease Agreement and return it to the Landlord at P. O. Box 123, Roderick, Indiana 46123. If you have any questions, please contact George Murphy at (317) 555-1234. WITNESS THE SIGNATURES OF THE PARTIES TO THIS RESIDENTIAL LEASE AGREEMENT: LANDLORD: Signature: ____________________________________________________________ _______________ Print: ____________________________________________________________ ______________ Date: ______________ TENANT  : Signature: ___________________________________________________ Print: _______________________________________________________ Date: _______________________________________________________ Emergency Contact  : George Murphy, Building Management, Phone  : 317-555-1234