Lease terms change
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Lease terms change (by Hoosier [IN]) Jan 14, 2019 10:37 AM
       Lease terms change (by Moshe [CA]) Jan 14, 2019 11:35 AM
       Lease terms change (by 6x6 [TN]) Jan 14, 2019 12:26 PM
       Lease terms change (by BRAD 20,000 [IN]) Jan 14, 2019 1:28 PM
       Lease terms change (by myob [GA]) Jan 15, 2019 4:27 AM
       Lease terms change (by Hoosier [IN]) Jan 15, 2019 11:56 AM

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Lease terms change (by Hoosier [IN]) Posted on: Jan 14, 2019 10:37 AM
Message:

Ok, so I'm planning to make a change to some minor lease terms with one of our tenants. They have been with us about 2 years and are on MTM at the moment. Our lease specifies that any changes in the terms of the lease will require 45 days' notice.

Here are my questions:

1) If I can get the tenant to agree on new terms of the lease and they are willing to enact the changes sooner, do I still have to abide by 45 days' notice? I would think not, but thought I'd ask.

2) If we can agree on the terms, can I simply state the new terms on a separate sheet of paper and have them sign it, and attach to the current lease as sort of an "addendum" ? Or do I need to have them sign an entirely new lease?

--99.92.xxx.xxx




Lease terms change (by Moshe [CA]) Posted on: Jan 14, 2019 11:35 AM
Message:

1. If the tenants are MTM, then you don't need their agreement to make new terms to the rental agreement. However, you must not forget that, if they don't like the terms, then they can leave.

2. Generally, MTM rental agreements require 30 days notice, not 45. But if your present agreement says 45 days, I would stick with that. (Actually you can change the lease with 30 days notice, including changing the 45 days notice to 30 days).

3. I suppose that you can take a separate sheet of paper, title it ADDENDUM, and execute it with new terms. Be sure that the new addendum clearly states that it is part of the existing lease, and identifies the existing lease. It should state that the addendum is incorporated into the lease and made a part of it.

--47.139.xx.xxx




Lease terms change (by 6x6 [TN]) Posted on: Jan 14, 2019 12:26 PM
Message:

Helpful post. Thanks --73.120.xx.xxx




Lease terms change (by BRAD 20,000 [IN]) Posted on: Jan 14, 2019 1:28 PM
Message:

Hoosier,

Indiana requires notice per the period of payment. If they pay monthly the notice must be monthly.

But you stated 45 days so I'd stick with that to avoid arguments. That can be a one way communication from you without their agreement or signature.

Me? Everything is negotiable. If they agree and sign now the new policy starts now.

Addendums: I have watched addendums be thrown out in my local court.

Me? MTM means I cannot require 60 or 45 day notice (they can simply walk out at the end of a month without notice) OR charge an ELT. BOTH are huge money makers.

BRAD

--73.102.xxx.xxx




Lease terms change (by myob [GA]) Posted on: Jan 15, 2019 4:27 AM
Message:

Once your lease expires (expires as in it's over) state law controls. --99.103.xxx.xxx




Lease terms change (by Hoosier [IN]) Posted on: Jan 15, 2019 11:56 AM
Message:

Thanks all...I made a change to my lease for the future to align the 30 days....

I'm confident this guy will agree to the lease change, but if not I'll just mandate it starting 45 days from now...March 1st. --99.92.xxx.xxx



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