Quote:
Originally Posted by dinosaur
yowza! Yeah...that matters.
If I am reading that correctly, even if you do rent the unit to another person...she still needs to pay up to $750/month up to 11 months.
That is an incredibly stiff penalty and if it goes to arbitration, the judge could rule it is excessive....BUT she did sign it.
It seems to me that she is well aware of the consequences and you have done you due diligence with making sure that she is aware of any and all penalties for breaking the fixed lease.
What would I do? Take any means necessary to get and address for her and follow through with the lease agreements (loss of revenue and liquidated damages)...but then again, thats just me...and I was just called an arrogant fucking bitch by a tenant the other day.
Its up to you. The way I see it, however, is if the shoe was on the other foot...you a tenant allow you to break the agreement? Probably not. You have proven yourself to be a good landlord by sticking to the RTA, having proper paper work, etc...you should expect the same from your tenant.
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The 11 month penalty is correct also it can be 1 month's rent as penalty which is up to our discretion.
In which I tried to already negotiate with her today that if she wanted to break the least it'll be 1 month's penalty which imo is very fair given the time value of money and my lost opportunity cost for other potential tenants.