Sample Residential Lease Agreement Template Page 3
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184.1
Resident agrees to pay Management promptly, no later than [TIME
THAT RENT IS DUE] on the [DAY OF MONTH THAT RENT IS DUE] day of each
month (said day and time hereinafter called “Payment Deadline”) in advance without
notice or demand, during the Lease Term, rent at a rate of $[AMOUNT OF
MONTHLY RENT TO BE PAID] (hereinafter called “Base Rental”) as modified or
increased pursuant to Section 5, infra. The aforesaid payments of rent are to be
made payable to Management at its principal mailing address or at such other
place as Management may from time to time designate in writing to Resident.
4.2
The parties stipulate that postal or other delivery delays do not
constitute waiver or extension of the due date for any payment due herein.
Management must have received payment by the Payment Deadline to be
considered timely paid. All payments received after the Payment Deadline shall be
subject to Additional Rental as specified in Section 4.3, infra.
4.3
In the event any payment of Base Rental or Additional Rental
(hereinafter called “Rent”) is not paid when due, Additional Rental shall be due in
addition to the rent in the amount of $[FEE FOR LATE RENT PAYMENT]. For
each day after the Payment Deadline that the Rent is not paid in full, Resident shall
pay further Additional Rental equal to [ADDITIONAL DAILY FEE FOR LATE
RENTAL PAYMENTS] per day until such time as Management receives sufficient
payment to bring Resident’s account current.
4.4
Resident shall receive a discount of [AMOUNT OF DISCOUNT
OFFERED TO TENANT FOR EARLY PAYMENT OF RENT] applicable only to
the current payment of Rent if Resident maintains the Property per Section 12 and
other pertinent Sections of this Lease and if Management receives full payment for
all current and past due balances no later than [NUMBER OF DAYS PRIOR TO
DUE-DATE PAYMENT MUST BE RECEIVED TO QUALIFY FOR DISCOUNT]
days prior to the Payment Deadline as specified in Section 4.1.
4.5
Any payments accepted by Management shall be first applied to
past-due sums and only thereafter to currently due sums. Any excess payments
received by Management shall at Management’s option be applied to future sums
due or Management may opt to refund such excess payments.
4.6
Management may increase the Base Rental with at least [NUMBER
OF DAYS NOTICE] days written notice to Resident. Upon receipt of notice of
Base Rental increase, Resident shall inform Management of acceptance or
rejection of said increase within [NUMBER OF DAYS TENANT HAS TO
RESPOND TO RENTAL INCREASE] days of Management’s notice to Resident.
Resident’s failure to accept or reject said increase according to the terms of this
Section shall constitute acceptance by Resident.
Should Resident reject the
increase of Base Rental, Management reserves the option to change the Date of
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