Sample Residential Lease Agreement Template Page 7
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18receive from Resident an additional security deposit equal to the increased rental
amount.)
15. INSURANCE
Resident is required to maintain at his own expense an insurance policy
sufficient to cover the loss or damage of any or all of Resident’s personal
belongings.
Resident hereby waives and relinquishes all claims against
Management for loss or damage to any of Resident’s personal belongings.
Furthermore, Resident shall initiate and keep current a policy for liability insurance
coverage in the amount of $300,000 and Management shall be named as an
additional insured.
16. DESTRUCTION OF OR DAMAGE TO PROPERTY
If the Property is totally destroyed by storm, fire, lightning, earthquake or other
casualty, this Lease shall terminate as of the date of destruction, and Total Rental
shall be accounted for between Management and Resident as of that date. If the
Property is damaged but not wholly destroyed by any of such casualties, Base
Rental shall abate in such proportion as use of the Property has been destroyed,
and Management shall restore same to substantially the same condition as before
damage as speedily as practicable, whereupon full Base Rental shall commence.
17. GOVERNMENTAL ORDERS
Resident waives the benefits of all existing and future rent control legislation
and statutes and similar government rules and regulations, whether in time of war or
not, to the full extent permitted by law.
18. RESERVED
19. ASSIGNMENT AND SUBLETTING
Resident may not, without the prior written consent of Management, assign
this Lease or any interest hereunder, or sublease Property or any part thereof, or
permit the use of Property by any party other than the Resident.
20. RESIDENT IMPROVEMENTS AND REMOVAL OF FIXTURES
20.1
In the event any mechanics’, laborers’, materialmen’s or other liens
shall be filed against the Property or any part thereof by reason of work, labor,
services or materials performed or furnished to or at the insistence of Resident or to
anyone holding the Property through or under Resident, Resident shall forthwith
cause the same to be so discharged of record or bonded with security satisfactory
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