Sample Residential Lease Agreement Template Page 8
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18to Management.
If Resident shall fail to cause such lien forthwith to be so
discharged or bonded with security satisfactory to Management after being notified
of the filing thereof, then, in addition to any other right or remedy of Management,
Management may discharge the same by paying the amount claimed to be due,
and the amount so paid by Management shall be due and payable by Resident to
Management as Additional Rental on the first day of the next following month, or
may, at Management’s election, be subtracted from any sums owing to Resident.
20.2
Resident shall not make any alterations, additions or decorations to
the Property without first obtaining the prior written consent of Management.
Resident shall at all times during the Lease Term present to Management plans and
specifications for such work at the time Management’s consent is sought. As a
condition of any such permission granted by Management, all modifications
(including but not limited to items affixed to the Property) shall become the property
and possession of Owner upon the termination of this Lease.
20.3
Resident’s obligation to observe and perform any of the provisions of
Section 20 shall survive the expiration of Lease Term hereof or earlier termination of
this Lease.
21. CANCELLATION OF LEASE BY MANAGEMENT
It is mutually agreed that in the event Resident shall default in the payment of
Base Rental and/or Additional Rental herein reserved, when due, and fails to cure
said default within [SUGGEST: 7] days after written notice thereof from
Management; or if Resident shall be in default in performing any of the terms or
provisions of this Lease, and fails to cure such default within [SUGGEST: 7] days
after the date of receipt of written notice of default from Management; or if Resident
is adjudicated bankrupt; or if a permanent receiver is appointed for Resident's
property and such receiver is not removed within sixty (60) days after written notice
from Management to Resident to obtain such removal; or if, whether voluntarily or
involuntarily, Resident takes advantage of any debtor relief proceedings under any
present or future law, whereby the Total Rental or any part thereof is, or is proposed
to be, reduced or payment thereof deferred; or if Resident makes an assignment for
the benefit of creditors; or if Management receives notice that Resident has failed to
comply with any agreement concerning the Property between Resident and
Management or between Resident and any party in which Management or Owner
has/have any interest; or if Resident's effects should be levied upon or attached
under process against Resident, not satisfied or dissolved within [SUGGEST: 7]
days after written notice from Management to Resident to obtain satisfaction
thereof; or if Resident undertakes any act which Management in its sole discretion
determines impairs the likelihood of Resident complying with the terms hereunder;
then, and in any of said events Management at Management's option may at once,
or within three (3) months thereafter, terminate this Lease by written notice to
Resident; whereupon this Lease shall end. Any notice provided in this Section may
be given by Management or Owner, or its/their attorney(s) or agent(s). Upon such
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