Renewing Your Lease

Renewing Your Lease/Early Termination Clause

Thank you for residing at our community.  We are pleased to have you as a resident and hope that you continue to make our community your home for a long time to come.  Please find below the information for renewing and/or terminating your lease.  You will be receiving in the mail a lease renewal form prior to your lease expiration.  Please make sure to fill out the renewal and return it to the rental office.

AUTOMATIC RENEWAL:
Unless Resident or Landlord gives the other ninety (90) days written notice prior to the end of the initial term of this Agreement, this Agreement will renew on like terms for an additional period of one (1) year.  After the renewal, this Agreement will continue to automatically renew on like terms for additional periods of one (1) year each until it is terminated according to Paragraph 15 of this Agreement, or either party gives the other ninety(90) days written notice prior to end of the then current term that this Agreement will not renew.

Upon notice to Resident more than ninety (90) days before the end of a term, Landlord may increase the rent payable by Resident and/or change any other terms of this Agreement.  The change(s) of which Landlord gives Resident notice will be effective at the beginning of the next term. 

If Resident notifies Landlord in writing more than ninety(90) days prior to the end of the then current term that Resident does not accept the change(s), this Agreement will not renew, but will end at the end of the then current term.  If Resident does not notify Landlord in writing that Resident will not accept the change(s), or if Resident remains in the Property after the end of the then current term, Resident will be deemed to have accepted the changed term(s).

EARLY TERMINATION:
If Resident desires to terminate this Agreement earlier than the expiration of then current term, then Resident must do all of the following:

a. Give Landlord proper written notice (described below); and

b. Pay rent through the end of the month in which the termination date occurs; and

c. Return keys to Landlord the day of moving out; and

d. Leave the Property in good condition when moving out; and

e. Pay when Resident gives Landlord the notice, and in addition to rent owed through the termination date, liquidated damages.  (This shall not be deemed a penalty).

f. If Resident gives Landlord at least sixty (60) days written notice prior to the early termination date, the liquidated damages Resident must pay will be equal to one month’s rent and must be paid at the time of written notice.  If Resident gives notice other than on the first (1st) day of a month, the notice will not be effective until the first (1st) day of the next month.

g. If Resident gives Landlord written notice at least thirty (30) but fewer than sixty (60) days prior to the chosen early termination date, the liquidated damages Resident must pay will be equal to two months’ rent and must be paid at the time of written notice.  If Resident gives notice other than on the first (1st) day of a month, the notice will not be effective until the first (1st) day of the next month.

IN THE EVENT THAT RESIDENT FAILS TO COMPLY WITH ANY OF THE REQUIREMENTS OF THIS PARAGRAPH 15, THIS EARLY TERMINATION OPTION WILL BE VOID AND RESIDENT WILL BE RESPONSIBLE FOR ALL ACTUAL DAMAGES INCURRED BY LANDLORD RESULTING FROM RESIDENT'S VACATING THE PROPERTY.  RESIDENT'S OBLIGATION WILL INCLUDE CONTINUING RENT FOR THE REMAINDER OF THE TERM OF THIS AGREEMENT, LESS ANY RENT, IF ANY, RECEIVED FROM A SUBSEQUENT TENANT.

You will receive a lease renewal in the mail prior to your lease renewing.  Please make sure to fill out the renewal form and return it to the office.