These are the clauses directly pertaining to lease renewal that are a part of every Hearthfire Holdings lease. They can help you answer most lease renewal questions. Please review and let us know if you have any questions!
Either party may terminate this Lease at the end of the term by giving a 60-day written notice of intent to terminate. This must be done by TENANT through the Tenant Portal "Give Notice" feature, and by MANAGER in writing. If neither party gives notice of termination, the Lease will automatically be renewed for another year or on a month-to-month basis, at MANAGER discretion. Each renewal period will include a rental increase of 3% and the new rent amount shall be known as the Current Rent. MANAGER may alter or amend any term of the lease for any renewal period by sending written notice at least 30 days before the end of the term or renewal term. There shall be no renewal of the lease by operation of law.
After expiration of the leasing period, this Lease may be terminated by either party, with the MANAGER or TENANT giving a 60-day written notice of intent to terminate. Where laws require 'just cause', such just cause shall be so stated on said notice. The Premises shall be considered vacated only after areas including storage areas are clear of all TENANT'S belongings, and keys and other property furnished for TENANT'S use are returned to MANAGER.
Should the TENANT or any of TENANT's possessions occupy the Premises or Property beyond the end date of Lease or any Renewal Term, TENANT will be considered a holdover tenant and will be causing the MANAGER damages. These damages will equal 3 times the monthly Rent plus any lodging expenses of the new occupant, eviction costs and attorney fees, paid on a daily basis without demand.
Early Termination by Tenant
TENANT may terminate this Lease prior to End Date if the TENANT satisfies the following conditions:
- Giving MANAGER sixty (60) days written notice or through the Tenant Portal. The sixty (60) day notice from TENANT to MANAGER will begin on the first day of the month after the notice is given.
- MANAGER acceptance of early termination date and conditions.
- Paying all monies due through new date of termination.
- Paying an amount equal to one (1) month's rent as Early Termination Fee. Fee is due at time of giving sixty (60) day written notice.
- Returning dwelling in a clean, ready-to-rent condition.
- Paying a pro-rated portion of expenses for repainting and cleaning based on the ratio of the number of months then remaining in the initial term to the number of months originally in the initial term.
- Any notice for early termination must be signed by all TENANTS if not given through the Tenant Portal. TENANT's election of early termination shall not relieve TENANT of responsibilities and obligations regarding damage to Premises or Property. TENANT may not apply the security deposit toward the payment of any TENANT financial obligations set forth in this Early Termination by TENANT Paragraph.
- Early termination date of the lease shall be sixty (60) days from the first day of the month after notice is given, regardless of when TENANT actually vacates the premises. MANAGER and TENANT may agree in writing to change the early termination date if the MANAGER is able to execute a new lease at any time after premises are vacated. Rent monies due will then be prorated from the new termination date.
Early Termination by Manager
MANAGER may terminate the Lease at any time with just cause for a breach of terms, in accordance with state laws. TENANT agrees that MANAGER may terminate the Lease without cause prior to the lease expiration date and TENANT agrees to vacate the property if the following conditions are met:
- MANAGER gives TENANT sixty (60) days written notice to vacate (TENANT still owes rent through the sixty (60) day notice period).
- MANAGER pays to TENANT an amount equal to one (1) month's rent as compensation for disturbing TENANT's quiet enjoyment of the property and for the inconvenience of moving early. This credit will be applied to the TENANT account at the time the TENANT vacates the property and will be included with any applicable security deposit refund. The foregoing shall not relieve the TENANT of his or her responsibilities and obligations regarding any damage to the property.