Real Estate Studio Rental Agreement
Real Estate Studio Rental Agreement
This Real Estate Studio Rental Agreement (hereinafter referred to as the "Agreement") is entered into on this [Date], by and between [Your Company Name] (hereinafter referred to as the "Landlord"), with a mailing address of [Your Company Address], and [Tenant Name] (hereinafter referred to as the "Tenant"), with a mailing address of [Tenant Address].
WHEREAS, the Landlord is the lawful owner of, and has the right to lease, the studio property located at [Complete Studio Address], including all amenities and appurtenances thereto (hereinafter referred to as the "Studio");
AND WHEREAS, the Tenant desires to rent the Studio from the Landlord and the Landlord desires to rent the Studio to the Tenant on the terms and conditions as set forth herein;
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
I. Lease Term
A. Commencement Date: This Agreement shall commence on [Start Date] and shall continue for a period of 12 months, ending on [End Date].
B. Renewal Option: Upon expiration of the initial term, the Tenant shall have the option to renew the lease for an additional 12 months, provided the Tenant gives the Landlord written notice of intention to renew at least 60 days prior to the end of the current lease term.
II. Rent Details
A. Monthly Rent: The Tenant agrees to pay the Landlord a monthly rent of $1,200, due on the first day of each month. The first month's rent is due upon signing of this Agreement.
B. Late Payment: Rent payments made after the fifth day of the month will incur a late fee of $50. Continuous delay in rent payment beyond 10 days grants the Landlord the right to initiate termination proceedings in accordance with this Agreement and applicable law.
C. Payment Method: Rent payments shall be made by the Tenant to the Landlord via electronic transfer to the account specified by the Landlord, or by any other method mutually agreed upon in writing by both parties.
III. Security Deposit
A. Deposit Amount: The Tenant shall pay the Landlord a security deposit of $2,400 upon execution of this Agreement. This deposit will serve as security for the Tenant's fulfillment of conditions and obligations under this Agreement.
B. Use of Deposit: The Landlord may use the security deposit to cover unpaid rent, repair damages to the Studio beyond normal wear and tear, and clean the Studio if not left in a condition satisfactory to the Landlord at the end of the lease term.
C. Refund of Deposit: The security deposit, minus any deductions for damages, unpaid rent, or cleaning, will be returned to the Tenant within 30 days after the end of the lease term, accompanied by an itemized statement of any deductions.
IV. Utilities and Services
A. Tenant's Responsibilities: The Tenant is responsible for the payment of all utilities and services related to the Studio, including but not limited to electricity, water, gas, heating, internet, and cable services. Payment should be made directly to the respective utility providers.
B. Landlord's Responsibilities: The Landlord is responsible for the payment of trash collection and sewage services for the Studio. These services are included in the monthly rent.
V. Maintenance and Repairs
A. Tenant's Responsibilities: The Tenant agrees to maintain the Studio in a clean, sanitary, and good condition. The Tenant is responsible for damages caused by their negligence or willful acts and those of their guests. Minor repairs, including light bulb replacements and smoke detector batteries, are the Tenant's responsibility.
B. Landlord's Responsibilities: The Landlord agrees to maintain the structural integrity of the Studio, including plumbing, electrical systems, heating, and cooling systems. The Landlord will perform repairs not due to the Tenant's negligence within 14 days of notification by the Tenant.
C. Emergency Repairs: In case of an emergency that threatens the immediate health or safety of the Tenant, the Tenant may contact the Landlord at any time. If the Landlord is unavailable and the situation requires immediate attention, the Tenant is authorized to initiate emergency repairs, up to a cost of $500, to be reimbursed by the Landlord upon presentation of receipts.
VI. House Rules
A. Noise: The Tenant agrees to keep noise levels to a minimum, especially between 10 PM and 7 AM, to ensure the peaceful enjoyment of neighbors.
B. Pets: No pets are allowed in the Studio without the Landlord's prior written consent. If consent is given, a non-refundable pet deposit of $300 is required.
C. Smoking: Smoking is strictly prohibited inside the Studio and in all common areas of the property.
D. Guests: Guests are allowed for a maximum of 14 consecutive days. The Tenant is responsible for ensuring guests adhere to all terms of this Agreement.
E. Alterations: The Tenant shall not make any alterations or improvements to the Studio without the Landlord's prior written approval. This includes painting, installing fixtures, or making structural changes.
VII. Default and Termination
A. Tenant Default: If the Tenant fails to comply with any financial obligation under this Agreement, including rent or security deposit payments, or breaches any terms of this Agreement, the Tenant will be considered in default. The Landlord will provide a written notice of default to the Tenant, granting a period of 10 days to remedy the financial obligations or breach.
B. Landlord Termination: If the Tenant fails to remedy the default within the 10-day period, the Landlord may terminate this Agreement. Upon termination, the Tenant must vacate the Studio within 30 days. The security deposit will be used to cover any unpaid rent, damages, and other obligations under this Agreement.
C. Tenant Termination: The Tenant may terminate this Agreement with a 30-day written notice if the Landlord fails to maintain the premises in a habitable condition or breaches any other term of this Agreement.
VIII. Dispute Resolution
A. Negotiation: In the event of a dispute arising out of or related to this Agreement, the parties agree to work towards a resolution through direct negotiation.
B. Mediation: If negotiation fails, the parties agree to participate in mediation before resorting to arbitration or litigation. The cost of mediation shall be shared equally between the Landlord and the Tenant.
C. Arbitration/Litigation: If mediation is unsuccessful, the dispute may be resolved by arbitration or litigation, as agreed upon by the parties. The prevailing party shall be entitled to recover its attorneys' fees and costs from the non-prevailing party.
IX. Additional Provisions
A. Property Insurance: The Landlord shall maintain insurance on the property against structural damage. The Tenant is responsible for obtaining renter's insurance to cover personal property and liability.
B. Amendments: Any amendments to this Agreement must be in writing and signed by both the Landlord and the Tenant.
C. Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the state in which the property is located.
D. Entire Agreement: This Agreement constitutes the entire agreement between the parties and supersedes all prior understandings or agreements, written or oral, regarding the subject matter.
Signatures
This Agreement has been executed by the parties as of the date first above written.
Landlord
[Name]
[Date]
Tenant
[Name]
[Date]
