Real Estate Lease Agreement

Real Estate Lease Agreement

This Lease Agreement (hereinafter referred to as the "Agreement") is made and entered into this [Date], by and between [Your Company Name], with a mailing address of [Your Company Address], (hereinafter referred to as the "Landlord"), and [Tenant Name], with a mailing address of [Tenant Address], (hereinafter referred to as the "Tenant").

WHEREAS, the Landlord is the legal owner of, or has the legal right to lease, the residential property located at [Property Address], including all improvements, fixtures, and furnishings therein (hereinafter referred to as the "Premises");

AND WHEREAS, the Tenant desires to lease the Premises from the Landlord for residential purposes under the terms and conditions set forth in this Agreement;

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 and Duration: The lease term shall commence on [Start Date], and shall continue for a period of 12 months, ending on [End Date].

B. Renewal Option: The Tenant has the option to renew this Lease for an additional term of 12 months, provided that the Tenant notifies the Landlord in writing of their intention to renew at least 60 days before the end of the current lease term.

II. Rent Details

A. Monthly Rent: The Tenant agrees to pay the Landlord a monthly rent of $1,500. The first month's rent is due on or before [Start Date].

B. Payment Schedule: Rent is due on the first day of each month. If rent is not received within 5 days of the due date, a late fee of $100 will be applied.

C. Security Deposit: Upon execution of this Agreement, the Tenant shall pay the Landlord a security deposit of $3,000. The security deposit will be held by the Landlord as security for the Tenant's fulfillment of all lease obligations. The security deposit will be returned to the Tenant within 30 days of the lease termination, minus any deductions for damages or unpaid rent.

III. Utilities and Services

A. Landlord Responsibilities: The Landlord is responsible for providing and maintaining the following utilities and services for the Premises: water, sewer, and trash removal services.

B. Tenant Responsibilities: The Tenant is responsible for all other utilities and services connected to the Premises, including electricity, gas, telephone, internet, and cable television. The Tenant agrees to set up accounts with the respective utility providers before the lease commencement date.

IV. Use of Property

A. Residential Use: The Premises shall be used exclusively for residential purposes by the Tenant and their immediate family. No part of the Premises shall be used at any time during the term of this lease by the Tenant for the purpose of carrying on any business, profession, or trade of any kind, or for any purpose other than as a private single-family residence.

B. Compliance with Laws: The Tenant agrees to comply with all the laws, orders, ordinances, and other public requirements now or hereafter pertaining to the Tenant's use of the Premises.

V. Maintenance and Repairs

A. Tenant’s Responsibilities:

  1. Routine Maintenance: The Tenant is responsible for the routine maintenance and cleanliness of the Premises, including disposing of all rubbish, and keeping the drains free from obstruction.

  2. Damage Notification: The Tenant agrees to promptly notify the Landlord of any damage, malfunction, or needed repairs within the Premises.

B. Landlord’s Responsibilities:

  1. Major Repairs: The Landlord shall be responsible for repairs to the structure of the Premises, plumbing, electrical systems, heating, and cooling systems, provided that such repairs are not required due to misuse or neglect by the Tenant.

  2. Maintenance of Common Areas: The Landlord shall maintain any common areas associated with the Premises in a clean and safe condition.

VI. Alterations and Improvements

A. Tenant’s Alterations: The Tenant shall not make any alterations, additions, or improvements to the Premises without the prior written consent of the Landlord. Consent, if granted, shall be contingent upon the Tenant agreeing to restore the Premises to its original condition at the end of the lease term, at the Tenant's expense.

B. Fixtures and Improvements: Any fixtures or improvements made by the Tenant, with the Landlord's consent, shall become the property of the Landlord and shall remain upon, and be surrendered with, the Premises at the termination of this lease, unless otherwise agreed in writing.

VII. Insurance

A. Landlord’s Insurance: The Landlord shall maintain insurance coverage on the Premises for fire, casualty, and liability. The Tenant acknowledges that the Landlord’s insurance does not cover the Tenant's personal property and is advised to obtain renter's insurance.

B. Tenant’s Insurance: The Tenant agrees to obtain and maintain renter's insurance for the duration of the lease term, covering personal property, liability, and any other applicable risks.

VIII. Default and Termination

A. Events of Default: The following events shall constitute a default under this Agreement: failure to pay rent when due, violation of any terms of the lease, or abandonment of the Premises.

B. Landlord’s Remedies: In the event of default by the Tenant, the Landlord shall have the right to terminate the lease, pursue legal action for eviction, and recover damages, including unpaid rent and costs associated with re-renting the Premises.

IX. Dispute Resolution

A. Mediation: Any dispute arising out of or relating to this Agreement shall be resolved through mediation, conducted by a neutral mediator agreed upon by both parties.

B. Arbitration: If mediation fails to resolve the dispute, the parties agree to submit the matter to binding arbitration, conducted in accordance with the rules of the American Arbitration Association.

X. Additional Clauses

A. Pets: Pets are not permitted on the Premises without the prior written consent of the Landlord. If approved, a pet deposit of $300 per pet shall be required, and additional terms may apply.

B. Subletting: The Tenant shall not sublet the Premises or assign this Agreement without the Landlord’s prior written consent.

Signatures

By signing below, the parties acknowledge that they have read and understand all the terms and conditions contained in this Real Estate Lease Agreement and agree to be bound by them.

Landlord

[Name]

[Date]

Tenant

[Name]

[Date]

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