|Lease Amendment - Change of Terms Form|
One of the most powerful items in your lease
The Lease Update / Change Of Terms Notice is introduced to the tenant in your LPA Lease and is just sitting there quietly, until the time comes to use the resources available to you to protect yourself and your property. This form is also known as a "Lease Amendment" form.
Take command of a situation that you may need to improve. You may change, add or remove information in your lease with a valid Lease Update / Change of Terms Notice.
You'll have some peace of mind knowing that if it becomes necessary, you will have the power to dictate new terms into the lease right in the middle of the lease term. The tenants give us the power to issue a Change of Terms Notice in their signed lease agreement. It's a great clause, saving us many times from tenant problems.
Your tenant is paying the rent late every month. You realize that your lease does not provide for a late charge or has only a very small one. You also notice that the tenant has an attitude and is calling you constantly for very minor repairs that he originally agreed to be responsible for- but you forgot to put that in the lease.
Q: What do you do?
A: You straighten out the situation by issuing an official Change of Terms Notice sent by certified mail. Tell him that he is responsible for all minor repairs up to a stated fair amount as originally agreed and his late charge will increase to an amount high enough to discourage late rent. (Be specific with amounts and notice periods according to your lease.)
The notice is very unilateral as agreed in the lease. If the tenant does not agree with the changes to his tenancy, the notice welcomes the tenant to vacate before the change takes effect.
This form is great! But remember, this power should not be abused. It's a tool for defending yourself when your favorable position is compromised by your tenant. Be sure to keep a Lease Update Change of Terms Notice available with all your other management forms. It'll be ready when you need it.
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