For you landlords out there or for your residential property managers, what about this idea for your tenants who are unable to pay rent?
It allows a 50% reduction in rent to be paid by using escrowed deposits for two months, replenishment within 180 days, and extends the lease for two months. Those deposit accounts are sitting around doing nothing, we may as well be using them!! Tenant pays nothing now, and landlord gets 50% now.
If you like this idea, please share (but add my email in case a landlord or property manager would like legal advice on how to handle a specific matter). Christie@christiearkovich.com.
ADDENDUM TO RESIDENTIAL LEASE AGREEMENT
This Agreement is attached to and forms a part of the Residential Lease Agreement for the property described above. Said Resident and Landlord further agree as follows:
- For the months of April and May 2020 due to COVID-19, the rent shall be reduced by 50%.
- For the 50% payment, the Landlord is authorized to apply and use any deposits held on behalf of the tenant (first month/last month, security, pet etc.).
- The Residential Lease Agreement is hereby extended for two additional months.
- The Tenant is expected to replenish the deposits within 180 days.
- All other terms and provisions of the Residential Lease Agreement shall continue and remain in full force and effect.
IN WITNESS WHEREOF, this Agreement has been signed this ______ day of March, 2020.
If you like this idea, please share, but give me credit with my email address (firstname.lastname@example.org) if you don’t mind for people who may need other legal services.
Also, we have just opened up an estate planning – elder care area of practice. We hired a new attorney for this who has the experience already, getting forms and marketing together now. Doing advanced health care directives, POAs, medical surrogate, living wills, regular wills, Medicare planning for future, probate, guardianships etc. Now’s a good time for this – if all else, getting this in order will relieve stress! I’m about to post a free Advanced Healthcare Directive on our website, so please keep an eye out. If you’d like one sooner than I can get it up, just email me and I’ll send it right to you. It’s important to have one drafted by a Florida estate planning attorney to make sure it’s valid!