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Lease Contracts - The Meaning of Joint and Several
When you see the phrase "joint and several" in alegal document or contract it means that that the partieson one side of the agreement are responsible individuallyand collectively for the terms of the agreement. Example: In the case of two tenants signing a lease agreement,"joint" means they are jointly responsible for the rent. "Several" means that their joint relationship is severed. In a contract it indicates that they have agreed that they are also responsible individually for the rent. If one does not pay his/her share of the rent the other is responsible for the entire amount. Here's an example of a landlord who had a "joint and several"lease with the added provision that tenants must pay rent witha check, money order or cashier's check in the fullamount every month. Landlord allowed the two roommates to pay half the rent each monthwith two separate checks. Bad policy. It not only creates accounting problems... but if onetenant pays on time and the other is late how do youhandle the late penalty? And... If you accept payment from one tenant and the othertenant fails to pay have you risked having accepted apartial rent payment and then not be able to evict? Here's the good news. If you have in your lease a"non-waiver" provision it indicates that even ifyou allowed lease violations in the past you can atany time demand that tenants comply with the termsof the lease. If the tenants continue to pay with two separate checksyou can return the checks and give "notice for failureto pay rent". If they then fail to provide you with a single checkfor the full amount of the rent you can file a forcibledetainer action (eviction). What if tenant #1 pleads that tenant #2 has moved from the property and tenant #1 should only be required topay their own half of the rent? Show them "joint and several" in your lease agreement and explain that tenant #1 is now responsible for the entire amount of rent. Explain that tenant #1 can seek recovery of the other half from tenant #2 in small claims court. If you rent property to more than one tenant be sureyour lease has "joint and several" and "non-waiver"clauses. Carefully explain each to every new tenant. About The Author Mark Walters is a real estate investor and author. His published works can be found at his web site: http://www.CashFlowInstitute.com
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The backstory: a six-year-old news story about UAL declaring bankruptcy made it into the Tribune-owned Sun-Sentinel's current news flow, was picked up by a Google News bot and, via a reporter for a newsletter, made it onto Bloomberg News. Phila. mayor to announce grim budget news (The Philadelphia Inquirer) The Nutter administration is expected to announce grim budget news today, which is all but certain to lead to significant spending cuts - perhaps as high as 10 percent - in some city departments, according to three sources familiar with the budget. DIVA TALK: Chatting with In the Heights ' Mandy Gonzalez Plus News of Fraser, Testa and Bundy (Playbill) News, views and reviews about the multi-talented women of the musical theatre and the concert/cabaret stage. Help News pick Stadium's greatest moment (New York Daily News) The News is marking the countdown to the final game at The House That Ruth Built by reflecting on Yankee Stadium's greatest moments - and we're asking you - the reader - to help us pick out the best of the best. JCDecaux in talks to buy News Corp. billboard unit (AP via Yahoo! Finance) In a deal that would create the world's largest outdoor advertising company, French conglomerate JCDecaux SA said Thursday that it is in talks to buy Russian rival News Outdoor Group from global media company News Corp. Warning: MagpieRSS: Failed to parse RSS file. (> required at line 14, column 29) in /home/.hellodolly/jsteiner64/scholarlyarticles.org/leases-leasing/magpierss/rss_fetch.inc on line 238 Site: Warning: Invalid argument supplied for foreach() in /home/.hellodolly/jsteiner64/scholarlyarticles.org/leases-leasing/inc/ads-body.inc on line 52 MORE RESOURCES: Site: Yahoo! News Search Results for leases leasing Profile: NALP of Year Winner Feldman Says, 'Leasing Is about People, not Property' (Multi-Housing News) Thomas Feldman is the proud recipient of the 2008 National Apartment Leasing Professional (NALP) of the Year title from the National Apartment Association Education Institute (NAAEI). Feldman leases apartments at 100 Memorial Drive, a 260-unit building in Cambridge, Mass. He believes, "You really need to make the experience of a site visit more than just a live 'virtual tour.' Gas Leasing Rights (WENY-TV) ALBANY--New York Attorney General Andrew Cuomo is warning landowner's to be careful when they enter into oil and gas leases. Cuomo wants landowners to know their rights. The Attorney General's office is investigating a significant number of complaints. Farmland leasing program Sept. 11 (The Journal-Standard) Landowners looking for information about farm leasing and farm management are invited to a Farmland Leasing Program from 9 to 11 a.m. Thursday, Sept. 11, at the Stephenson County Farm Bureau building, 210 W. Spring St. Cuomo to landowners: Know your rights (The Post-Standard) New York State Attorney General Andrew Cuomo is alerting landowners to know their rights and to beware of "strong-arm tactics" before leasing property to gas exploration companies that are prospecting various counties in the state, including Madison. DNC leases Aspen buses (Vail Daily) ASPEN, Colorado ? The Roaring Fork Transportation Authority will never be accused of throwing Barack Obama under the bus. Vintage Park Developers on leasing: We?re on schedule (Cypress Sun) With ?For Lease? signs posted over many of the store front windows, right now Vintage Park may look like a ghost town. But that?s expected to change. INDECISION '08: Tenant Hesitation Hinders Leasing of New Projects (CoStar Group) Call it the "deer in the headlights" effect. Caught in the glare of bad economic news, mixed-signals about the direction of the economy and an imminent change in administrations, many business tenants are opting to stay in a holding pattern and renew... State oil and gas leases sold (Bozeman Daily Chronicle) Oil and gas tracts under and along the Yellowstone and Boulder rivers that caused concern among conservation groups this summer sold for a pretty penny this week at the state?s regular oil and gas lease sale. Carl Pope: A Very 21st-Century Scandal (HuffingtonPost) Denver -- Reporters periodically ask me for good story leads. For five years I've been urging them to dig into the oil and gas leasing... Sex, drugs and . . . offshore oil drilling (Louisville Courier-Journal) An Interior Department investigation found a "culture of substance abuse and promiscuity" by workers at the federal agency that issues offshore drilling leases and collects royalties. Warning: MagpieRSS: Failed to parse RSS file. (> required at line 14, column 29) in /home/.hellodolly/jsteiner64/scholarlyarticles.org/leases-leasing/magpierss/rss_fetch.inc on line 238 Site: Warning: Invalid argument supplied for foreach() in /home/.hellodolly/jsteiner64/scholarlyarticles.org/leases-leasing/inc/rss.php on line 26 |
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