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What is Lease Agreement?

Lease Agreement Governs the rental of real property, detailing rent, responsibilities, and lease duration.

Sample template:

Residential Lease Agreement

This Residential Lease Agreement (the "Agreement") is entered into as of the date last signed below, by and between the Landlord and Tenant (collectively, the "Parties").

1. Property

1.1. Rental Property

The Landlord hereby leases to the Tenant, and the Tenant hereby leases from the Landlord, the residential premises located at 2414 Peaceful Lane, Independence, Ohio (the "Property").

2. Lease Term

2.1. Lease Duration

The initial term of this Agreement shall be for a period of twelve (12) months, commencing on the date of signing (the "Commencement Date") and ending on the last day of the twelfth (12th) full month following the Commencement Date (the "Lease Term").

2.2. Renewal Options

Upon the expiration of the Lease Term, the Tenant shall have the option to renew this Agreement for an additional term of twelve (12) months, provided that the Tenant provides written notice of their intention to renew at least sixty (60) days prior to the expiration of the Lease Term. The terms of the renewed Agreement shall be identical to this Agreement, except that the rent may be adjusted as provided in Section 3.

3. Rent

3.1. Monthly Rent

The Tenant agrees to pay the Landlord a monthly rent of $______ (the "Rent") in advance on the first day of each month during the Lease Term. The first month's Rent shall be due on the Commencement Date. Rent shall be payable without demand or set-off.

3.2. Rent Adjustment

Upon the renewal of this Agreement as provided in Section 2.2, the Rent may be adjusted by the Landlord, provided that the Landlord gives the Tenant written notice of the adjusted Rent at least sixty (60) days prior to the expiration of the Lease Term.

3.3. Late Payment Penalties

If the Tenant fails to pay the Rent when due, the Tenant shall pay a late fee of $______ per day for each day that the Rent remains unpaid, beginning with the second day of the month in which the Rent is due. The Tenant's obligation to pay late fees shall be in addition to any other remedies available to the Landlord under this Agreement or applicable law.

4. Security Deposit

4.1. Amount

The Tenant shall pay to the Landlord upon executing this Agreement a security deposit in the amount of $______ (the "Security Deposit") as security for the Tenant's performance of its obligations under this Agreement.

4.2. Return

Upon the termination of this Agreement and the Tenant's surrender of the Property in accordance with this Agreement, the Landlord shall return the Security Deposit to the Tenant, less any amounts that may be withheld by the Landlord pursuant to applicable law or pursuant to this Agreement.

5. Maintenance and Repairs

5.1. Landlord's Responsibilities

The Landlord shall be responsible for all major repairs to the Property that are required due to normal wear and tear, or any structural defect not caused by the Tenant or their guests. The Landlord shall also be responsible for the repair or replacement of any appliances provided by the Landlord.

5.2. Tenant's Responsibilities

The Tenant shall be responsible for the maintenance and cleanliness of the Property, including the performance of any minor repairs necessary to keep the Property in a good, clean, safe, and habitable condition. The Tenant shall be responsible for the repair or replacement of any appliances, fixtures, or equipment damaged or destroyed by the Tenant or their guests through misuse, negligence, or accident.

5.3. Notice of Maintenance Issues

The Tenant shall promptly notify the Landlord of any maintenance or repair issues that are the responsibility of the Landlord under this Agreement.

6. Governing Law and Compliance

This Agreement shall be governed by, construed, and enforced in accordance with the laws of the United States and the State of Ohio.

The Tenant shall comply with all applicable federal, state, and local laws, ordinances, rules, and regulations in all of its activities and actions related to the Property and its use.

7. Entire Agreement

This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral, with respect to such subject matter.

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

______________________________ ______________________________
Landlord's Signature Tenant's Signature

______________________________ ______________________________
Landlord's Printed Name Tenant's Printed Name
(Date) (Date)

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Common Sections of a Residential Lease Agreement

In this Residential Lease Agreement, you will see the following sections:

  1. Property
  2. Lease Term
  3. Rent
  4. Security Deposit
  5. Maintenance and Repairs
  6. Governing Law and Compliance
  7. Entire Agreement

Analysis/Summary of each section

  1. Property : This section describes the residential property being rented, located at 2414 Peaceful Lane, Independence, Ohio. Think of it as the "what" of the agreement, specifying the property that the tenant will be renting from the landlord.

  2. Lease Term : This section outlines the duration of the lease, which is initially set for 12 months. It also explains the renewal process, stating that the tenant can renew the lease for another 12 months if they provide written notice 60 days before the lease term ends. This is the "when" of the agreement, detailing how long the tenant can stay in the property and the process for extending their stay.

  3. Rent : This section covers the monthly rent amount, when it's due, and how it can be adjusted upon renewal. It also explains the penalties for late payment. In simple terms, this is the "how much" of the agreement, outlining the cost of renting the property and the consequences of not paying on time.

  4. Security Deposit : This section discusses the security deposit, which is an amount the tenant pays upfront to cover any potential damages or unpaid rent. It explains how much the deposit is, when it's due, and the process for returning it when the lease ends. Think of this as the "insurance" part of the agreement, protecting the landlord from potential financial losses.

  5. Maintenance and Repairs : This section outlines the responsibilities of both the landlord and tenant when it comes to maintaining and repairing the property. It specifies what the landlord is responsible for (major repairs and appliance replacements) and what the tenant is responsible for (cleanliness, minor repairs, and damage caused by negligence). This is the "who does what" of the agreement, clarifying the roles and responsibilities of each party in keeping the property in good condition.

  6. Governing Law and Compliance : This section states that the agreement is governed by the laws of the United States and the State of Ohio. It also requires the tenant to comply with all applicable laws, ordinances, rules, and regulations. Essentially, this is the "rules of the game" part of the agreement, ensuring that both parties follow the law and any relevant regulations.

  7. Entire Agreement : This section clarifies that the lease agreement is the complete and final agreement between the landlord and tenant, superseding any previous agreements or understandings. In other words, this is the "this is it" part of the agreement, making it clear that there are no other hidden terms or conditions.

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