Personal Finance Binding Contracts Assignment

Apartment Rental Lease Agreement for

246 Sycamore Lane, Apartment 272

Lease Term: 24 months

Terms and Conditions:

1. Rent Payment: The Tenant agrees to pay the monthly rent of $1,000.00 on or before the 1st day of each month. Rent payments should be made via cash, check, or online deposit.

2. Late Fees: Rent payments received three days or more after the scheduled due date will be subject to a $50 late fee penalty. Payments returned because of insufficient funds will be subject to a $30 returned payment fee.

3. Security Deposit & Last Month Rent: The Tenant has provided a security deposit of $1,000.00. This deposit will be held to cover any damages to the apartment above and beyond normal wear and tear or unpaid rent. The Tenant has also provided a last months rent of $1,000.00 that will be applied at the end of the lease.

4. Utilities and Maintenance: The Tenant is responsible for paying all utilities associated with the apartment. The Tenant agrees to keep the apartment in good condition and perform regular maintenance on the property.

5. Pets: Pets are not allowed on the premises without the Landlord’s written permission. An additional nonrefundable pet deposit of $300 will be required for cats and $200 for dogs upon approval.

8. Termination: Either party may terminate this lease by providing 30 days written notice. If the Tenant terminates the lease, the Landlord has the right to keep the security deposit in its entirety for early termination. The Tenant agrees to return the premises in the same condition as received, minus normal wear and tear.

9. Default: If the Tenant fails to pay rent, violates any terms of this lease, or engages in illegal activities on the premises, the Landlord may terminate the lease without returning the security deposit and take legal action.

Apartment Rental Lease Agreement for

357 Parkside Gardens, Apartment 10

Lease Term: 12 months

The Tenant and Landlord agree as follows:

1. Property. Landlord agrees to lease to Tenant, and Tenant agrees to lease from Landlord, the premises located at 357 Parkside Gardens (the “Premises”).

2. Lease Term. The lease term shall commence on September 15 and shall continue for a period of 12 months (the “Lease Term”).

3. Rent. Tenant shall pay to Landlord a monthly rent of $900.00 (the “Rent”). Rent shall be paid in advance on the first day of each month.

4. Security Deposit. Tenant shall deposit with Landlord the sum of $1,800.00 (the “Security Deposit”). The Security Deposit shall be returned to Tenant within 15 days after the termination of the Lease, unless there are amounts due to Landlord for unpaid rent, damages to the Premises, or other charges permitted by law.

5. Utilities. Landlord shall be responsible for the payment of the following utilities and services for the Premises: water, sewer, gas, electricity, and trash removal.

6. Pets. No pets are allowed on the Premises.

7. Maintenance and Repairs. Landlord shall be responsible for all maintenance and repairs to the Premises, except for repairs caused by the negligence or willful misconduct of Tenant.

8. Early Termination. Tenant may terminate this Lease at any time by providing Landlord with written notice of at least 60 days. Landlord may terminate this Lease for cause, with written notice to Tenant.

9. Dispute Resolution. Any disputes arising out of this Lease shall be resolved by binding arbitration in accordance with the rules of the American Arbitration Association.

Answer the following questions about the leases:

1. List all potential fees due at the lease signing. Be sure to read the contract thoroughly for rent, security deposit, and any other special fees to be included at the lease signing.
2. Explain how the security deposit for the apartment is managed in each lease.
3. Describe two reasons for not receiving the full security deposit back at the property.
4. How can a tenant end the lease at each apartment?
5. How can the landlord end the lease at each apartment?
6. Create a list of pros and cons for each apartment. Include at least three pros and three cons in your lists. Your pros and cons must be based only on the information found in the contract.
7. Based on your pros and cons evaluation above, which apartment would you rent? Explain three reasons why in a well-developed paragraph.

Use the to organize your work.