The Tenant Occupied Property Addendum To Agreement Of Sale is essential when selling properties with active tenant leases in the United States. This document ensures compliance with federal and state tenant protection laws while facilitating property ownership transfer. It addresses crucial aspects such as lease assignment, security deposit transfer, rent prorations, and tenant notifications. The addendum protects all parties' interests by clearly defining responsibilities and obligations during and after the ownership transition, particularly important in maintaining tenant rights and landlord obligations under existing lease agreements.
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1. Parties: Identification of buyer, seller, and current tenant(s)
2. Background: Context of the sale and existing tenancy
3. Definitions: Key terms used throughout the addendum
4. Existing Lease Terms: Confirmation of current lease status, term, and rent amount
5. Security Deposit: Transfer and handling of existing security deposit
6. Assignment of Lease: Transfer of landlord rights and obligations to buyer
7. Possession and Closing: Timing and conditions of property transfer subject to tenancy
1. Tenant Estoppel Certificate: Requirement for tenant verification of lease terms when buyer requires formal confirmation
2. Rent Control Provisions: Special provisions applicable when property is subject to rent control regulations
3. Property Maintenance: Specific arrangements for maintenance during transition period
4. Purchase Option: Provisions addressing any existing tenant purchase options or right of first refusal
1. Schedule A - Current Lease Agreement: Copy of existing lease agreement between seller and tenant
2. Schedule B - Rent Roll: Details of current rent payments and payment history
3. Schedule C - Security Deposit Statement: Current security deposit amount and condition details
4. Schedule D - Tenant Notices: Copies of required notices to tenant regarding the sale
5. Schedule E - Property Inspection Report: Current condition report of property under tenant occupancy
Relevant legal definitions
Agreement of Sale
Addendum
Property
Seller
Buyer
Tenant
Lease Agreement
Security Deposit
Closing Date
Possession Date
Rent
Assignment
Lease Term
Common Areas
Existing Lease
Tenant Rights
Landlord Obligations
Rent Roll
Tenant Estoppel Certificate
Proration Date
Transfer Date
Current Owner
New Owner
Rental Property
Lease Assignment
Security Deposit Transfer
Notice Period
Effective Date
Occupancy Rights
Property Manager
Addendum
Property
Seller
Buyer
Tenant
Lease Agreement
Security Deposit
Closing Date
Possession Date
Rent
Assignment
Lease Term
Common Areas
Existing Lease
Tenant Rights
Landlord Obligations
Rent Roll
Tenant Estoppel Certificate
Proration Date
Transfer Date
Current Owner
New Owner
Rental Property
Lease Assignment
Security Deposit Transfer
Notice Period
Effective Date
Occupancy Rights
Property Manager
Clauses
Assignment and Assumption
Rent and Security Deposit
Possession and Occupancy
Transfer of Rights
Tenant Notifications
Lease Compliance
Property Condition
Representations and Warranties
Due Diligence
Maintenance and Repairs
Insurance
Closing Conditions
Prorations
Default and Remedies
Indemnification
Governing Law
Notices
Amendment and Modification
Severability
Integration
Assignment
Counterparts
Time of Essence
Further Assurances
Survival
Rent and Security Deposit
Possession and Occupancy
Transfer of Rights
Tenant Notifications
Lease Compliance
Property Condition
Representations and Warranties
Due Diligence
Maintenance and Repairs
Insurance
Closing Conditions
Prorations
Default and Remedies
Indemnification
Governing Law
Notices
Amendment and Modification
Severability
Integration
Assignment
Counterparts
Time of Essence
Further Assurances
Survival
Relevant Industries
Relevant Teams
Relevant Roles
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