Resident Contract: Case Study

Rental Contract
In consideration of the agreements of the Resident(s), known as:
The owner hereby rents them the dwelling located at , for the period commencing on the day of June 7 2014, and this is month to month rent agreement with renewal review every year. Resident(s), in consideration of Owners permitting them to occupy the above property, hereby agrees to the following terms:
1. RENT: To pay as rental the sum of $800.00 per month, due and payable in advance from the first day of every month. Failure to pay rent when due will result in the Owner taking immediate legal action to evict the Resident has to completed the payment of one month of rent plus one month of deposit.
2. LATE FEE: Rent received after the first of the month
METHOD OF PAYMENT: The initial payment of rent and deposits under this agreement must be made in cash, or cashier’s check drawn on a local financial institution. Thereafter, monthly rent payments may be paid by check until the first check is dishonored and returned unpaid. Regardless of cause, no other additional payments may afterwards be made by check. Checks returned will not be redeposit. The Resident will be notified by a 3 day notice, and will be required to pay the amount due, including the bad check charge, in cash. Resident is aware that owner may report past rent, damages, utilities or other costs owed by Resident to credit reporting agencies. Resident understands this reporting could affect Resident's ability to obtain credit for future
DEFAULT BY RESIDENT: Any breach or violation of any provision of this contract by Resident or any untrue or misleading information in Resident’s application shall give the Owner or his agent’s the right to terminate this contract, evict the Resident and to take possession of the residence. The Resident agrees to a forfeiture of the security deposit and Owner may still purse any remaining amounts due and owing.

32. RENEWAL TERM: At the end of initial term herein, as per page 1, owner may elect to renew for another term but at a rental increase of 3% to 5% of current rental rate depending on the market index.
33. ACKNOWLEDGMENT: In this agreement the singular number where used will also include the plural, the Masculine gender will include the Feminine, the term Owner will include Landlord, Lesser, and the term Resident will include Tenant, Lessee. The below-signed parties acknowledge that they have read and understand all of the provisions of this agreement. This contract is bound by all heirs, executors, successors and/or assigns.
LEGAL CONTRACT: This is a legally binding contract. If you do not understand any part of this contract, seek competent legal advice before signing.
ACCEPTED THIS _____ day of _______________________20_____, at ______________________.
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